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2026-04-07 14:08:59
Gold prices are under slight pressure as a stronger dollar and hawkish expectations dampen safe-haven demand. 1. Spot gold traded sideways for the second consecutive day during Tuesday's Asian session, currently at $4644.52 per ounce, down about 0.15%, with a short-term bearish bias. Buying interest in the dollar and rising expectations of a more hawkish stance from global central banks are putting resistance to non-interest-bearing gold. 2. With the deadline approaching for Trump to have Iran reopen the Strait of Hormuz by Tuesday evening (Wednesday morning 8:00 AM Beijing time), hopes for a last-minute agreement between the US and Iran are fading. Iran responded strongly, stating it would not back down, and the risk of escalating conflict is supporting high oil prices. 3. Oil prices have risen to a four-week high, exacerbating inflationary expectations, with the market believing that major central banks will be forced to adopt a more hawkish stance. This further pressures gold, validating its bearish outlook. 4. The US March ISM Services PMI fell to 54, below the expected 56.1, but the Prices Paid Index rose from 63 to 70.7, indicating increased inflationary pressure. Coupled with last Friday's strong non-farm payroll report, this reinforced expectations that the Federal Reserve will maintain high interest rates for a longer period, which is beneficial to the US dollar. 5. Traders are focusing on US macroeconomic data for new drivers. Under the dual pressure of a strong dollar and hawkish expectations, the downside risk for gold remains significant.
