FxAnalysis

Nearly four months after the start of the Iran war, the US economy remains remarkably resilient.

Gold (XAU/USD) edged higher to start the week before turning south and plunging to its lowest level since November, below $4,000. Although the precious metal managed to find a foothold, it struggled to stage a decisive rebound and ended the week deep in negative territory.

Gold is back in the red near $4,000 early Friday, snapping a brief rebound seen on Wednesday, and eyes a fourth straight weekly loss.

Spot Gold seesaws around the $4,000 mark on Thursday, confined to a tight intraday range. The bright metal managed to remain above its recent multi-month low of $3,959, as the US Dollar (USD) lost upward steam, despite holding near fresh one-year highs.

The Bank of Japan (BoJ) finally delivered what Yen bulls spent years asking for. On June 16, policymakers raised interest rates to 1%, the highest level since 1995 and a milestone few thought possible only two years ago. Yet the Japanese Yen (JPY) barely reacted.

Gold is nursing losses early Thursday, looking to retest seven-month lows near $3,950, following a failed recovery attempt above the $4,000 threshold.