Gold Surges 1.47% Overnight as Oil Retreats Amid Middle East Tensions

XAU-0.23%
According to Guangda Futures, COMEX July gold futures rose 1.47% overnight, with Shanghai Futures Exchange gold gaining 1.31%. Oil prices fell sharply following reports that Iran rushed to export over 10 million barrels in 24 hours, cooling inflation expectations. U.S. dollar and Treasury yields weakened slightly, supporting the gold rebound. U.S. Federal Reserve Chair Jerome Powell is scheduled to testify before the Senate Banking Committee on July 15 regarding the Fed's semi-annual monetary policy report.
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