Oil supply hopes and stronger US Dollar keep gold under pressure amid geopolitical tensions

QatarEnergy has dispatched its first liquefied natural gas cargo through the Strait of Hormuz since a carrier was struck in the waterway earlier in July, signaling potential steps toward resuming production despite ongoing geopolitical tensions. The vessel, which is currently en route to Pakistan, crossed the strategic strait with its geolocation devices active after weeks of idling. Although a previous ceasefire had raised hopes for a swift recovery in output, the subsequent resumption of hostilities has complicated the timeline for restoring operations at the damaged Ras Laffan facility. QatarEnergy continues to face a force majeure extending through October, alongside significant financial losses estimated at $20 billion annually and mounting pressure from Asian and European buyers to reduce prices to offset soaring maritime insurance expenses.

Gold prices remained under downward pressure through the European trading session on Thursday, hovering near the $4,053 level following an intraday rejection close to the $4,100 threshold. The persistent bearish sentiment is largely driven by a strengthening US Dollar, which has drawn renewed safe-haven inflows following recent military strikes by the United States against targets in Iran. Meanwhile, market participants are exercising caution and weighing lingering inflation concerns alongside the potential trajectory of Federal Reserve monetary policy, particularly as they await the highly anticipated release of the United States advance second-quarter Gross Domestic Product report, jobless claims data, and annual core Personal Consumption Expenditures price index figures.