EBC Markets Briefing | Bullion prices lower as Iran war ceasefire falters

Gold prices dipped on Thursday after Trump said ceasefire is over. US forces launched another round of strikes against Iran, and revoked its waiver of sanctions on Iranian oil sales.

Brokerages remain optimistic about gold's long-term outlook, even though near-term price targets are being cut. BofA recently lowered its average 2026 gold price projection by 14% to $4,360 per ounce.

Trump has revived his proposal for the acquisition of Greenland. He indicated that the US might withdraw all military personnel from Europe, citing the regional leaders' opposition to the initiative.

He also ordered an immediate halt to all trade with NATO ally Spain, escalating tensions over ‌defence spending and the Iran war, despite EU rules requiring trade negotiations to be conducted as a single bloc.

The IMF ⁠inched its 2026 global growth forecast lower again to 3%, warning of ongoing risks posed by the war in the Middle East, trade fragmentation and potential recalibrated AI expectations for AI.

China's foreign exchange reserves declined in June, but the country's gold holdings increased for the 20th consecutive month. International gold prices plunged as much as 12%in the month.

EBC Financial Group analyst says, since the $4,057 support is holding firmly with descending bearish volume, the most likely near-term path is a period of sideways consolidation.

Asset recap

As of market close on 8 July, among EBC major products, Valero Energy shares led gains due to tight fuel inventories, very high refinery utilisation, and expectations that refiners can keep capturing healthy margins

ResMed said it would sell its software business MatrixCare to private equity firm Frazier Healthcare Partners for $490 million in cash, as the health technology company ‌sharpens its focus on sleep, breathing and home-based care.

Chinese stocks in Hong Kong rose as investors shifted money into less congested areas of the global market. Meanwhile, confidence in the tech leaders grew following reports that local AI model developers are creating their own chips.

A portfolio diagnostic is critical to managing tail risk. EBC Turbo leverages a proprietary scoring model to run a six-dimensional analytics scan within 5 seconds, mapping your risk-return dynamics and decoding your trading DNA.

EBC Financial Group Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC Global Financial Collaboration or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

#XAU/USD##EBCFinancialGroup##EBCGroup##EBCGlobal#