Gold Rises 0.59% to $4,015.60 Per Ounce on July 17 Amid Stock Market Rout

XAU0.84%
According to COMEX data reported by Yonhapinfomax, gold futures (GCQ6) for August delivery rose $23.50, or 0.59%, to $4,015.60 per troy ounce on July 17 (U.S. Eastern time). The rally was driven by safe-haven demand as U.S. stocks tumbled, particularly semiconductor shares amid concerns that China's AI developer Moonshot has released competitive models that could reduce hyperscaler capital expenditures. The Philadelphia Semiconductor Index fell 1.36% while the Nasdaq Composite declined 1.40%. Tim Waterer, senior market analyst at KCM Trade, noted that inflows of bargain-hunting buyers emerged as gold prices dipped below $4,000, though geopolitical risks in the Middle East and inflation concerns continue to temper upside pressure.
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