Gold price (XAU/USD) is down 0.7% to near $4,030 during the European trading session on Thursday. The precious metal faces selling pressures as global inflation concerns remain intact amid elevated energy prices in the wake of widening military aggression between the United States (US) and Iran.

West Texas Intermediate (WTI), futures on NYMEX, trade 0.9% lower to near $79.00 during the European trading session on Thursday, but is closer to its monthly high of $80.61 posted on Tuesday.

XAG/USD extends its losses for the second consecutive day, trading around $56.80 per troy ounce during the European hours on Thursday.

The Euro (EUR) edges higher on Thursday, with the US Dollar (USD) on its back foot, as recent US inflation figures triggered a significant repricing of near-term rate hikes by the Federal Reserve (Fed).

The US Dollar (USD) holds marginal losses against the Japanese Yen (JPY) at Thursday’s European session opening, and approaches the 162.00 area at the time of writing. Recent price action shows a sequence of lower highs and higher lows, forming a triangle pattern.

The GBP/USD pair trades with mild losses around 1.3535 during the early European trading hours on Thursday.

The EUR/USD advances some 0.41% on Wednesday, trading at 1.1466 after US inflation data was softer than expected, weighing on the Greenback, as market participants expect a less hawkish Federal Reserve. Towards the end of the year.

The US Dollar Index (DXY) falls 0.5% toward 100.40 as softer-than-expected United States (US) wholesale inflation reinforces signs that price pressure is easing. The headline Produce Price Index (PPI) declined 0.3% MoM in June, while the annual rate slowed to 5.5%, below the 6.2% forecast.

The New Zealand Dollar (NZD) clings to Tuesday’s gains around 0.5820 during the European trading session on Wednesday. The Kiwi pair reflects strength in a risk-on market environment, driven by easing fears of Federal Reserve (Fed) interest rate hikes this year.

Gold (XAU/USD) edges lower on “inside trading” on Wednesday, with price action contained within Tuesday’s range, as the pair keeps looking for direction above the $4,000 level.