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August gold fell despite a weaker dollar as traders weighed hawkish Fed repricing against US-Iran talks. Money markets priced about 32bp of tightening and favored a hike in October.
Copper also slipped on the stronger dollar and hawkish repricing.
Expectations of a hike by October keep the dollar supported and pressure dollar-priced commodities. Feed buyers should watch the June payrolls data, which could shift the rate outlook further.
admis.comJ.P. SteinerJun 29, 2026After 2,356 past bullish macro events, DXY moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
