Gold faced selling pressure today as investors took profits. Despite a generally supportive environment for gold, global economic concerns, particularly those stemming from China, are weighing on sentiment. Although there is a narrative in favour of safe-haven assets like gold, a worldwide slowdown in demand and economic growth has not provided sufficient support for gold, due to investor profit-taking pressures. However, this decline may be temporary, as the precious metal maintains strong fundamentals that could support further price advances. Moreover, heightened geopolitical tensions in the Middle East, especially with the threat of an imminent and wider conflict, could further disrupt market sentiment and increase demand for safe-haven assets like gold. At the same time, deteriorating job market conditions in the US fuelled bets for more interest rate cuts and raised expectations for a 50 basis point cut in September. Consequently, Treasury yields declined further, with 10-year US Treasury yields continuing to fall, and the Dollar weakened, potentially supporting gold over the longer term.