1. The People's Bank of China increased its gold reserves for the seventh consecutive month in June. China is the world's largest consumer of gold.
2. Following tensions between the United States and Iran, Iran said on Sunday that it would soon raise uranium enrichment activities above the upper limit of a landmark nuclear deal in 2015. US President Trump warned Iran to "be careful."
Stronger-than-expected U.S. non-farm payrolls data for June on Friday reduced the likelihood of a big rate cut at the federal reserve's July 30-31 meeting and sent the dollar to a three-week high.
However, the fed is still expected to cut rates by 25 basis points as wage gains are modest and other economic data suggest the economy is losing momentum.
Gold hit $1,438.63 last month for the first time in six years and has been trading above key technical levels, supported by expectations of interest rate cuts by major central Banks and lingering doubts about the global economy.


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