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Sanward Securities' Chen noted that NY gold is facing downward pressure amid uncertainty over the Middle East situation. Last week, the August NY gold contract fell back, settling the week at $4,113.70. For the week through July 7, COMEX gold futures net long positions by investors decreased by 1,964 contracts to 114,854 contracts. On Monday the 13th, prices continued to decline due to Middle East concerns and expectations of a US rate hike, falling $108.00 from the previous week's close to $4,005.70, marking an approximately eight-month low on a front-month settlement basis. On the 14th, prices rebounded, rising $64.00 from the previous day to $4,069.70, supported by lower long-term US yields and a weaker dollar following softer-than-expected inflation data. However, upside was capped by Middle East uncertainty, including President Trump's indication of reimposing a naval blockade on Iran and demanding compensation for cargo passing through the Strait of Hormuz. Chen said that the US-Iran dispute over the Strait of Hormuz is weighing on gold's upside via higher crude oil prices, and while NY gold is holding the $4,000 level on a closing basis, it lacks decisive catalysts and is likely to remain range-bound, with a forecast range of $3,950 to $4,350.