Gold Analysis 15-July-2024

Gold prices remained steady at around $2,418 per ounce on Monday, feeling the pressure from a stronger dollar. Investors were assessing the impact of an assassination attempt on former US President Donald Trump on financial markets.

Concerns grew about potential political violence, leading to instability and market volatility. Analysts, however, suggested the attack might increase Trump’s election chances. On Friday, gold recorded its third consecutive weekly gain as cooling US inflation supported expectations for Federal Reserve interest rate cuts.

Last week’s data showed US consumer prices dropped in June for the first time in four years, reinforcing predictions of a Fed rate cut in September. Investors await Fed Chair Jerome Powell’s remarks and additional US economic reports this week for further direction. In Asia, higher gold prices led to cautious market behavior, indicating weaker physical demand.

Gold Analysis 15-July-2024