GOLD rose 1% after US inflation data

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Gold prices increased 1% on Friday (July 26), as US Government bond yields fell due to optimism that the US Federal Reserve (Fed) will lower interest rates in September, after data showed that inflation in the US increased slightly in June.

At the end of the trading session on July 26, the spot gold contract increased 1% to 2,388.05 USD/oz, after hitting the lowest level since July 9, 2024 on July 25. Gold futures contracts added 1.2% to 2,381 USD/oz.

US economic data was mixed to weaker today, showing inflationary pressures and weakening economic activity, paving the way for the Fed to lower interest rates twice this year.

Fed policymakers on July 26 got fresh evidence of progress in the fight against inflation, raising expectations that they will use next week's meeting to signal a rate cut. Rates start in September.

Lower interest rates reduce the opportunity cost of holding non-yielding metals.

The US Department of Commerce's Bureau of Economic Analysis said the personal consumption expenditures (PCE) price index in the US in June inched up 0.1% compared to the previous month, after remaining unchanged in May.

After the inflation data, the 10-year US Government bond yield fell to its lowest level in a week.

Meanwhile, physical demand in India, the world's second largest consumer, received a boost when the country reduced import taxes on precious metals earlier this week. Gold prices in India also surged to its highest level in a decade this week.

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World gold prices increased sharply in the trading session on Friday (July 26), as the latest inflation report increased expectations that the US Federal Reserve (Fed) would start cutting interest rates in September, pulled US Treasury bond yields and the USD exchange rate down. Analysts predict a lack of consensus on the outlook for gold prices next week, when the Fed has its regular monetary policy meeting.

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The issue of USD policy resurfaced after Trump's interview with Bloomberg, as part of his presidential re-election campaign. "We have a currency problem, as you know. It's the currency." he said during a discussion about policy priorities for a second term.

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Total demand for bullion in the first half of the year fell nearly 6% year-on-year to 524 tons, according to the World Gold Council's quarterly report. Data also shows that jewelry purchases in the second quarter plummeted 52%, according to Bloomberg calculations.

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🔴The dollar rises strongly and leads safe havens.. and the shekel collapses against it with losses of 1.8%

The US dollar rose in trading today, Monday, before the US opening by more than 0.3%, supported by an attempt at a safe haven with the escalation of tensions in the Middle East, while the British pound declines before the Bank of England meeting this week to set monetary policy.

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Gold prices fell in the trading session on Monday (July 29), as the USD strengthened before the US Federal Reserve (Fed) began its two-day monetary policy meeting. Although gold prices are struggling at prices below 2,400 USD/oz, some analysts believe that gold prices are still capable of setting a new record this year.

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Gold prices maintain a "modest" upward momentum as investors wait for the Fed's policy meeting to find new motivation

Gold prices increased slightly during the Asian session on Tuesday, stabilizing below the $2,400/oz mark. The underwhelming stock market, along with geopolitical risks stemming from conflicts in the Middle East, are the main factors supporting this safe-haven asset. Besides, the growing consensus that the Federal Reserve (Fed) will begin an interest rate cutting cycle in September is weighing on the USD and continuing to support gold prices.

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🔻US Consumer Confidence Index Positive and Better Than Expectations Again!

Data released by the Conference Board a short while ago showed that the US Consumer Confidence Index data for the current month of July was positive, as the index reading was better than market expectations for the third consecutive month.

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XAUUSD decreased slightly after a significant recovery period, at the Asian trading session on July 31, gold decreased slightly from the Fibonacci level of 0.382% to 2,405USD/oz, equivalent to a decrease of about 0.25% on the day.

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Pending home sales in the US rose 4.8% to 74.3 in June, reflecting increases in all four major regions. The increase far exceeded estimates in a Bloomberg survey of economists. The gauge is pulling away from record lows in data dating back to 2001 as the housing market tries to escape a prolonged downturn. Mortgage interest rates have dropped somewhat recently, encouraging more homeowners to list their properties.