Gold Prices Show Resilience Despite Dollar and Bond Yields Surge
* The price of spot gold increased by 0.1% to reach $1,971.79 per ounce as of 0119 GMT. Over the course of the week, bullion managed to gain nearly 1%.
* U.S. gold futures also saw a rise of 0.2%, reaching $1,973.80.
* However, the metal experienced a decline on the previous day, pulling back from a two-month high. This was attributed to the strengthening of the dollar and bond yields, driven by robust U.S. labor market data.
* Surprisingly, the number of Americans filing new claims for unemployment benefits decreased last week, reaching the lowest level in two months. This unexpected decline occurred despite labor market tightness and contrary to the efforts of the U.S. Federal Reserve to temper demand.
* The dollar index (DXY) witnessed a slight dip of 0.1%.
* Market analysts anticipate that the Federal Reserve will increase rates by 25 basis points (bps) in the upcoming July 25-26 meeting, with the rates expected to remain in the range of 5.25%-5.5% until 2024 when cuts might be considered, according to CME's Fedwatch tool.
* A majority of economists surveyed by Reuters believe that the July meeting's rate hike will mark the end of the current tightening cycle by the Federal Reserve.
* In Asia, Japan's core consumer inflation accelerated in June and sustained above the central bank's 2% target for the 15th consecutive month. This has raised the possibility that the Bank of Japan (BOJ) might revise up inflation projections for this year during the July 27-28 policy meeting.
* The central bank of Russia reported that the country's gold reserves amounted to 74.9 million troy ounces at the beginning of July.
XAUUSD
BUY LIMIT 1968 - 1970💯💯
✅ TP1: 1975
✅ TP2: 1980
✅ TP3: 1985
🛑 SL: 1964
* U.S. gold futures also saw a rise of 0.2%, reaching $1,973.80.
* However, the metal experienced a decline on the previous day, pulling back from a two-month high. This was attributed to the strengthening of the dollar and bond yields, driven by robust U.S. labor market data.
* Surprisingly, the number of Americans filing new claims for unemployment benefits decreased last week, reaching the lowest level in two months. This unexpected decline occurred despite labor market tightness and contrary to the efforts of the U.S. Federal Reserve to temper demand.
* The dollar index (DXY) witnessed a slight dip of 0.1%.
* Market analysts anticipate that the Federal Reserve will increase rates by 25 basis points (bps) in the upcoming July 25-26 meeting, with the rates expected to remain in the range of 5.25%-5.5% until 2024 when cuts might be considered, according to CME's Fedwatch tool.
* A majority of economists surveyed by Reuters believe that the July meeting's rate hike will mark the end of the current tightening cycle by the Federal Reserve.
* In Asia, Japan's core consumer inflation accelerated in June and sustained above the central bank's 2% target for the 15th consecutive month. This has raised the possibility that the Bank of Japan (BOJ) might revise up inflation projections for this year during the July 27-28 policy meeting.
* The central bank of Russia reported that the country's gold reserves amounted to 74.9 million troy ounces at the beginning of July.
XAUUSD
BUY LIMIT 1968 - 1970💯💯 ✅ TP1: 1975
✅ TP2: 1980
✅ TP3: 1985
🛑 SL: 1964
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