Everything you need to know about gold news.
On Monday, the price of gold decreases despite a little strengthening of the US dollar and a rise in US bond rates. Fears of a recession are weighing on market morale and helping the XAUUSD. The FOMC decision and this week’s significant US economic statistics remain the center of attention.
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According to Bespoke Weather Services, this month is on pace to be one of the three warmest Julys on record due to widespread high temperatures.
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Fears that the Fed’s aggressive interest rate increases would reduce the world’s demand for gasoline are likely to keep the market in a gloomy mood.
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The decision of whether to raise interest rates by 75 basis points or the more aggressive 100 basis points will be considered by gold dealers.
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Gold markets are now oscillating around the $1700 level, therefore it is probable that erratic behavior will persist.
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Gold price is set to resume its downward trend as the DXY gains ground. The inflation rate and declining incomes will reduce the demand for durable goods. The US Michigan CSI is projected to decrease to 49.9 from 50 previously reported.
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Gold Price struggles to prolong corrective retreat from annual low. Yields, Fedspeak probes XAUUSD sellers ahead of the major US consumer-centric data. Updates from China, recession worries drive pessimistic stance.
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In spite of the 10-month low, the gold price is still in a positive trend. Inflation data from the United States for June is expected to have an impact on the risk-on sentiment of traders. XAUUSD traders are also swayed by conflicting views on China and the economy.
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As the greemback continues to pick up the bidding, gold is under pressure. This week’s markets will be heavily influenced by the US Consumer Price Index (CPI).
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During Tuesday’s trading session, gold markets made a brief rally before giving up the gains and showing symptoms of weakness once more.
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