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Reading: Gold falls to its lowest level in over a week as the dollar strengthens and investors wait for more signals from the Federal Reserve – News
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Gulf Press > Business > Gold falls to its lowest level in over a week as the dollar strengthens and investors wait for more signals from the Federal Reserve – News
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Gold falls to its lowest level in over a week as the dollar strengthens and investors wait for more signals from the Federal Reserve – News

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Last updated: 2024/07/23 at 4:04 AM
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Gold prices dropped to a one-week low on Monday due to a stronger dollar, with traders awaiting U.S. economic data and Federal Reserve comments to determine the timeline for interest rate cuts. Spot gold fell to $2,391.21 per ounce, while U.S. gold futures dropped to $2,392.60 as of 1635 GMT. The rising dollar made gold more expensive for other currency holders, resulting in a quiet market as investors awaited clarity on the impact of recent democratic party changes on the upcoming election.

The announcement of Joe Biden exiting the presidential race and endorsing Vice President Kamala Harris as the Democratic candidate in November caused uncertainty in the market. Analysts believe that the longer-term outlook for gold may be more favorable if Trump remains in the White House as his policies could be inflationary and increase geopolitical tensions. In contrast, Harris’ foreign affairs policy remains undefined, leading to uncertainty in the market.

Investors are now focusing on key U.S. economic data, including gross domestic product data for the second quarter and personal consumption expenditure data. Money markets are already pricing in a 25-basis-point Fed rate cut by September, which could reduce the opportunity cost of holding gold. Last week, gold prices hit an all-time high of $2,483.60 per ounce, driven by expectations of U.S. interest rate cuts this year.

In addition to gold, other precious metals also saw a decline in prices. Spot silver fell by about 0.7% to $29.06, following a nearly 5% drop the previous week. Platinum slipped by 1.6% to $947.63, while palladium fell by 0.2% to $904.18. The market sentiment remains cautious as investors continue to monitor geopolitical developments, economic data, and central bank policies for future trends in precious metal prices.

Overall, the current market conditions are influenced by the strong dollar, uncertainty surrounding the U.S. presidential election, and expectations of interest rate cuts by the Federal Reserve. These factors are driving volatility in gold prices and impacting other precious metals as well. As investors await further economic data and policy decisions, the market is likely to see fluctuating trends in precious metal prices in the coming days. It is essential for investors to stay informed and adapt their strategies to navigate the changing market environment successfully.

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News Room July 23, 2024
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