Gold News – 22.Jul.2024

Gold News

Gold is down about $80 from its all-time high due to a shift to the US dollar for safety amid market uncertainty.

Prices hovered around $2,400 per ounce, falling 3.5% over the past three days.

The decline follows a record high of $2,485 driven by speculation of Federal Reserve rate cuts.

Gold has risen roughly 20% year-to-date, outperforming the S&P 500’s 16% gain.

The drop is also attributed to profit-taking after significant gains earlier in the year.

Gold prices firmed as the dollar eased following Biden’s decision not to seek reelection, with investors turning to bullion amid political uncertainty.

Spot gold rose 0.2% to $2,405.40, and U.S. gold futures gained 0.3% to $2,407.20.

Conditions favor gold reaching another record high before the end of 2024.

Market focus this week includes U.S. personal consumption expenditures and other economic data.

Author : Arman Shaban
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