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Gold price edges down below $1,800 as U.S. consumer confidence beats expectations in July
Gold prices ticked down after the U.S. consumer confidence index came in better-than-expected in July.
American consumer confidence index rose to 129.1 in July from June’s upwardly revised reading of 128.9, the U.S. Conference Board reported Tuesday. Economists were expecting to see the index at a reading of 123.9.
Following the release of the data, gold prices edged down from daily highs, with August Comex gold futures last trading at $1,796.10 an ounce, down 0.17% on the day. Read More
Fed tightening: It’ll come, and it’ll be a 'crisis', $1,800 gold is 'good price' - Adrian Day
The current level of national debt in the U.S. cannot sustain a rise in the Fed Funds rate, said Adrian Day, chairman and CEO of Adrian Day Asset Management.
Speaking to Michelle Makori, editor-in-chief of Kitco News on the sidelines of the Freedom Fest 2021 conference, Day said that while the Federal Reserve is “reluctant” to raise rates, it is still ultimately an inevitability, and when that happens, there will be a “crisis.” Read More
China sees strong gold demand in the first half of 2021 while India still struggles – Commerzbank
Commodity analysts at Commerzbank are watching the growing divide in the world’s two largest physical metal markets.
China saw strong demand in the first half of the year. At the same time, India struggled with its COVID-19 pandemic, which weighed on precious metal demand. Read More
Federal Reserve begins this month’s FOMC meeting
Today the Federal Reserve’s Federal Open Market Committee (FOMC) meeting began and will conclude tomorrow capped off by their most current monetary policy statement as well as a press conference with Fed Chairman Jerome Powell. Read More
Gold and silver trade higher leading into the European open
Gold and silver have moved higher leading into the European open. The yellow metal had a slightly choppy session on Tuesday after oscillating between positive and negative but the precious metal managed to close 0.06% higher. Silver on the other hand took a dive and fell just over 2% after poor U.S. data sent it tumbling. Copper is trading 0.12% lower at $4.54/lb and spot WTI is 0.24% in the black. Read More
Commerzbank is still looking for higher levels in gold
The Commerzbank technical team feels the gold price has some key levels to overcome before it could make a move higher. Karen Jones FSTA said "Gold is holding steady just above the 1791.45 12th July low. It really needs to overcome the 1834.16 mid-July high to regenerate upside interest and at current levels, we are relatively neutral." Read More
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Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or other advice.
