Gold achieves first monthly gain since March

Gold prices ended July with a slight increase for the first time in four months of declines, influenced by a weakening US dollar and declining Treasury bond yields, as well as geopolitical tensions and oil price volatility that heightened inflation concerns. The price of an ounce rose by 0.9% to reach $4,045 by the end of the month, despite remaining within a descending channel, with support at the $4,000 level. Global gold demand increased by 2% to 2,522 tonnes, reaching a record value of $380 billion, buoyed also by increased central bank purchases of gold. Additionally, the decline in the US dollar and expectations of a slower pace of interest rate hikes supported gold’s appeal as a safe haven asset.

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