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Gold rises on weak dollar and Fed move
Gold prices experienced modest gains during July, supported by a weak dollar and the Federal Reserve's decision to maintain interest rates without triggering a hike. Spot gold fell by 1.5%, reaching $4,044.61 per ounce, while futures declined by a similar margin to $4,098.60. Although gold prices rose by 0.9% over the month, this increase came after four consecutive months of losses and was fueled by the dollar's weakness, which enhanced its attractiveness to foreign buyers. U.S. inflation for July was lower than expected but was influenced by rising oil prices due to escalating tensions in the Middle East, creating uncertainty about the inflation trajectory and the future direction of interest rates—particularly as there remains a possibility of rate hikes before the year's end.
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