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Gold rises monthly on weak dollar and Fed move
Gold prices experienced modest gains in July, increasing by 0.9% in the spot price and 1.5% in futures, following a more than 1% decline in the dollar during the month, which enhanced its appeal to foreign buyers. Meanwhile, gold prices face uncertainty due to the renewed rise in oil prices resulting from the breakdown of diplomatic relations in the Middle East, affecting inflation predictions. This has led to volatility in expectations regarding the Federal Reserve's interest rate hikes, as US data showed weakening inflation and differing opinions among committee members, adding to the ambiguity about the central bank's upcoming stance.
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