Gold price today July 18: Precious metal slightly recovered

World gold price today listed on Kitco at 1,954 USD/ounce, up 3 USD/ounce compared to early morning.

The GDP of China, the world's second-largest economy, grew by 6.3 percent year-on-year, lower than analysts' forecasts (6.9 percent). This news has put some downward pressure on the metals and crude oil markets. Speaking of this, one analyst wrote in the Wall Street Journal: "China's economy is clearly floundering."

According to the latest research from Commerzbank, the gold market could be stuck around $1,950 an ounce for the rest of the summer as the US Federal Reserve (Fed) hasn't finished raising interest rates.

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The German bank's head of commodity research added that despite lowering her average price target for the third quarter, she still thinks prices will push back to $2,000 an ounce by the end of the year.

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While predicting gold will continue to be chased at current prices next March, Commerzbank thinks the precious metal will end the year on a strong footing as the popular period for a July rate hike will be a wave of highs and lows. The US Central Bank's final interest rate hike this year. tightening cycle.

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Gold prices last night fluctuated unpredictably when China's economic growth in the second quarter of 2023 was only 6.3%, lower than market expectations of 6.9%. This news has put some downward pressure on the precious metals market

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The yellow metal trades close to a one-month high, tracking the dollar's slide to a 15-month low after a series of weak U.S. growth indicators fueled new cases. Fish Believe that the Federal Reserve achieved the highest interest rate of the year.

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Although the price of gold is hovering above $1,950 an ounce, according to analysts, the gold market needs a number of factors to break out.

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According to the latest research from Commerzbank, the gold market could be stuck around $1,950 an ounce for the rest of the summer as the Federal Reserve has yet to finalize a rate hike.

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As can be seen, the DXY index continued to hover near its lowest level in more than a year, making gold more affordable for buyers in other currencies, while US government bond yields declined in the recent quarter. The second day in a row also supported gold prices.

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The upbeat outlook comes as gold prices test key resistance at $1,980 an ounce and could make a fresh push back towards $2,000 an ounce if the Fed signals that it is done with the upside. interest rates next week.