Gold price today July 18: World gold price fell
The world gold price was stable today with spot gold increasing by 0.6 USD to 1,954 USD/ounce. August gold futures last traded at $1,956.4 per ounce, down $8 from dawn the day before.
Although the world gold price was almost unchanged from dawn the previous day, it has fallen sharply from the gain gained during the day due to concerns about demand for the metal will decrease in the near future when economic data will be released. China's new is not very positive.
The report showed that the GDP of China, the world's second largest economy, grew by 6.3% year-on-year, lower than analysts' forecasts (6.9%). The news has put some downward pressure on the metals and crude oil markets. Talking about this issue, one analyst wrote in the Wall Street Journal: "The Chinese economy is clearly floundering."
Although the world gold price was almost unchanged from dawn the previous day, it has fallen sharply from the gain gained during the day due to concerns about demand for the metal will decrease in the near future when economic data will be released. China's new is not very positive.
The report showed that the GDP of China, the world's second largest economy, grew by 6.3% year-on-year, lower than analysts' forecasts (6.9%). The news has put some downward pressure on the metals and crude oil markets. Talking about this issue, one analyst wrote in the Wall Street Journal: "The Chinese economy is clearly floundering."
Comment:
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.
Comment:
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.
Comment:
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.
Comment:
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
Comment:
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.
Comment:
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.
Comment:
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.
Comment:
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.
