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Best Month Since March


Gold is -0.2% in the Asia-Pac session, after closing +0.3% at $1965.09 on Monday. Bullion showed a resilient performance despite coming off earlier highs, considering a net push higher in the USD index and unchanged US Treasury yields.

  • According to MNI’s technicals team, resistance remains at the bull trigger of $1987.5 (Jul 20 high).
  • However, gold had an impressive performance in July, marking its best month since March. This was largely influenced by the cooling of US inflation, which raised optimism that interest rates might have reached their peak. Despite this positive trend, the precious metal mostly traded within a narrow range during the second half of July, stabilising around its current levels. This stability came after a surge earlier in the month, driven by weaker-than-expected inflation data.
  • Bloomberg reports that investors have yet to bite on gold’s rally, with exchange-traded funds shedding 30 tons of the metal over the course of July. Hedge funds trading on the Commodity Exchange Inc also reduced their net bullish position last week, according to data from the Commodity Futures Trading Commission.

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