Gold News

According to Rhona O'Connell, lead Analyst at StoneX, one should not discard gold for the time being. She emphasizes the persistence of uncertainty in global markets. This, in her opinion, will contribute to the strengthening of interest in gold.

Gold is currently trading near $3,400 per ounce, sparking investor speculation about whether the metal could hit the key $3,500 level before July ends. Ben Nadelstein from Monetary Metals says gold’s hike to $3,500 is unlikely to happen unless the Federal Reserve changes its policies.

Gold prices didn’t react strongly to Trump’s push for new import duties. In the current climate, the metal is attracting less safe-haven demand. But a weaker dollar should keep supporting gold. Concerns over rising US debt continue to draw investors to bullion, Standard Chartered reports.

On Monday morning, precious metal prices challenged key resistance levels. Meanwhile, Heraeus analysts believe gold may have already run out of steam due to weakening investment demand for physical bullion.

Russia’s precious metals exports to China nearly doubled in the first half of the year, as record-high gold prices boosted revenues for Russian suppliers. China’s imports of precious metals and concentrates from Russia, including gold and silver, surged 80% year-on-year to $1 billion.

According to Reuters, investors will be monitoring the progress of US trade negotiations with China on Monday and awaiting the Federal Reserve (Fed) meeting scheduled for next week. In this regard, gold prices are holding within a narrow range.

The Financial Times reports that US President Donald Trump may soon sign an executive order permitting alternative assets like cryptocurrencies and precious metals in 401(k) retirement plans, according to a White House statement.

An increase of the indicator value may contribute to the rise in quotes of Gold.

According to Reuters, gold demand in India remained subdued this week as prices hovered near record highs. Sellers are now offering discounts of up to $10 per ounce over official domestic costs (including taxes).

Ray Jia, analyst at the World Gold Council (WGC), notes that the Chinese gold market set new records in the first half of the year. Shanghai gold prices and inflows into precious metal-backed ETFs reached their highest levels, indicating market stability.