Gold prices remained steady during the afternoon session on July 24, as investors eagerly anticipated the upcoming meeting of the US Federal Reserve (Fed). There is a possibility that the US central bank may indicate a halt in the increase of interest rates from July 2023.
The slight rise of 0.1% in the dollar index limited the potential for gold to rise, as a stronger US currency makes the metal more expensive for holders of other currencies.
The Fed is scheduled to announce its decision on interest rates on Wednesday, July 26, followed by the European Central Bank (ECB) on July 27, with both banks expected to raise rates significantly. This is particularly important for gold, as it is highly sensitive to interest rate hikes due to the increased opportunity cost of holding non-yielding bullion.
The slight rise of 0.1% in the dollar index limited the potential for gold to rise, as a stronger US currency makes the metal more expensive for holders of other currencies.
The Fed is scheduled to announce its decision on interest rates on Wednesday, July 26, followed by the European Central Bank (ECB) on July 27, with both banks expected to raise rates significantly. This is particularly important for gold, as it is highly sensitive to interest rate hikes due to the increased opportunity cost of holding non-yielding bullion.
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World gold price today listed on Kitco at 1953 USD/ounce, down 07 USD/ounce compared to early morning.
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The rally of the US Dollar Index in the early trading session of the week put pressure on the precious metal priced in USD.
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Early this morning, the US Dollar Index rose 0.31% to 101.38 points, taking away the attractiveness of gold for buyers holding foreign currencies.
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The report also said that activity in the manufacturing sector rose to a three-month high. Meanwhile, activity in the service sector fell to a five-month low.
