Gold price today July 25: Gold price continues to fall deeply
The precious metal experts said that the direction of gold in the near future largely depends on the statement of Fed Chairman Jerome Powell at the press conference.
According to Moya, if the Fed continues to make the option of tightening further and the upcoming economic data is positive, it will likely cause gold to fall deeply.
Going forward, markets will be watching monetary policy statements from the Fed, European Central Bank (ECB) and BOJ. The ECB is also expected to raise interest rates by 25 percentage points on July 27.
Currently, the market is optimistic that the Fed is about to complete the cycle of tightening monetary policy. However, gold can be risky because the Fed Chairman is open to the possibility of at least two more rate hikes this year.
According to Moya, if the Fed continues to make the option of tightening further and the upcoming economic data is positive, it will likely cause gold to fall deeply.
Going forward, markets will be watching monetary policy statements from the Fed, European Central Bank (ECB) and BOJ. The ECB is also expected to raise interest rates by 25 percentage points on July 27.
Currently, the market is optimistic that the Fed is about to complete the cycle of tightening monetary policy. However, gold can be risky because the Fed Chairman is open to the possibility of at least two more rate hikes this year.
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Chris Williamson, chief economist at S&P Global Market Intelligence, said that although inflation has fallen sharply from last year's 40-year high, it is likely to remain above 3% for the foreseeable future.
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In the foreign exchange market, the US Dollar Index (DXY) opened this morning at 101.42 points.
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The US received positive economic information. The Manufacturing Purchasing Managers' Index (PMI) increased from 46.3 points in June to 49 points in July, and higher than the forecast of only 46.1 points.
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PMI of manufacturing sector and service sector in Eurozone were respectively at 42.7 and 51.1 points in July, lower than June's 43.4 and 52 points, and lower than 43.5 and 51.7 points according to forecast.
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In a recent interview with Kitco News, Steven Land, Portfolio Manager of Franklin Templeton's Franklin Gold and Precious Metals Fund, said gold's lackluster position shows its potential in the market.
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Edward Moya, senior market analyst at OANDA, said that the gold market is reacting due to the recovery of the USD. The Bank of Japan (BOJ) signaled that it would maintain its loose monetary policy.
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Currently, there are three reasons given when countries look for another currency. First, US monetary policy influences the rest of the world too much. Second, the dollar is becoming too expensive for emerging countries, particularly for imports.
Third, the demand for oil is gradually diversifying. A major reason the USD has become the world's reserve currency is that the Gulf states of the Middle East used the greenback to trade oil.
Third, the demand for oil is gradually diversifying. A major reason the USD has become the world's reserve currency is that the Gulf states of the Middle East used the greenback to trade oil.
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After Wednesday's widely anticipated 25 basis point hike, there's about a 60 percent chance the Fed will keep rates unchanged through 2024, according to the CME FedWatch tool.
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According to Reuters, gold prices rose as the dollar and bond yields fell ahead of the Fed rate hike news and Chairman Jerome Powell's comments.
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Analysts note that growing rifts in consumption are also supporting gold prices. The report notes that personal income has not kept pace with consumption. Specifically, personal income rose 0.3 percent in June, compared with a revised 0.5 percent gain in May. The data fell short of expectations as economists expected a gain of zero. 5%. .
