{"id":42723,"date":"2023-07-31T16:43:00","date_gmt":"2023-07-31T20:43:00","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/gold-prices-end-at-highest-since-may-record-biggest-monthly-advance-in-four-months\/"},"modified":"2023-07-31T16:43:01","modified_gmt":"2023-07-31T20:43:01","slug":"gold-prices-end-at-highest-since-may-record-biggest-monthly-advance-in-four-months","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=42723","title":{"rendered":"Gold prices end at highest since May, record biggest monthly advance in four months"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002343003\" role=\"document\">\n<p>Gold futures gained more than 2% in July, ending at the highest level since May and notching the best month of gains since March, as hope for the end of central bank rate hikes and a weaker U.S. dollar help boost the yellow metal. <\/p>\n<h2>Price action <\/h2>\n<ul class=\"articleList\">\n<li>\n      Gold futures expiring in December<br \/>\n        GC00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210034565\/delayed\" class=\"positive\">+0.18%<\/bg-quote><\/p>\n<p>        GCZ23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210039381\/delayed\" class=\"positive\">+0.18%<\/bg-quote><br \/>\n       gained $9.30, or 0.5%, to settle at $2,009.20 per ounce on Comex, its highest level since May 15, when it settled at $2,022.70. For the month, the yellow metal was up 2.1%, its highest monthly advance since March, according to Dow Jones Market Data.<\/p>\n<\/li>\n<li>\n      September silver<br \/>\n        SI00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210315219\/delayed\" class=\"positive\">+1.61%<\/bg-quote><\/p>\n<p>        SIU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/230611017\/delayed\" class=\"positive\">+1.61%<\/bg-quote><br \/>\n       gained 48 cents, or nearly 2%, to end at $24.97 per ounce, with prices up nearly 8.5% for the month. <\/p>\n<\/li>\n<li>\n      Palladium futures for September<br \/>\n        PA00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210237962\/delayed\" class=\"positive\">+3.26%<\/bg-quote><\/p>\n<p>        PAU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/236560919\/delayed\" class=\"positive\">+3.26%<\/bg-quote><br \/>\n       delivery gained $36, or 2.9%, ending at $1,275.60 per ounce, posting a monthly gain of 4.4%, while October platinum<br \/>\n        PL00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210261555\/delayed\" class=\"positive\">+1.77%<\/bg-quote><\/p>\n<p>        PLV23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/237284959\/delayed\" class=\"positive\">+1.77%<\/bg-quote><br \/>\n       rose $14.90, or 1.6%, to settle at $958.60 per ounce and book a monthly advance of nearly 5%. <\/p>\n<\/li>\n<li>\n      Copper for September delivery<br \/>\n        HG00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210054311\/delayed\" class=\"positive\">+2.19%<\/bg-quote><\/p>\n<p>        HGU23,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210058691\/delayed\" class=\"positive\">+2.19%<\/bg-quote><br \/>\n        gained 8 cents, or 2.1%, to finish at $4.01 per pound on Monday, with prices up 6.6% in July, according to Dow Jones Market Data. <\/p>\n<\/li>\n<\/ul>\n<h2>Market drivers<\/h2>\n<p>A weaker U.S. dollar helped boost prices of the yellow metal on Monday, as traders bet that easing inflation in the U.S. might restrain the Federal Reserve from pushing interest rates even higher. <\/p>\n<div class=\"paywall\">\n<p>The U.S. central bank last week raised its policy rate target by 25 basis points to a range of 5.25% to 5.5%. Gold bulls were hoping that other major central banks, like the European Central Bank, which also raised rates this month, may nearly be finished hiking rates. <\/p>\n<p>\u201cGold\u2019s buoyancy is based on the expectation that central banks around the world are coming to the end of their cycle of interest-rate increases,\u201d said Rupert Rowling, market analyst at Kinesis Money. <\/p>\n<p>The ICE U.S. Dollar Index<br \/>\n        DXY,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210598269\/delayed\" class=\"positive\">+0.27%<\/bg-quote><span>,<\/span><br \/>\n       a gauge of the greenback\u2019s strength against a basket of rivals, is off by 0.8% in July, although it has gained 0.2% to 101.83 on Monday, according to FactSet data. <\/p>\n<p>\u201cGold prices are attempting a bullish break out as optimism grows that the major central banks are all approaching the end of their tightening cycles.\u00a0The Reserve Bank of Australia (RBA) might be one-and-done this week and the Bank of England (BOA) might be done after a couple more,\u201d wrote Edward Moya, senior market analyst at OANDA.<\/p>\n<p>The RBA will announce its next\u00a0interest-rate decision\u00a0on Tuesday, Aug. 1, and policy makers are expected to hike rates by 25-basis-point to 4.35%, the highest level in more than a decade. In contrast, some market participants expect the RBA will hold its\u00a0cash rate\u00a0at 4.1% for a second straight meeting after\u00a0quarterly inflation\u00a0cooled by more than expected in the second quarter and\u00a0retail sales surprisingly fell. <\/p>\n<p>Later in the week, the Bank of England looks likely to raise rates by a quarter-point to 5.25% on Thursday, following the surprise 50-basis-point hike in June as central banks around the world continue to grapple with rising inflation. <\/p>\n<p>\u201cGold\u2019s rally could extend if growth prospects turn sour,\u201d Moya said. \u201cIf Wall Street starts aggressively in rate cuts by the first quarter of 2024, gold could easily find a home above the $2000 level. It seems gold will need to wait for Apple\u2019s earnings and the nonfarm payroll report, before it delivers its next big move.\u201d <\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/gold-on-track-for-biggest-monthly-advance-since-march-despite-last-minute-weakness-98f547c2?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gold futures gained more than 2% in July, ending at the highest level since May and notching the best month of gains since March, as hope for the end of central bank rate hikes and a weaker U.S. dollar help boost the yellow metal. Price action Gold futures expiring in December GC00, +0.18% GCZ23, +0.18% [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1606,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-42723","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Gold prices end at highest since May, record biggest monthly advance in four months | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Gold futures gained more than 2% in July, ending at the highest level since May and notching the best month of gains since March, as hope for the end of\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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