{"id":42735,"date":"2023-07-31T17:32:13","date_gmt":"2023-07-31T21:32:13","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/gold-futures-back-at-2000-with-biggest-gain-in-4-months-for-july\/"},"modified":"2023-07-31T17:32:14","modified_gmt":"2023-07-31T21:32:14","slug":"gold-futures-back-at-2000-with-biggest-gain-in-4-months-for-july","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=42735","title":{"rendered":"Gold futures back at $2,000 with biggest gain in 4 months for July"},"content":{"rendered":"
\n

Investing.com — It has been a volatile month for the long-gold crowd but one that has ultimately worked out for fans of the yellow metal, which returned to the sweet spot of $2,000 an ounce in futures trade with the largest gain since March.<\/p>\n

Most-active on New York\u2019s Comex settled at $2,009.20 per ounce, up $9.30, or 0.5%, on the day and 4% higher for July. Prior to Monday\u2019s close, it hit a three-month high at $2,010.85.<\/p>\n

Even so, the , which reflects physical trades in bullion and is more closely followed than futures by some traders, hovered well below Monday\u2019s peaks in Comex. By 14:30 ET (18:30 GMT), an hour after the settlement of futures trade, spot gold was at $1,968.51 \u2014 about $40 off the futures price.<\/p>\n

As with all gaps between futures and spot trading in commodities, this too is expected to converge at some point, though holding above $2,000 might be a challenge for gold bulls.<\/p>\n

July was a difficult one for fans of the yellow metal, which almost tested $1,900 support at one point as the rebounded from 15-month lows on renewed hawkish talk by the Federal Reserve \u2014 which had been expected to be more dovish after aggressive rate hikes carried out over 18 months.<\/p>\n

The Fed has repeatedly shown in recent months that nothing mattered more to it than bringing U.S. inflation back to the cherished long-term target of 2%, and that the central bank will stay focused on relevant data \u2014 not market sentiment \u2014 to achieve that.<\/p>\n

Gold’s next big test: July U.S. jobs report<\/h2>\n

And one of those key data points will emerge Friday when U.S. job numbers for July get reported.<\/p>\n

To keep inflation down, the Fed needs to keep a lid on U.S. jobs and wage growth. On Friday, the central bank will see how effective its high-rate regime has been in moderating these when the jobs report for July is published. Economists are forecasting a growth of 200,000 on the average for last month versus June\u2019s 209,000. The June figure was particularly an important one for the Fed as it came below economists\u2019 estimates for the first time in 16 months, signaling progress in the Fed\u2019s inflation-fighting efforts.<\/p>\n

From a four-decade high of 9% in June 2022, the Fed has managed to bring inflation, measured by the , to just 3% per annum in June this year. But the success came with a big price: the raising of interest rates by 525 basis points in just 18 months to smother the runaway inflation triggered by the trillions of dollars of relief spending by the government on the COVID-19 pandemic.<\/p>\n

\u201cIf Wall Street starts aggressively [pricing] in rate cuts by the first quarter of 2024, gold could easily find a home above the $2,000 level,\u201d said Ed Moya, analyst at online trading platform OANDA. \u201cIt seems gold will need to wait for\u2026the NFP report, before it delivers its next big move.\u201d<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com — It has been a volatile month for the long-gold crowd but one that has ultimately worked out for fans of the yellow metal, which returned to the sweet spot of $2,000 an ounce in futures trade with the largest gain since March. Most-active on New York\u2019s Comex settled at $2,009.20 per ounce, up […]<\/p>\n","protected":false},"author":1,"featured_media":3495,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-42735","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nGold futures back at $2,000 with biggest gain in 4 months for July | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com -- It has been a volatile month for the long-gold crowd but one that has ultimately worked out for fans of the yellow metal, which returned\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=42735\" \/>\n<meta property=\"og:locale\" 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