Gold Prices Slip on Firming U.S. Dollar Amid Investors,....

On Tuesday, gold prices experienced a slight decline due to the strengthening of the U.S. dollar. Investors eagerly anticipated important economic data scheduled for release during the week, hoping to gain insights into the duration of rising interest rates aimed at controlling persistent inflation.

XAUUSD BUY 1958 - 1960🕯🕯

✅ TP1: 1964
✅ TP2: 1969
✅ TP3: 1974

❌ SL: 1954

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At 0116 GMT, spot gold (GOLD) recorded a 0.1% decline, reaching $1,963.04 per ounce, while U.S. gold futures (GOLD) experienced a 0.4% drop, settling at $1,962.90 per ounce.

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In July, gold prices registered their most significant monthly surge in four months, climbing 2.3%. This rise was fueled by investor optimism, as they anticipated an approaching conclusion to the rate-hiking cycle by central banks worldwide. The prospect of lower interest rates boosted the demand for zero-yield bullion, contributing to the metal's impressive performance.

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On Monday, Chicago Fed President Austan Goolsbee expressed confidence in the U.S. central bank's approach, stating that they are effectively navigating the delicate balance of reducing inflation without triggering a recession. He mentioned that they would closely monitor economic data as September approaches to determine whether further monetary tightening might be necessary.

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Throughout this week, market analysts will closely scrutinize the U.S. July jobs report and ISM surveys on manufacturing and services to evaluate the effects of increased borrowing costs on the economy.

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As a result of a Federal Reserve survey indicating that U.S. banks tightened credit standards and observed reduced loan demand from businesses and consumers in the second quarter, the dollar gained strength. This serves as evidence that the central bank's efforts to implement a rate-hike campaign are successfully moderating the nation's financial activities as intended.

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On Monday, Chinese authorities issued supplementary policy guidelines without presenting specific measures to revitalize the sluggish economy and domestic consumption. This left investors unsatisfied, especially as lackluster activity data increased pressure on officials to take decisive action.

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Among the various precious metals, spot silver (XAGUSD1!) recorded a slight 0.3% decline, settling at $24.70 per ounce. Platinum (PL1!) remained unchanged at $948.77, while palladium (XPDUSD1!) experienced a 0.3% drop, reaching $1,278.04.

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XAUUSD BUY Scalp 1957 - 1955 🕯

✔️ TP1: 1962
✔️ TP2: 1965
✔️ TP3: 1970

❌ SL: 1952

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Investor, Central Bank Demand For Gold Wanes As Interest Rates Start to Peak

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*1H 2023 Central Bank Gold Demand Hits Record for First Six Months of Year at 387 Tons