Gold Rises Just a Touch on Monday
Gold nudged higher as it tries to shrug off a three‑day slide that followed last week’s all‑time high.
What’s boosting the metal? A weaker dollar, thanks to President Joe Biden announcing he’s stepping out of the 2024 race. That news clears the path for Vice President Kamala Harris to go head‑to‑head with Donald Trump, sending investors to the cash‑mere for a safety net against an uneasy political and market backdrop.
Speculators fear that rates might dip and the US political scene remains as unpredictable as a soap opera, which is keeping gold’s tail wagging. All signs point to a possible bounce in the near future.
What’s on the Horizon for Gold?
- US Personal Consumption Expenditures (PCE) reading on Friday
- July flash Purchasing Managers’ Index (PMI)
- Advance two‑quarter GDP reports
- Weekly jobless claims update
The slump in China’s economy—highlighted by the People’s Bank of China cutting rates—might offer a boost to gold as well.
Ashamed of never-ending tension? The ongoing Middle East drama also keeps gold on a steady climb; any further escalation could fire up the precious metal’s demand.
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