{"id":127718,"date":"2024-07-22T09:54:06","date_gmt":"2024-07-22T09:54:06","guid":{"rendered":"https:\/\/kinesis.money\/?p=127718"},"modified":"2024-07-22T09:54:06","modified_gmt":"2024-07-22T09:54:06","slug":"gold-falls-third-day-us-dollar-strengthens","status":"publish","type":"post","link":"https:\/\/kinesis.money\/pt-br\/market-analysis\/gold-news\/gold-falls-third-day-us-dollar-strengthens\/","title":{"rendered":"Gold Price News: Gold Falls For Third Day As US Dollar Strengthens"},"content":{"rendered":"\n

Gold prices fell sharply on Friday, adding to two previous days of losses, after the US dollar strengthened, putting precious metals prices under pressure.<\/p>\n\n\n\n

Prices fell as low as $2,395 an ounce<\/a> on Friday, down from a high of $2,475 an ounce on Thursday. The latest losses come in the context of a fresh all-time high of $2,484 an ounce seen on Wednesday, which came as the markets reacted to softer than expected inflation in June and a strengthening of expectations that the US Fed will start to cut interest rates in September.<\/p>\n\n\n\n

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KAU\/USD 1-hourly Kinesis Exchange<\/figcaption><\/figure>\n\n\n\n

The US dollar strengthened against other major currencies on Thursday and Friday after data showed that manufacturing in the US mid-Atlantic region increased more than expected in July after a surge in new orders.<\/p>\n\n\n\n

A stronger US dollar makes dollar-denominated gold more expensive for buyers in other currencies, weakening demand and contributing to gold price weakness.<\/p>\n\n\n\n

Gold\u2019s fall through the second half of the week means the yellow metal has re-visited the price levels of $2,400 an ounce seen in the previous week ending July 12.<\/p>\n\n\n\n

Despite gold\u2019s price slump this week, from a technical standpoint, the charts suggest a cautiously bullish outlook. This is based on a combination of prices testing support at around $2,300 an ounce multiple times in May and June, and successively higher peaks seen in April, May and July. Taken together, these price movements indicate a solid support base and a willingness to test further upside.<\/p>\n\n\n\n

On the political front, the uncertainty level was cranked up a notch over the weekend after US President Joe Biden announced he would be stepping down from the presidential race ahead of the November 5 election, leaving questions over who will lead the Democrats\u2019 re-election bid. A growing number of senior Democrats are backing vice-president Kamala Harris, according to news reports over the weekend.<\/p>\n\n\n\n

Looking ahead, Tuesday will see the release of Euro Area consumer confidence figures for July, while a flurry of industry and manufacturing figures are due out on Wednesday next week, including from Japan, India, the Euro Area, UK and US.<\/p>\n\n\n\n

The markets will also be watching out for Wednesday\u2019s interest rate decision by the Bank of Canada, which is expected to cut rates to 4.5% after a cut to 4.75% in June from the previous 5%. The upcoming decision comes in the context of a start to rate cuts by other central banks, including the ECB in June. Meanwhile, the Bank of England has yet to start cutting rates, while the US Fed is widely expected to make cuts in September.<\/p>\n\n\n\t\t\t

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Frank\u2019s experience covering the commodities markets spans 22 years, with a particular specialism in metals, carbon and energy markets.\u00a0<\/em>He has worked as a senior editor for S&P Global Commodity Insights\u00a0(formerly Platts) and before this, at ICIS-LOR, a part of Reed Business Information (Reed Elsevier), where he covered the petrochemicals markets from 2003 to 2005.<\/em><\/p>\n

This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.<\/i>
\n<\/i><\/p>\n

Read our Editorial Guidelines\u00a0<\/i>here.<\/a><\/i><\/p>\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t","protected":false},"excerpt":{"rendered":"

Gold prices fell sharply on Friday, adding to two previous days of losses, after the US dollar strengthened, putting precious metals prices under pressure. Prices fell as low as $2,395 an ounce on Friday, down from a high of $2,475 an ounce on Thursday. The latest losses come in the context of a fresh all-time […]<\/p>\n","protected":false},"author":50,"featured_media":127777,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[215,91],"tags":[],"class_list":["post-127718","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gold-news","category-market-analysis"],"acf":[],"yoast_head":"\nGold Falls For Third Day As US Dollar Strengthens | Kinesis<\/title>\n<meta name=\"description\" content=\"Discover Kinesis' gold news analysis for today, Monday 22nd of July 2024, from leading precious metals analyst Frank Watson.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"pt_BR\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gold Falls For Third 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