Friday\u2019s modest uptick represented a partial recovery of Thursday\u2019s losses, which saw gold fall from a high of over $2,430 an ounce on Wednesday.<\/p>\n\n\n\n
Both US price inflation and Michigan consumer sentiment figures came in Friday slightly above the market\u2019s expectations, adding to the effect of Thursday\u2019s US GDP figures which showed that the economy grew by an annualised 2.8% in the second quarter, up from 1.4% in Q1, and well above market expectations of 2%.<\/p>\n\n\n\n
The stronger-than-expected economic signals would normally suggest less pressure on the US Fed to cut interest rates. However, the markets are now pricing in a 25-basis point cut in September and up to two further cuts before the end of the year, and the latest figures have done little to alter that outlook.<\/p>\n\n\n\n
Thursday\u2019s slump to a two-week low may have attracted a degree of bargain-hunting back into the market among short-term traders, giving gold a modest lift at the end of the week and paring the week-on-week losses.<\/p>\n\n\n\n
Looking ahead to this week, Monday is looking light on macro data releases and the markets will be watching out for Tuesday\u2019s Euro Area GDP growth figures for Q2, as well as individual data from France, Spain, Germany and Italy, as well as the US JOLTs job openings figures for June.<\/p>\n\n\n\t\t\t\n\t\t\t\n\t\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>\nThis 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><\/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 ticked higher on Friday, paring the previous day\u2019s sharp losses, as the lower prices appeared to attract buyers back to the market.<\/p>\n","protected":false},"author":50,"featured_media":128396,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":true,"footnotes":""},"categories":[215,91],"tags":[],"class_list":["post-128339","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gold-news","category-market-analysis"],"acf":[],"yoast_head":"\n
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