XAUUSD 08/07/2024 Monday market opens will check the scene!

7 de jul.

Gold is currently trading around $1,900 per ounce, approximately $100 higher than its opening level in the second quarter of 2024, having reached a new all-time high in mid-May. The global interest rate environment has seen anticipated rate cuts fail to materialize, particularly in the United States, as inflation persists above the forecasts of various central banks. Central bank purchases, especially from China, have shifted the supply-demand balance in favour of higher prices. However, any pullback in demand could leave gold vulnerable to downside pressure. Additionally, the political risk premium that had supported gold has diminished, although it may resurface at any moment, especially with several high-profile elections on the horizon. Gold traders will have numerous factors to monitor closely in the third quarter.