Comex gold futures dropped 1% (closing on Friday, July 30) as investors decided to take profit after yesterday’s $30 price increase.
Gold futures delivery in August fell 1% to close at $1817.20.
Even though gold prices are falling, they hit a new two-month high this week. After the Fed’s Monetary Policy Committee decided to maintain the current interest rate policy. The committee decided at its meeting this week to leave the short-term interest rate at 0.00-0.25%.
The dollar and U.S. government bond yields fell after the Fed released news to maintain its monetary policy direction and to continue buying at least $120 billion/month worth of quantitative easing (QE) bonds.
A weak dollar increases the attractiveness of gold. Gold contracts are now cheaper for holders of other currencies as well. The fall of U.S. government bonds reduces the opportunity cost of owning gold, as gold as an investment does not earn interest income.
Source: https://www.bangkokbiznews.com
The Spot Market is Close
| Metals Updated at | USD Bid/Ask | Ounce Change | Low/High |
| Gold 04.00 | 1814.20 1815.20 | -13.70 -0.75% | 1809.20 1832.10 |
| Silver 04.00 | 25.45 25.56 | -0.02 -0.08% | 25.31 25.69 |
| Platinum 04.00 | 1043.00 1053.00 | -12.00 -1.14% | 1027.00 1067.00 |
| Palladium 04.00 | 2597.00 2747.00 | +16.00 0.62% | 2562.00 2754.00 |
| Rhodium 04.00 | 17500.00 19500.00 | 0.00 0.00% | 17500.00 19500.00 |