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-V.
Gold lost its shine after upbeat US jobs data. It hits an intraday low of $3311 and is currently trading around $3323.
The June 2025 U.S. Non-Farm Payrolls report demonstrated notable strength in the labor market, with 147,000 jobs added, substantially surpassing the consensus estimate of 110,000.
According to the CME Fed Watch tool, the chances of a rate pause in the Jul 30th 2025, meeting have increased to 93.30% from 79.30% a week ago.
Source – Econo Times
Gold has benefited from geopolitical uncertainty and central bank demand, but a prolonged period of restrictive Fed policy presents risks.
Source – FXEMPIRE
Peru’s Energy and Mines Minister Jorge Montero expects mining investment in the world’s third-largest copper producer to reach $4.8 billion this year, and output of the red metal to be 2.8 million metric tons, he said on Tuesday.
Source – Reuters
Musk has cast doubt on whether the gold remains at Fort Knox, writing on X: “This gold is the property of the American people. I sure hope it’s still there!”
“Who is confirming that gold wasn’t stolen from Fort Knox?” Musk also posted.
Source – ABC News
Spot gold hit a record $3,004.86 per ounce on Friday, marking its thirteenth all-time high in 2025. Prices have already climbed 14% this year, after surging 27% in 2024.
“With continued central bank buying, there are multiple factors driving demand. In a backdrop of geopolitical uncertainty and ongoing tariff changes, appetite for gold remains strong,” said Standard Chartered analyst Suki Cooper.
“The inflation data is helping to give the market confidence that the easing cycle will continue, given concerns around inflation and growth,” said Standard Chartered analyst Suki Cooper.
Source – Reuters
Spot gold steadied at $2,795.52 per ounce by 11:18 GMT, after hitting a record peak of $2,800.99 earlier in the session. Prices rose more than 6% for the month and 1% for the week.
“The rally could hold for as long as there is uncertainty in the market. A lot of today’s uncertainty stems from not knowing whether and how tariffs will be applied,” said WisdomTree commodities strategist Nitesh Shah.
“We see central bank buying as the strongest structural force in the gold market, underpinning our long-term constructive view,” said Carsten Menke, analyst at Julius Baer.
Source – Reuters
