Gold logs 0.86% weekly gain as bets grow on Fed holding rates steady
AI Market Summary
Weaker-than-expected US economic data and easing core CPI to 2.5% strengthened expectations that the Fed will keep rates unchanged, pressuring Treasury yields and the US dollar and supporting gold's weekly gain. Volatile crude oil linked to Middle East tensions added to safe-haven demand. Near-term market focus shifts to the July FOMC minutes and developments around the Strait of Hormuz, which could amplify cross-asset volatility.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT-0.04%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▲ Bullish
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Gold rose 0.86% for the week after a run of weaker-than-expected US economic data strengthened expectations that the Federal Reserve will keep interest rates unchanged. On Friday, MCX gold futures (October) climbed 0.73% to Rs 154,590, while MCX silver futures (September) edged up 0.15% to Rs 2,36,272 per kg. Technically, commodity market experts see immediate resistance for COMEX gold at $4,470–$4,500 and support at $4,400–$4,370. July core CPI eased to 2.5%, keeping inflation broadly contained and reinforcing the view of unchanged rates.
