Gold edged lower this week, pressured by a stronger US dollar and upbeat economic data that dampened expectations for near-term interest rate cuts.
Spot gold closed at US$3,337.59/oz on July 18, down 0.5% for the week, while US futures settled at US$3,343.20 per oz. The retreat followed solid US retail sales and a drop in jobless claims, which reinforced the Federal Reserve’s cautious stance on monetary easing.
Despite the pullback, haven demand from trade tensions and steady institutional interest helped limit losses. COMEX gold futures saw healthy volume midweek, with over 181,000 contracts traded and open interest climbing.
Looking ahead, traders will focus on upcoming inflation and labour data, which could influence gold’s next move. Technical levels suggest support near US$3,315, with potential upside toward US$3,845 if sentiment shifts.
