Gold slips as oil prices advance, Fed rate-hike voices grow
FUNDAMENTALS
Spot gold was down 0.4% at $4,000.55 per ounce, as of 0058 GMT, after hitting a two-week low on Friday and posting a 2.5% weekly loss. U.S. gold futures for August delivery eased 0.3% to $4,005.9.Asian share markets were hesitant on Monday ahead of a packed week of major tech earnings that will further test investor faith in the AI momentum. [MKTS/GLOB]
Oil prices jumped 3%, with Brent surpassing $90 a barrel. [O/R]
The U.S. said it had completed a ninth consecutive night of attacks against Iran after earlier announcing that at least two U.S. military personnel were killed in Jordan, while U.S. allies in the region reported more Iranian attacks on Sunday.
U.S. consumer sentiment increased to a five-month high in July, but the improvement is likely temporary as renewed conflict in the Middle East raises gasoline prices.
High interest rates increase the opportunity cost of holding non-yielding assets such as gold.
COMEX gold speculators raised net long position by 4,294 contracts to 119,147 in week ended July 14, CFTC data showed. [CFTC/]
Gold discounts in India widened last week to a one-month high as weak jewellery demand and hopes of lower prices kept buyers on the sidelines, while premiums in China were largely steady on muted retail demand. [GOL/AS]
Elsewhere, spot silver gained 0.9% to $56.42 per ounce, platinum was up 0.1% at $1,592.97 and palladium rose 0.3% to $1,251.74.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
BIRD CONSTRUCTION INC. <BDT.TO>: TD COWEN RAISES TARGET PRICE TO C$85 FROM C$72
VIPAre There Quantitative Indicators That Work Over the Long Term in Crypto?
Cooling inflation has revived expectations for monetary easing. The probability of a September rate hike fell from around 55% to 34%, while the S&P 500 broke above 7800 for the first time and 18 global equity indexes reached all-time highs on the same day. South Korea's KOSPI led the gains, rising 10.9% for the week. In earnings, Tapestry, Cisco, and JD.com all beat quarterly expectations but still plunged 7%–16% in a single session after disappointing guidance. In the current market, strong results alone are not enough—investors are rewarding strong guidance. Crypto has been left behind by the broader rally, but we believe it is consolidating near a potential bottom. BTC fell 2.6% for the week to around $63,400, but spot ETF outflows moderated and approximately $1 billion flowed back into stablecoins. Sentiment shows an unusually wide divergence: the U.S. equity Fear & Greed Index stands at 66 (Greed), while the Crypto Fear & Greed Index remains at 29 (Fear). Quantitative strategy focus: the four top-performing strategies we identified significantly outperformed buy-and-hold. For ETH, Supertrend generated a total return of 151.2% (44.8% annualized) and outperformed buy-and-hold by 117 percentage points after fees, while ATR Channel Breakout achieved a Sharpe ratio of 1.33 with a maximum drawdown of just 10.2%. For BTC, Bollinger Band Mean Reversion returned 151.3%, outperforming buy-and-hold by 54 percentage points after fees. The effectiveness of each strategy depends on the market regime: mean-reversion strategies perform better in range-bound markets with an upward bias, while trend-following strategies that can move into cash are better suited to range-bound markets with a downward bias. Key assets to watch: BTC, ETH, SOL, XAUUSD, UKOUSD, USOUSD, rWMT, rHD, ONDO, RDDT.
MURPHY OIL CORP <MUR.N>: JEFFERIES CUTS TARGET PRICE TO $32 FROM $38
Crypto prices
More
