Commodity Report: Gold Price Forecast: 23 July 2019 [Video]
|Gold was little changed on Tuesday, pressured by a rising dollar but supported by weak U.S. economic data, with investors awaiting clearer signals on the Federal Reserve's trajectory for interest rates.
The Fed is expected to cut its overnight benchmark lending rate at July 30-31 policy meeting. The European Central Bank (ECB) is also expected to signal easier monetary policy when it meets on Thursday.
Gold last week surpassed $1450 for the first time since May 2013 and silver rose to $16.57 per ounce its highest since June 25, 2018 on anticipation of a deeper rate cut.
Meanwhile Hedge funds and money managers raised their bullish stance in Comex gold in the latest week.
Where are commodity prices heading next? Watch Phil Carr at The Gold & Silver Club review Gold with the latest price forecast and predictions:
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