The precious metals market has recently demonstrated quite high volatility. And if last week the price of gold reached its lowest level since March 2021 ($1,680 per troy ounce), then today the asset is trading near the level of $1,734 per ounce. The strengthening of the precious metal was facilitated by a decrease in the growth of US Treasury bond yields due to poor economic data. Now the further dynamics of gold will depend on the decision of the US Federal Reserve System on monetary policy. The meeting of the American regulator will be held this week, July 26-27. The Fed is expected to approve another 75 basis point rate hike. Recall that at its last meeting, the central bank has already raised the rate by the maximum amount since 1994. The tightening of the Fed's monetary policy and the strengthening of the US dollar, as a rule, weaken the attractiveness of gold as a «safe haven». Additional pressure on the precious metal is exerted by the weakening of investor interest – bullion stocks in exchange-traded funds have been decreasing for the sixth week in a row.
RYCHLÉ ODKAZY
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