Gold price crashes today: Analysts predict Gold rates projection
There is a slight pullback due to short-term positive dollar and maybe that's just due to the fact that the economic data coming from the US is still pretty strong, taking away the immediate need to cut rates, said WisdomTree commodities strategist Nitesh Shah.
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Meanwhile, the U.S. is close to finalising several trade agreements in the coming days and will notify other countries of higher tariff rates by July 9, Trump said on Sunday. The higher rates are scheduled to take effect on August 1. President Trump in April announced a 10 per cent base tariff on most countries and higher "reciprocal" rates of up to 50 per cent, with an original deadline of this Wednesday. President Trump also threatened an extra 10 per cent tariff on countries aligning themselves with what he called the anti-American policies of the BRICS group of developing nations.
The 90-day period of lower tariffs is expiring and there have not been any fantastic trade deals, which does point towards net trade contracting during the course of this year, which is not supportive for the economy and more likely to be a support for gold, Shah said.
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Gold Price Outlook
Last week, data showed U.S. job growth was unexpectedly solid in June. Also, concerns about tariff-driven inflation have led to expectations of slower Federal Reserve rate cuts. Minutes from the Fed's last meeting due later this week could shed more light on the U.S. central bank's rate cut path.
Elsewhere, spot silver fell 1.9 per cent to $36.22 per ounce, platinum fell 2.4 per cent to $1,358.17 and palladium lost 1.7 per cent to $1,115.38.
FAQs
Q1. What is Silver Price?
A1. Spot silver fell 1.9 per cent to $36.22 per ounce, platinum fell 2.4 per cent to $1,358.17 and palladium lost 1.7 per cent to $1,115.38.
Q2. What are gold prices?
A2. Spot gold was down today 0.9 per cent at $3,303.93 per ounce and US gold futures shed 0.9 per cent to $3,313.10.
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