Gold up 3% for July, Regaining Shine on Dovish Fed’s Wings

“Gold’s great week is ending on a down note, but bullion bulls are probably feeling pretty optimistic,” said Ed Moya, head of research for the Americas at New York’s OANDA. “Gold appears to be close to triggering technical buying following the aftermath of the Fed, persistent delta variant concerns, and depressed global bond yields.”

After two weeks of anemic action, gold longs got a break on Wednesday when Federal Reserve Chair Jerome Powell said the central bank wasn’t ready to even think of raising U.S. interest rates as it was still focused on buying assets to support an economy recovering from the coronavirus pandemic.

By Barani Krishnan