Gold Steady With U.S. Markets Closed for July 4 Holiday
Gold held steady mid-afternoon on Friday amid light electronic trade with U.S. markets closed for the Independence Day holiday.
Gold for August delivery was last seen up US$3.60 to US$3,346.50 per ounce. The price of the precious metal has remained rangebound since closing at a record US$3,452.80 per ounce on June 13.
Gold has gained some support from a falling dollar, with the ICE dollar index this week touching the lowest since early 2022 as the U.S. economy slows, while the Federal Reserve is expected to make further cuts to interest rates this year.
U.S. President Donald Trump is expected to sign the "Big Beautiful Bill" at a Friday ceremony after both the Senate and the House approved the legislation this week. The bill will see tax cuts for high-income earners while cutting social programs and adding more than US$3 trillion to the national debt.
US debt concerns, the falling dollar and tariffs are "developments that may eventually prompt a dovish, and potentially stronger-than-expected, policy shift by the Federal Reserve. Adding to this is the risk of higher inflation and central banks extending their gold-buying spree into a fourth consecutive year; the groundwork for a push toward USD 4,000 within the next twelve months is, in our opinion, within reach". Ole Hansen, head of commodity strategy at Saxo Bank, wrote.
The dollar index was lower again. last seen down 0.19 points to 96.99. Treasury markets were closed for the holiday.
Source : MT Newswires
