Daily Market Report
➢ Gold Holds Near Weekly Low: Gold remains depressed during the Asian session, trading just
above the one-week low near $3,309, reflecting cautious market sentiment.
➢ Waller’s Dovish Remarks: Fed Governor Christopher Waller signalled rising economic risks and
advocated for a July rate cut, weakening the USD slightly and offering limited support to gold.
➢ Fed Cut Expectations Capped: Despite dovish commentary, markets expect only 50 basis points
of Fed cuts in 2025, limiting gold’s upside as the USD remains broadly supported.
➢ Strong US Data Supports USD: June Retail Sales rose 0.6% and Jobless Claims fell to a threemonth
low, indicating economic resilience and strengthening the dollar.
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