Daily Market Report
➢ Gold Price Slides for Third Day: XAU/USD declines for a third consecutive session amid continued
strength in the US Dollar and upbeat global risk sentiment driven by trade optimism.
➢ Fed Uncertainty Limits USD Upside: While the USD sees gains, uncertainty surrounding the Fed’s
rate-cut stance and political pressure on its independence may restrict further appreciation, offering
limited support to gold.
➢ Mixed US Data Fuels Caution: Initial Jobless Claims fell to 217K, reflecting a resilient labor market,
while the Manufacturing PMI dropped to 49.5, signaling economic softening.
➢ Trump Targets Fed Again: President Trump’s visit to the Federal Reserve and criticism of a $2.5–3.1bn
renovation project raises tension with Chair Powell, reinforcing concerns over Fed independence.
➢ Upcoming Data in Focus: Investors await US Durable Goods Orders and the Fed’s July 29–30 policy
meeting for cues on rate direction, with markets pricing in a 97% chance of a hold.
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