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Gold Edges Lower on Upbeat Economic Data from the US

A stronger dollar has brought GOLD prices down from their one-week high after the ECB turned dovish and the focus shifts back to the US markets. At the time of writing, gold is trading at a little above $1,417.

Gold had gained 0.5% to trade at a little over $1,433 ahead of the ECB’s meeting, in anticipation that the central bank would cut rates. In addition, positive economic data releases from the US also reduced gold’s safe haven appeal.

In the US, weekly jobless claims fell to their lowest level in three-months during the previous week, while new orders for capital goods made in the US climbed 1.9% higher during June. Gold traders’ focus now shifts towards the upcoming Fed meeting on July 30-31 and whether the bank will cut rates.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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