Quick overview

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Gold buyers maintain their lead as the US dollar enters a consolidative phase after halting its late Friday rebound. Investors are awaiting US Federal Reserve (Fed) Chairman Jerome Powell’s speech on Tuesday for further trading cues.

The sentiment surrounding gold priced in US dollars will continue to be influenced by developments related to tariffs, as Monday’s data schedule is quiet. Traders also anticipate positive earnings reports from American tech giants like Alphabet Inc. later this week

Investors remain cautious about US President Donald Trump’s plans to impose tariffs on the European Union (EU), as the August 1 deadline approaches.

The resilience of the US economy was further demonstrated by solid June retail sales data, boosting the dollar on expectations that the Fed may not need to cut interest rates later this month.

Sticky inflation data for June also reduced bets on rate cuts, pushing the dollar to a 0.7 percent increase last week, its second straight week of gains.

Central banks continue to show high demand for gold. In May, global gold reserves increased by a net 20 tonnes, higher than the previous month but still below the 12-month average of 27 tonnes, according to the latest data from the World Gold Council.

Markets projected ongoing economic uncertainty and a desire to diversify away from the US dollar, central banks will likely continue adding gold to their reserves.
Spot platinum broke through a major resistance level this week, outperforming other precious metals and remaining above ten-year highs.

Spot platinum rose more than 5% this week, trading at about $1,490 per ounce.

This week, the white metal surpassed the $ 1,400 resistance level, which ANZ analysts say indicates further strength. Platinum prices hit an 11-year high as demand increased and concerns over shortages grew. Due to comparatively lower prices, traders shifted from bullion to other precious metals, causing platinum and silver to outperform gold so far in 2025.