Gold Prices Stable Amid US Economic Data and Monetary Policy Developments

Gold prices remained stable during Wednesday's trading on July 2, amid global markets awaiting the release of US payroll data and developments in the Federal Reserve's monetary policy. Federal Reserve Chairman Jerome Powell maintained a cautious stance towards interest rate cuts. The weakness of the US dollar, along with some political developments in Washington, provided limited support for the yellow metal.

According to data, the price of gold in spot trading reached $3339.99 per ounce, while gold futures held at $3349.70.

The dollar index fell to its lowest level in over three years, enhancing the attractiveness of gold for investors holding other currencies. This comes as markets experience fluctuations in expectations regarding the US Federal Reserve's monetary policy, increasing anticipation among traders.

In Washington, Senate Republicans approved President Donald Trump's tax and spending bill, expected to impact the US economy.

In a related context, Trump announced that the US may be close to reaching a trade agreement with India to enhance opportunities for American companies in the Asian market, but he ruled out the possibility of a similar agreement with Japan. He also stated that he will not extend the deadline set for July 9 for trade negotiations with several countries, increasing suspense in global markets.

Meanwhile, Federal Reserve Chairman Jerome Powell reiterated that the central bank prefers to "wait and gather more data" before making any decisions regarding interest rate cuts, contradicting Trump's repeated calls for an immediate and deep interest rate cut to stimulate economic growth.

Regarding the performance of other precious metals, silver remained stable in spot trading at $36.07 per ounce, while platinum rose by 0.7% to reach $1359.78. Palladium also rose by about 1%, reaching $1108.