Gold Prices Rise as Markets Focus on Trade and Monetary Policy Developments
Gold prices rose during Monday's trading on July 21, supported by investors monitoring developments surrounding trade negotiations between the United States and the European Union, in addition to awaiting the expected decision from the European Central Bank on monetary policy this week.
Gold in spot transactions rose by 0.4% to reach $3364.81 per ounce, while gold futures in the U.S. market rose by about 0.3%, reaching $3369.40 per ounce.
Market participants are paying close attention to the ongoing trade negotiations, especially with the approaching deadline set by U.S. President Donald Trump on August 1, where U.S. Commerce Secretary Wilbur Ross expressed optimism about the possibility of reaching an agreement with the European side.
On the monetary side, expectations are that the European Central Bank will maintain interest rates unchanged at 2.0% during its meeting this week, following a series of consecutive cuts. Christopher Waller, a Federal Reserve official, also indicated the need to lower interest rates at the next Council meeting.
Other precious metals also saw price increases, with silver rising by 0.2% in spot transactions to $38.24 per ounce, platinum increasing by 0.4% to $1427.05, and palladium jumping by 0.6% to $1248.50 per ounce.
