Goldify Pro
Live Gold Rates & Tools
On this day — July 3, 2022
Sunday — the international gold market is closed. Spot quotes carry forward from the prior Friday close. Retail rates in jewellery markets may differ slightly based on local Sunday hours.
Day 184 of 365 · Q3 2022 · 50.4% through the year
July 2022 gold market: Gold breaks below $1,700
BearishA break below $1,700 on relentless dollar strength.
Gold fell hard in July, slipping under $1,700 to around $1,680 as the dollar surged to two-decade highs and the Fed delivered another 75-point hike. It was one of the weakest stretches of the year for the metal.
What drove gold in July 2022
- second consecutive +75bp Fed hike
- dollar at 20-year highs
- real yields rising sharply
- ETF outflows
Key events in July 2022
- Jul 21Gold breaks below $1,700 on dollar strength
What happened next
Dollar strength kept pressuring gold to a September low near $1,620.
For gold buyers
July's break below $1,700 marked peak pessimism for dollar-based buyers — though local-currency buyers in weak-currency countries felt far less pain.