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On this day — July 5, 2022
Tuesday — a normal trading day. Tuesday is also when the CFTC publishes Commitments of Traders data for the prior week, often producing intraday movement.
Day 186 of 365 · Q3 2022 · 51.0% 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.