Goldify Pro
Live Gold Rates & Tools
On this day — July 7, 2022
Thursday — a normal trading day. Weekly US initial jobless claims publish at 8:30 AM ET on Thursdays, occasionally producing intraday gold movement.
Day 188 of 365 · Q3 2022 · 51.5% 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.
Jul 7 across the years — 2020 → 2021
| Year | Jul 7 close | vs prior | |
|---|---|---|---|
| Jul 7, 2021 | $1,804.70 | +0.84% | View |
| Jul 7, 2020 | $1,789.60 | — | View |