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On this day — July 1, 2023
Saturday — the international gold market is closed. Most retail jewellery markets, especially in Asia and the Middle East, see peak Saturday foot-traffic and physical trade activity.
Day 182 of 365 · Q3 2023 · 49.9% through the year
July 2023 gold market: Cooler inflation lifts gold
BullishA cooler CPI print sparked a brief relief rally.
Gold recovered toward $1,960 in July after a softer-than-expected US inflation report revived hopes that the Fed was nearly finished hiking. A weaker dollar added to the tailwind, though the rally proved short-lived.
What drove gold in July 2023
- softer US June CPI
- weaker dollar
- peak-Fed hopes
- short-covering
Key events in July 2023
- Jul 13Cooler US inflation print lifts gold toward $1,960
What happened next
Rising long-term yields reversed the gains through August and September.
For gold buyers
July's bounce was a head-fake; the bond market would soon reassert its grip on gold.