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On this day — July 24, 2023
Monday — typically a high-volume trading day as markets digest weekend news. Asian gold imports often see Monday surges in major demand countries.
Day 205 of 365 · Q3 2023 · 56.2% 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
Themes#inflation#Fed pivot hopes#US dollar weakness
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.
Jul 24 across the years — 2020 → 2022
20202022
| Year | Jul 24 close | vs prior | |
|---|---|---|---|
| Jul 24, 2022 | $1,736.30 | -3.52% | View |
| Jul 24, 2021 | $1,799.60 | -5.39% | View |
| Jul 24, 2020 | $1,902.10 | — | View |
Each row is the verified XAU/USD spot close for Jul 24 of that year. Click any row to open the full daily archive (with country tables for Jul 24, 2020+).