US Gold Prices Ease 4.4% as Investment Demand Weakens in July

The US Gold market experienced notable downward pressure in July ****, with prices declining approximately *.** month-on-month to close at $*,***/MT, according to ChemAnalyst data. The bearish sentiment was triggered mid-month when the Philadelphia Fed manufacturing index surged to **.*, more than triple consensus estimates, while initial jobless claims fell to ***,***—well below forecasts. This resilient economic data reinforced expectations that the Federal Reserve would maintain restrictive monetary policy, raising real yields and increasing the opportunity cost of holding non-yielding Gold. The July FOMC meeting under new Chair Kevin Warsh was characterized as "surprisingly hawkish," with nine committee members now anticipating a rate hike this year.

Investment demand deteriorated sharply. US physically-backed Gold ETFs shed significant tonnage in July, following June&#**;s massive $*.* billion global outflows. North American ETF holdings declined consistently, reflecting tactical profit-taking amid dollar strength. Meanwhile, U.S. Mint retail bar-and-coin sales weakened, and jewellery fabrication remained seasonally quiet, offering...