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Commodity News Details
Precious Metals Preview: COMEX gold pressured by dollar strength
31-Jul-2025 08:41

COMEX gold futures are attempting mild recovery on Thursday morning in Asia following a sharp decline to around 3-week low this week. Dollar index pulling back from two month high above 99 mark is seen slightly benefitting the yellow metal to some extent. The greenback scaled to a two month high yesterday after the Federal Reserve (Fed) decided to hold its benchmark federal funds rate in a range of 4.25%-4.5% at its July meeting on Wednesday. US Dollar also drew support from stronger-than-expected US economic data that expanded at an annual rate of 3.0% for the April through June period. The precious metal thus continues to stay pressured at $3346 per pound, down 0.18% on the day. Investors now await the US Personal Consumption Expenditures (PCE) Price Index and Nonfarm Payrolls (NFP) this week for further cues.

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