Gold

Gold had a respectable gain today, however compared to the other metals in the precious metals group had the smallest percentage gain on the day. As of 4:40 PM EDT gold futures basis the most active August contract is currently trading at $1416, which is a net gain of $3.80 on the day.

Although gold’s weekly range was absolutely dwarfed by the highs and lows achieved during trading last week, the end result was very solid and respectable gains. Considering that gold prices opened at roughly $1400 per ounce at the beginning of this week, and as of 4:30 PM EDT is trading at $1416.30; the precious yellow metal was able to continue the upside rally that has been in play.

In a two-day testimony to Congress Federal Reserve Chairman Jerome Powell seemed to say all the right things as he underlined the revised monetary policy by the Fed which is much more accommodating than prior months. He has also continued to confirm rate cuts are almost a certainty on July 31. The question remains not whether or not the Fed will reduce interest rates, but by how much.

Gold prices went into overdrive today rekindling the dynamic rally which had been consolidating ever since reaching the yearly high at $1442, and $1440 6 trading days later. Gold which had found support just above $1388 the low achieved in trading yesterday skyrocketed well past $1400 an ounce.

This morning gold pricing opened under pressure immediately trading to its lowest price point today at $1387.50. By 11:00 AM EDT gold prices had risen slightly above $1400 per ounce as it hit the intraday high today of $1402.40 and as of 5:00 PM EDT gold futures basis the most active August contract fixed at $1399.60, which is a net decline of $0.40 on the day.