Home / Business and Economy / Gold Futures Dip to Lowest Open Since July as Investors Eye Stocks
Gold Futures Dip to Lowest Open Since July as Investors Eye Stocks
29 Jul
Summary
- Gold futures open 0.1% higher on Tuesday but at lowest level since July 9
- Investors focused on opportunities in stocks as S&P 500 and Nasdaq reach new highs
- Upcoming Fed meeting and economic reports could fuel or temper bullish sentiment
Gold futures opened at $3,313.40 per ounce on Tuesday, July 25, 2023, up 0.1% from the previous day's close of $3,309.10. However, this opening price represents gold's lowest level since July 9, 2023.
Investors appear to be largely focused on the opportunities in the stock market. The S&P 500 and Nasdaq Composite reached new highs on Monday, July 24, 2023, following the U.S. confirmation of a trade deal with the EU. Key economic reports due this week, including the Federal Reserve's interest rate decision on Wednesday and the June personal spending and PCE index data on Thursday, may either fuel or temper the current bullish sentiment on stocks.
In the past week, gold futures have declined 2.9% from the opening price of $3,411 on July 22, 2023. Over the past month, the gold price has dipped 0.2% compared to the opening price of $3,318.70 on June 27, 2023. However, gold is still up 39.4% from the opening price of $2,377.30 on July 29, 2024.
