All in all, gold prices started posting tepid weekly gains, but are still up 7% YTD. In the same performance, silver prices, the sister commodity to gold, fell below the level of $25 an ounce. All in all, the price of the white metal fell more than 2% last week but remained up 1.5% for the year.
The gold market is usually sensitive to movements in interest rates because it affects the opportunity cost of holding non-yielding bullion. On the economic data front, the S&P Global Manufacturing Purchasing Managers' Index deepened into a recessionary phase, printing at 49 in July. While this is higher than a reading of 46.3 in June and better than expected by 46.2, the reading has been stuck in contraction territory for eight of the past nine months. In addition, the Chicago Fed's National Activity Index worsened to -0.32 in June, down from -0.28.
The rise in the price of the dollar is detrimental to commodities priced in dollars because it increases the cost of buying them for foreign investors.
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