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Gold prices are affected by the dollar's strengthening, lawmakers will accuse Powell of alleged perjury
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Hello everyone, today XM Forex will bring you "[XM Group]: Gold prices are affected by the strengthening of the US dollar, and lawmakers will accuse Powell of suspected perjury." Hope it will be helpful to you! The original content is as follows:
On Friday (July 18, Beijing time), spot gold trading was around $3,341/ounce, and gold prices fell slightly on Thursday, affected by the strengthening of the US dollar and strong U.S. economic data. At the same time, the market is waiting for the progress of tariffs to become clearer, and investors are still cautious; U.S. crude oil trading was around $66.24/barrel, U.S. oil rebounded after approaching the $65/barrel mark on Wednesday, as drones attacked Iraqi Kurdistan oil fields for the fourth consecutive day, indicating that risks in the turbulent area continue to exist.
Stock and Nasdaq both hit record highs on Thursday as investors welcomed strong economic data and earnings reports that U.S. consumers are still willing to spend.
In the previous seven trading days, the Nasdaq index closed at all six trading days, while the S&P 500 hit its six best closing prices since June 27.
The Nasdaq rose 0.74% to 20,884.27 points; the S&P 500 rose 0.54% to 6,297.36 points. The Dow Jones Industrial Average also closed higher, up 0.52% to 44,484.49 points.
Wall Street fell for a moment after President Trump announced tariff measures on "Liberation Day" in early April, but then rebounded strongly, and this week was seen as the "touchstone" of these gains as a series of key economic reports will be released, while the second quarter financial report season will also kick off.
Anthony, chief market strategist at AmeripriseFinancial"Economic data and corporate financial reports show that economic fundamentals are still solid, so the market can continue to rise this week with some data support."
U.S. retail sales rebounded strongly in June, and data released on Thursday showed that investors saw new economic momentum and consumer confidence, despite mixed inflation data, producer prices stagnated that month, while consumer inflation surged.
Investors have been paying attention to whether Trump's tariff policy has begun to penetrate the U.S. economy. The Fed has previously stated that it will suspend interest rate cuts until it sees inflationary impacts from rising import taxes.
Federal Governor Coogler reiterated this position on Thursday, saying the rate cut was temporarily shelved as Trump tariffs began to push up consumer prices.
According to CME FedWatch tools, traders currently expect the likelihood of a rate cut in September is about 54%, while the rate cut in July has been almost ruled out.
In addition to strong retail sales data, consumer-oriented businesses in the United States have also published positive financial forecasts. Pepsi rose 7.5% after forecasting optimistic results, driven primarily by demand for energy drinks and healthy sodas, which helped offset concerns about a decline in core profits for the year.
United Airlines rose 3.1% after it expected demand to grow since early July, bringing a rare highlight to the aviation industry affected by Trump's budget cuts and trade tensions. xmserving.competitors Delta and American also climbed more than 1.4%.
Tech stocks have also been boosted, especially U.S. chipmakers, Saglimbene of Ameriprise said that before the financial reports of all the big tech xmserving.companies are released in the next week or two, you will see single producers of these (artificial intelligence) chips saying their demand is very strong. Therefore, the trend of large technology stocks is quite optimistic, which is also the reason why technology stocks lead the rise today. "Tech and industrial stocks both hit record highs on Thursday, but financial stocks led the gains, up 0.9% in the nine sectors that closed higher. Gold prices fell slightly on Thursday, affected by a stronger dollar and strong U.S. economic data, while investors remain cautious as the market waited for a clearer tariff progress. Spot gold fell 0.3% to $3,337.43 per ounce, which had earlier fallen below $3,309.59. U.S. gold futures fell 0.4% to $3,345.3. Bob Haberkorn, senior market strategist at RJO Futures, said: "The dollar has risen slightly due to the latest U.S. data, and U.S. Treasury yields have also risen. Therefore, this has caused some weakness in the gold market. ”
The number of initial unemployment claims in the United States fell last week, suggesting stable employment growth in July, with retail sales in June stronger than expected, up 0.6%, although some of the gains may reflect tariff-driven price increases.
The Federal Reserve handlesSKUGL said Thursday that as the impact of Trump administration tariffs begins to spread to consumer prices, the Federal Reserve should not cut interest rates "for some time" and requires restrictive monetary policies to curb inflation psychology.
In terms of trade, Japan's chief trade negotiator held talks with the U.S. Secretary of xmserving.commerce on U.S. tariffs, and Japan is working to avoid being imposed at 25% tariffs. If an agreement cannot be reached by the August 1 deadline, the United States will do so.
Palladium rose 3.8%, hitting its highest level since September 2023, of $1,277.78.
Spot silver rose 0.3% to $38.07 an ounce, while platinum rose 3.1% to $1,460.13.
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