Gold at $4,080: Hawkish Fed Dissent Meets a Falling Dollar
Gold spent Friday, July 31 doing what it has done for most of the past three months: holding a range and making analysts argue about direction. Spot gold traded between $4,080 and $4,092 through the session, steadying after the prior day's sharp drop to an intraday low of $4,029 following the Federal Reserve's July 29 decision. What made Friday different was the data underneath the price action. The Bureau of Economic Analysis released June PCE inflation at 3.7% headline and 3.3% core, both below May readings and soft enough to push the dollar lower, lifting precious metals off their morning lows. Gold's GLD ETF closed at $377.16, up 1.64%. Silver's SLV closed at $53.50, up 3.34%. The math s…
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