Gold futures saw modest gains on Monday, primarily driven by a weakening dollar. As of 4:15 PM ET, the most active August gold contract settled at $2,345.90, up $11.20 or 0.48%. The dollar index declined by 0.35% to 105.491, contributing significantly to gold's upward movement.

Gold prices have experienced moderate to strong daily fluctuations as recent economic reports paint a mixed picture of the U.S. economy. Market participants remain focused on the Federal Reserve's potential trajectory regarding both the magnitude and timing of interest rate cuts this year.

Gold prices surged to their highest levels since June 7, with the August futures contract settling at $2,372.60, up $28.40. This rally, which began overseas and continued into New York trading, occurred despite minor gains in the dollar and rising yields.

Today's report is a Special Morning Edition: Has gold traded to a double bottom?

Gold futures, based on the most active August contract, initially rallied but closed moderately higher at around $2,340, gaining $6.80 on the day. The surge followed the release of the May Consumer Price Index (CPI) report at 8 AM Eastern time, which showed no noticeable rise in inflation compared to the previous month.

Gold experienced a dramatic sell-off today, as two significant economic events converged, causing the precious metal's prices to tumble. The single-day drop of over $80 was the largest since January 8, 2021, reflecting the market's response to the changing economic landscape and announcement by PBC.

Gold futures rallied strongly today, driven by the European Central Bank's (ECB) historic rate cut, a weakening US dollar, and growing anticipation surrounding Friday's U.S. jobs report.

Dear Valued Subscriber,

Gold futures experienced a tumultuous rise and fall this week as traders grappled with mixed economic data and uncertainty surrounding the Federal Reserve's interest rate outlook. After surging nearly 1% on Monday, the precious metal encountered strong selling pressure on Tuesday, erasing the previous day's gains.

Gold futures found renewed strength on Monday, closing back above the crucial 50-day moving average, as economic data fueled expectations of potential interest rate cuts by the Federal Reserve later this year.