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Preview of the market week ahead, with a focus on the economic data and market narrative that are most likely to impact gold prices as well as the US Dollar and other correlated assets.

Global gold price today 7/4

Gold prices today have rallied alongside global equities since the opening of trading for the week, and trade just below $1650/oz in the spot markets this morning. Silver has risen to $14.70, and though stocks are having a strong start to the day Treasury buying continues to hold the US 10-year’s yield below 0.7%

Gold price today 7/4, to early this morning, gold price stood at around 1,6606 USD/ounce, up nearly 50 USD compared to yesterday morning.

(Photo by Goldprice)

(Photo by Goldprice)

The world gold price surged because gold became a safe haven for investors after receiving positive signals in the fight against the Covid-19 pandemic, while the economy is forecasted to be gloomy. A series of forecasts show that many world economies will fall into recession due to the disease.

(Photo: goldprice)

Goldprice reported that the rise in gold price is being assisted by a few different factors this morning. The general mood of the market seems improved as there as numbers being touted as evidence that we’re approaching a plateau in the spread of Covid-19 stateside, and that increased risk appetite is leading some buyers back into the broad commodities complex. There is also optimistic news that oil markets may be stabilizing as OPEC and Russia appear to be closing in on a peaceful agreement to reduce production. It’s not all hope and light, of course. The reality of global markets is that opportunistic investors might be taking the opportunity to buy now, ahead of another flight to safety when this morning’s optimistic narrative around the global health crisis crashes to the ground.

With both the “good” and “bad” possible outcomes in mind, let’s take a look at this week’s data calendar, which begins with the Fed.

The Federal Reserve swept into action on Sunday in an effort to save the U.S. economy from the fallout of the coronavirus, slashing its benchmark interest rate by a full percentage point to near zero and promising to boost its bond holdings by at least $700 billion.

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Enterprise establishment increased sharply in Q1 despite COVID-19's impact Despite the impact of COVID-19 on the national economy, enterprise establishment rose sharply in Q1: Up to 29,700 new firms were founded in Vietnam.

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