From Investing.com: 2024-07-26 04:57:00

Gold prices fell by 1.38% due to strong US data and profit-taking, with GDP growth at 2.8% in Q2 and a rise in durable goods orders by 0.5% in June. The US dollar recovered, dampening gold’s appeal despite expectations of a Fed interest rate cut. Weakness in China’s gold imports also contributed to the decline. Traders await the US PCE Price Index to gauge interest rate cut timing, with XAU/USD possibly dropping further.

Euro traded within a range as US data showed 2.8% GDP growth in Q2 and an unexpected decrease in initial unemployment claims. The US PCE report for June could sway EUR/USD, with any positive data reinforcing bearish sentiment. Analysts expect a rate cut in November, depending on further inflation readings.

Bitcoin rebounded from $64,000 after the NASDAQ’s drop and US economic growth reports. Trump’s upcoming speech at the Bitcoin Conference raises speculation of a pro-crypto stance, potentially impacting the cryptocurrency market. The positive sentiment sparked by Trump’s involvement may influence BTC’s future movements, with traders looking towards the conference for insights.



Read more at Investing.com: Gold Prices Plunge Amid Profit-Taking; Euro Trades Sideways Ahead of US PCE Data