Gold price up a just bit ahead of big U.S. data day

(Kitco News, Wed. July 30th, 2025) – Gold prices are slightly higher and silver prices weaker in early U.S. trading Wednesday. The precious metals traders are awaiting important U.S. economic data that is released today. December gold was last up $3.30 at $3,384.30. September silver prices were last down $0.236 at $38.065.

A big slate of U.S. economic data at mid-week is highlighted by the conclusion of the Federal Reserve’s Open Market Committee (FOMC) meeting that began Tuesday morning and ends this afternoon with a statement and press conference from Fed Chairman Jerome Powell.  The Fed is widely expected to leave its benchmark Fed funds rate range unchanged this week. However, many market watchers think Powell might indicate at this meeting the Fed could lean easier on the Fed’s monetary policy intentions this fall. Also on tap today is the advance estimate for second-quarter U.S. gross domestic product. GDP in the second quarter is seen coming in at up 2.3%, year-on-year. On Friday comes the all-important U.S. employment report from the Labor Department.

Asian and European stocks were mixed overnight. U.S. stock indexes are pointed to slightly higher openings today in New York

China’s top leadership says it is determined to reduce excess competition in the Chinese economy, with President Xi Jinping endorsing a campaign targeting one major cause of deflation and tensions with global trade partners. The Communist party’s decision-making politburo vowed to ramp up its management of overcapacity in key industries, according to a report Wednesday by the official Xinhua News Agency. Local government practices in attracting investment will also be regulated, it added. Xinhua also published a separate report calling for Xi to “break involution,” a phrase referring to a destructive state of intense competition sparked by excess capacity that forces people to overwork despite diminishing returns. U.S.-China trade talks in Stockholm, Sweden ended Tuesday without an extension of the current truce. President Trump must now approve any proposed plan. Otherwise, tariffs will revert to April levels if no deal is reached by the August 12 deadline.

The U.S. dollar index (a basket of six major currencies weighted against the greenback) on Tuesday scored a five-week high and is now trending higher. The Euro currency on Tuesday scored a five-week low. Generally upbeat U.S. economic data released recently, as well as U.S. trade deals with other countries starting to fall into place, have boosted the USDX to begin to suggest it has put in a price bottom.

The key outside markets today see the U.S. dollar index slightly higher. Nymex crude oil futures are weaker and trading around $68.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at 4.336%.

Other U.S. economic data due for release Wednesday includes the weekly MBA mortgage applications survey, the ADP national employment report, pending home sales and the weekly DOE liquid energy stocks report.

Technically, December gold futures bulls have the overall near-term technical advantage but have faded. Bulls’ next upside price objective is to produce a close above solid resistance at the July high of $3,509.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $3,300.00. First resistance is seen at this week’s high of $3,3402.40 and then at $3,425.00. First support is seen at this week’s low of $3,357.00 and then at $3,325.00.

September silver futures bulls have the firm overall near-term technical advantage. Prices are in an uptrend on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at $40.00. The next downside price objective for the bears is closing prices below solid support at $36.00. First resistance is seen at this week’s high of $38.51 and then at $39.00. Next support is seen at $37.73 and then at $37.50.

Posted by:

Jack Dempsey, President

401 Gold Consultants LLC

jdemp2003@gmail.com