If, according to forecasts, they turn out to be slightly lower for July, then this will ease the pressure on the Fed to continue a significant increase in interest rates, and the price rally in gold and silver may continue.
At its last meeting on July 20 and 21, the US Federal Reserve decided to raise interest rates for the fourth time this year by 0.75 percentage points to a range of 2.25-2.5 percent (effective: 2.33 percent).
At a subsequent press conference, Fed Chairman Jerome Powell managed to calm the markets, at least keeping the prospect of a less aggressive approach to monetary policy going forward. This benefited not only stock markets, especially tech stocks, but interest-sensitive precious metals as well.
If forecasts of a slight weakening of inflationary pressures are confirmed, the price of gold may overcome the 50-day line and reach the psychologically important mark of $1,800 per troy ounce.