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Commodities

Gold Price Dropped to $4,029 Amid Fed Rate Hike Risks and Central Bank Demand

Guavy AI Editorial Team
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Gold
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Gold is trading at $4,029 on July 28, down 1.17% from the previous day and -25.4% off its six-month highs.

The metal's price is being pulled in opposite directions by bearish pressure from the Federal Reserve's potential rate hike and bullish anchor from central bank demand.

Goldman Sachs estimates that central banks purchased 81 tonnes of gold in May, nearly five times the pre-2022 average of 17 tonnes per month. This structural diversification away from USD reserves is expected to continue, with Goldman maintaining a $4,900 year-end target for gold prices.

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