Last week, gold prices went up because U.S. Treasury Secretary Bessent and President Trump pushed the U.S. central bank to lower interest rates. As a result, interest rates in the U.S. dropped, and people started buying gold.
However, at the end of the week, U.S. jobs data was stronger than expected. This made interest rates and the U.S. dollar go up again, so gold prices went down.
Also, a new tax cut law from Trump passed in both the House and Senate. This made people worry that the U.S. budget deficit will grow, and some started to sell gold.
Still, the New York market was closed for Independence Day, so gold did not move much and stayed stable.
This week, a 90-day break on new tariffs will end, and new tariffs may start. Talks with other countries are expected to be difficult.
Also, worries about a bigger budget deficit and pressure on the central bank to lower rates may make people feel unsure and buy more gold as a safe choice.
So, gold is expected to stay strong this week.
Expected price range this week for gold against the U.S. dollar: 3,300 – 3,400
Note: This information does not guarantee profits. Please make your own decisions when trading.