Kitco
29 Jun 2026, 14:47 UTC · 18h ago
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The implied probability of a Federal Reserve rate hike at the July 29 FOMC meeting has increased to approximately 35%. — Higher interest rate expectations strengthen the US Dollar and increase the opportunity cost of holding non-yielding assets like gold and silver.
-0.80Moderating oil prices, with Brent Crude falling below $75/bbl, are expected to lower inflation expectations and reduce the likelihood of further rate hikes. — Lower inflation typically leads to a more dovish Fed and lower bond yields, which provides a tailwind for precious metals prices.
+0.60China's gold imports rose 63% year-on-year in May, with non-monetary imports up 76% for the January-May period. — Strong physical demand from the world's largest consumer provides a fundamental floor for gold prices despite macroeconomic headwinds.
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Hong Kong is preparing to launch a gold clearing system in July, with banks already building inventories and the government targeting 2,000 tonnes of storage capacity. — Structural shifts toward Asian bullion hubs increase regional liquidity and long-term demand for gold in the East.
+0.40Wholesale gold demand in China fell 36% year-on-year in May, the weakest May since 2010. — Reduced jewelry and wholesale activity indicates a short-term cooling of demand due to high price levels.
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