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Gold's sentiment for the week ahead

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Gold prices declined on Friday, ending the week close to a three-week low as renewed expectations for a Federal Reserve rate hike later this year boosted the U.S. dollar and as investors looked to buy into rising equity markets rather than purchasing safe-haven assets.

A stronger U.S. dollar usually weighs on gold, as it dampens the metal's appeal as an alternative asset and makes dollar-priced commodities more expensive for holders of other currencies.
The yellow metal remained supported amid speculation central banks in Europe and Asia will step up monetary stimulus in the next few months to counteract the negative economic shock from the Brexit vote.

Gold is up almost 25% for the year to date, boosted by concerns over global growth and expectations of monetary stimulus. Expectations of monetary stimulus tend to benefit gold, as the metal is seen as a safe store of value and inflation hedge.

Monday, July 25
Japan is to release data on the trade balance.
In Europe, the Ifo Institute is to report on German business climate.

Tuesday, July 26
The U.S. is to release data on new home sales as well as a private sector report on consumer confidence.

Wednesday, July 27
The U.K. is to release a first read on second quarter gross domestic product.
The U.S. is to publish a report on durable goods orders and pending home sales. Later in the session, the Federal Reserve is to announce its benchmark interest rate and publish its rate statement.

Thursday, July 28
The U.S. is to release weekly data on initial jobless claims.

Friday, July 29
The Bank of Japan is to hold its next monetary policy review. The rate announcement is to be followed by a press conference.

The euro area is set to unveil its preliminary inflation estimate for July as well as flash GDP figures for the second quarter.

The U.S. is to round up the week with an initial estimate of second quarter economic growth and revised data on Michigan consumer sentiment.


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