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Gold Aug '24 (GCQ24)

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Gold Futures Market News and Commentary

Dollar Sinks and Gold Prices Jump as Moody’s Cuts US Debt Rating

The dollar index (DXY00) today is down by -0.71% and fell to a 1-week low. The dollar is under pressure today after Moody’s Ratings late last Friday downgraded the US government’s credit rating from Aaa to Aa1, citing a ballooning budget deficit and fiscal concerns. The downgrade puts the dollar’s status as a global reserve currency into question and may prompt investors to liquidate dollar assets. Today’s drop in the US Apr leading economic indicator by the most in over two years was also bearish for the dollar.  Hawkish Fed comments today are limiting losses in the dollar. 

Fed Vice Chair Jefferson said Fed policy is in a "very good place" and is having a "moderately restrictive" effect on the economy.  He added, "given the level of uncertainty that we're facing right now, I believe that it is appropriate that we wait and see how government policies evolve over time and their impact" on the economy.

US Apr leading economic indicators fell -1.0% m/m, right on expectatio... Read more

Contract Specifications

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Contract
Gold 100-oz
Contract Size
100 fine troy ounces
Tick Size
0.10 (10 cents) per troy ounce ($10.00 per contract)
Trading Hours
5:00p.m. - 4:00p.m. (Sun-Fri) (RTH 7:20a.m. - 12:30p.m.) (Settles 12:30p.m.) CST
Exchange
COMEX
Point Value
$100
Margin/Maintenance
$16,500/15,000
First Notice Date
07/31/24
Expiration Date
08/28/24 (expired)

Seasonal Chart

Gold Aug '24
Average Price Chart for 5 Prior Aug Contracts

Commitment of Traders Positions as of May 13, 2025

View Chart Details
Commercials - Long / Short
88,412 (+1,168)
279,619 (+272)
Non-Commercials - Long / Short
238,191 (+746)
76,982 (+2,034)
Producers - Long / Short
17,651 (-54)
59,184 (-3,806)
Swap Dealers - Long / Short
33,350 (-3,756)
183,024 (-900)
Managed Money - Long / Short
144,410 (+27)
43,183 (+891)
Other Reportables - Long / Short
93,781 (+719)
33,799 (+1,143)
Get Realtime - Quotes and Charts for Futures Traders. Learn More >>

Price Performance

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Period Period Low Period High Performance
1-Month
2,367.3 +5.65%
on 07/29/24
2,527.3 -1.04%
on 08/20/24
+120.0 (+5.04%)
since 07/26/24
3-Month
2,304.2 +8.54%
on 06/07/24
2,527.3 -1.04%
on 08/20/24
+121.7 (+5.11%)
since 05/28/24
52-Week
1,899.6 +31.66%
on 10/05/23
2,527.3 -1.04%
on 08/20/24
+477.0 (+23.57%)
since 08/28/23

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Most Recent Stories

More News
Dollar Sinks and Gold Prices Jump as Moody’s Cuts US Debt Rating

The dollar index (DXY00 ) today is down by -0.71% and fell to a 1-week low. The dollar is under pressure today after Moody’s Ratings late last Friday downgraded the US government’s credit rating from...

DXY00 : 100.285 (-0.80%)
GCM25 : 3,236.6 (+1.55%)
SIN25 : 32.520 (+0.51%)
^USDJPY : 144.902 (-0.51%)
^EURUSD : 1.12534 (+0.80%)
Should You Buy Gold Now After Moody’s U.S. Credit Rating Downgrade?

Moody’s has downgraded its rating on U.S. sovereign debt by one notch, which has helped lift gold prices. The precious metal’s outlook appears bullish amid the current macro environment.

$DXY : 100.29 (-0.79%)
GCM25 : 3,236.6 (+1.55%)
GCY00 : 3,234.67 (+1.05%)
GCM25 : 3,236.6 (+1.55%)
GLD : 298.12 (+1.32%)
Precious Metals Jump on Moody's Downgrade! Markets to Watch

Markets are ripping to new highs—but are the big players still on the sidelines? Phil Streible dives into the latest flows, positioning, and what to watch in today’s Metals Minute.

Gold Analysis & Targets

Educational and Actionable information using Fibonacci and W.D. Gann analysis.

GCM25 : 3,236.6 (+1.55%)
What to watch in Crude Oil and Gold Markets next Week

Phil Streible joined the Schwab Network to break down what to watch in the crude oil and gold markets next week.

Dollar Recovers as US Inflation Expectations Jump

The dollar index (DXY00 ) Friday rose by +0.19%. The dollar recovered from early losses on Friday and moved higher after the University of Michigan US May inflation expectations unexpectedly rose, a hawkish...

DXY00 : 100.285 (-0.80%)
GCM25 : 3,236.6 (+1.55%)
SIN25 : 32.520 (+0.51%)
^USDJPY : 144.902 (-0.51%)
^EURUSD : 1.12534 (+0.80%)
If It’s So Great (Stocks, Gold), Why Is It So Bad (Consumer Sentiment Index)?

The breather in gold and miners was likely (as I wrote yesterday). The breather was natural. And the breather is probably over.

Can Copper Reach New Highs?

After reaching a new record peak in March 2025, COMEX copper futures prices plunged, but remain just above the critical technical support level. Copper rallied to a lower high before selling took the price...

CPER : 29.07 (+1.61%)
P0Y00 : 9,447.50s (-1.35%)
HGN25 : 4.6595 (+1.44%)
Dollar Slightly Lower on Weak US Economic News

The dollar index (DXY00 ) today is down by -0.02%. The dollar today is seeing downward pressure from weaker-than-expected US housing starts and building permits reports and from an unexpected decline...

DXY00 : 100.285 (-0.80%)
GCM25 : 3,236.6 (+1.55%)
SIN25 : 32.520 (+0.51%)
^USDJPY : 144.902 (-0.51%)
^EURUSD : 1.12534 (+0.80%)
Big Reversals in Commodities This Week

We’ve seen some big intraday reversals in a few commodities this week, including gold and cattle. Longer term reversals may be taking place in a few others.

Barchart Trading Guide

The Barchart Trading Guide is a Buy Signal with a Average Signal Strength.

Key Turning Points

3rd Resistance Point 2,501.0
2nd Resistance Point 2,501.0
1st Resistance Point 2,501.0
Last Price 2,501.0s
1st Support Level 2,501.0
2nd Support Level 2,501.0
3rd Support Level 2,501.0

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52-Week High 2,527.3
Last Price 2,501.0s
Fibonacci 61.8% 2,287.5
Fibonacci 50% 2,213.5
Fibonacci 38.2% 2,139.4
52-Week Low 1,899.6

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