Gold Price Forecast for 29 July 2025
Vice President — Technical Research at Prabhudas Lilladher)
COMEX gold slipped to $3,325.50/oz last Friday, closing a volatile week on a weaker note amid signs of US labor market resilience and optimism around US trade deals. Today, gold prices hold their losses and stabilize near $3,340/oz as a newly announced tariff agreement eases fears of a potentially damaging US-EU trade war. The US and European Union struck a deal imposing 15% tariffs on most EU exports, including automobiles, pharmaceuticals, and semiconductors. Additionally, reports suggested that the US and China may extend their tariff truce by another three months ahead of a meeting between Chinese Vice Premier He Lifeng and US Treasury Secretary Scott Bessent. Traders are also bracing for a busy week ahead with the FOMC meeting and key economic data releases, including JOLTS, ADP employment, nonfarm payrolls, the PCE price index, US advance GDP, and China’s PMI numbers.
WTI crude oil prices slipped to $65/bbl on Friday, weighed down by weaker US data. The 3% decline last week was also driven by reports that the Trump administration quietly reinstated Chevron Corp.’s license to restart operations in Venezuela, along with cautious oil demand growth forecasts from both OPEC and the IEA. Today, WTI crude edges up to $65.8/bbl, lifted by improved risk appetite following the US-EU trade deal and the potential extension of the tariff truce with China, as it could ease global trade tensions and support crude demand expectations. Traders are also focused on OPEC+’s Joint Ministerial Monitoring Committee meeting today ahead of the August 3 session, where the group is widely expected to approve a 548,000 bpd increase for September, following a similar hike in August.
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