Gold (XAUUSD) strengthens despite pressure from the US dollar
XAUUSD quotes are attempting to recover, supported by technical factors and sustained demand. Prices currently stand at 3,292 USD. Find more details in our analysis for 1 August 2025.
XAUUSD forecast: key trading points
Gold demand in Q2 2025 reached 1,080 tonnes
Central banks reduced purchases but remain key buyers
Jewellery consumption dropped to 2020 levels
XAUUSD forecast for 1 August 2025: 3,375
Fundamental analysis
XAUUSD prices are rising for the second consecutive day, with buyers keeping prices above the lower boundary of a large Triangle pattern. Despite this local recovery, the precious metal remains under pressure from a stronger US dollar, which gained after Donald Trump announced plans to impose higher tariffs on several countries.
According to the World Gold Council, global gold demand in Q2 2025 reached 1,080 tonnes, up 10% from the same period last year. Central banks continue to play a significant role despite slightly lower purchase volumes. In contrast, the jewellery segment showed weak dynamics, with consumption nearly returning to 2020 pandemic levels.
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