Gold Drops For Second Day – 1 August, 2019

After news that the Federal Reserve will try to avoid a lengthy easing cycle after the first U.S. rate cut since the financial crisis, gold dipped for a second day, but managed to stay above the $1,400 mark. As global banks embarked on looser monetary policies in recent months, gold climbed to six year highs. Citigroup Inc. maintained an average gold price at $1,425 for its third quarter, with prices hitting the $1,450 mark in the next 0-3 months. For December deliveries, gold futures dropped 1.3% to $1,419.70 per ounce. For the first time since 2013, gold reached $1,454.40 in the month of July.