After a week of turbulence and decline, the gold and silver markets have finally turned around. According to the latest market data, COMEX gold and silver prices both showed significant rebounds on Tuesday, July 30, bringing new hope to investors.
Specifically, COMEX gold prices rose by 1.26% to close at $2,456 per ounce. This increase not only halted the previous downward trend but also indicated a gradual recovery in market confidence. Meanwhile, COMEX silver prices performed even better, with a rise of 2.38%, closing at $28.53 per ounce, showing stronger rebound momentum. In night trading, gold and silver prices continued to rise, with gold up by 0.77% and silver up by 2.18%, further consolidating the day's gains.
Last week, gold and silver prices were under pressure from various factors, including the fading of interest rate cut expectations and a widespread risk-averse sentiment, leading to noticeable price drops. As market sentiment gradually stabilizes and negative factors are digested, investor expectations for the gold and silver markets have started to warm up. This shift is reflected not only in the price rebound but also in the gradual recovery of market confidence and the stabilization of trading activities.
The current rebound in gold and silver prices is mainly due to expectations of global economic recovery, heightened geopolitical risks, and technical support factors.
Firstly, optimistic expectations for global economic recovery continue to support precious metals like gold and silver. Although interest rate cut expectations have diminished, global monetary easing policies are likely to persist, helping to maintain stable gold and silver prices.
Secondly, increasing geopolitical risks have also provided upward momentum for gold and silver prices. The international turmoil has led investors to seek relatively safer assets, with precious metals like gold and silver being highly favored for their safe-haven attributes. This increased demand for safety has directly driven up gold and silver prices.
Additionally, technical factors have also played a role in the price rebound. After a period of decline, gold and silver prices have reached relatively low levels, with technical overselling providing an opportunity for a rebound. Moreover, some investors are taking this chance to bottom-fish, further driving up prices.
Looking ahead, the outlook for gold and silver prices remains cautiously optimistic. As global economic recovery continues and monetary easing policies persist, precious metals are likely to retain their appeal as safe-haven assets. Investors will be closely watching economic indicators and central bank policies for further guidance. With the recent rebound, market participants can hope for a more stable and potentially upward trend in the gold and silver markets.