Indonesia Surprises Markets with Interest Rate Cut Amid Currency Pressure 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Spying, Southampton and economic pressure cooker of the ‘richest match in football’ 
Goldman Sachs Sees Stronger U.S. Dollar as Global Economic Gaps Widen 
2025 Market Outlook: Key January Events to Watch 
Energy Sector Outlook 2025: AI's Role and Market Dynamics 
Detroit’s high property taxes are driving a housing affordability crisis – how can city leaders bring down costs? 
Stock Futures Dip as Investors Await Key Payrolls Data 
Global Markets React to Strong U.S. Jobs Data and Rising Yields 
Rice feeds billions of people – but its role in fueling climate change is growing 
US Futures Rise as Investors Eye Earnings, Inflation Data, and Wildfire Impacts 
Futures: On the Comex division of the NYMEX, gold futures for August delivery were little changed at $1,259.28, off the previous session’s six-week high of 1,265.00.
While the language tweak in the Fed's statement hasn't fundamentally changed anything, it has perhaps reinstalled a level of doubt into market players’ minds. Whereas for the last few months it seems the Fed was set to forge ahead with rate normalization.
Fed signals possible September balance sheet run-off, but doubts over another rate hike increased this year after the FOCM statement downgraded inflation. The changed outlook in central bank behavior towards more hawkish commentary to trigger a sharp reduction in managed money involvement in gold. Since a recent peak in early June, the net long has been cut by 86% to currently stand at 72.2t, as of 11 July.
The reduction has been driven by a sharp increase in gross shorts which have jumped by 58% to an 18-month high. Gross longs fell by 46% over the same period. The net long has edged up in the past week, on fresh buying and short covering.
ETP holdings: In spite of the recent price weakness which has seen some liquidation of ETP holdings, overall holdings remain close to recent highs of around 2,500t.
The fact that ETP holdings are relatively little change allows us to conclude that longer-term investors continue to be attracted to gold as a means of diversification and to hedge against rising uncertainty across other asset classes.
