Gold posts first monthly increase in 5 months

Gold prices ended July with the largest monthly gains since February, despite a decline on Friday as the dollar recovered from its lowest levels in over a month. Prices increased by 1.1% during the month, supported by a slowdown in US inflation in June and a decrease in expectations for interest rate hikes by the Federal Reserve, amid ongoing concerns over renewed hostilities in the Middle East and rising oil prices. Although prices have been volatile, the $4,000 per ounce resistance level still presents a hurdle to further gains, while support remains based on expectations of an expanded monetary policy by the Federal Reserve.

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