Gold

On Monday, gold prices initially rose slightly as the dollar weakened in response to President Joe Biden's decision to withdraw from the 2024 presidential race. This has made gold more attractive to buyers holding other currencies. The spot price of gold increased by 0.2%, while U.S. gold futures rose by 0.3%.
The market is now focused on the upcoming data on personal consumer spending in the United States on Friday, waiting for additional clues about the timing of interest rate cuts. Investors are also waiting for data on gross domestic product in the US for the second quarter on Thursday and comments by Fed Chairman Jerome Powell following the results of the Fed meeting on July 30-31. Money markets fully take into account the Fed's rate cut by 25 basis points by September.

Gold prices reached a record high last week due to the increased chances of lower interest rates in the United States this year. Nevertheless, after reaching a new maximum, there was an impulsive decline in quotations. Similarly, today's attempt at growth was unsuccessful and the price continues its downward movement. The nearest significant support may be the $2300-2330 zone.

Oil

Oil prices, in turn, also remained virtually unchanged against the background of the news. However, by the time of publication, oil looks weaker relative to gold. Perhaps this is partly due to the slowdown in China's economic growth, which amounted to 4.7% in the second quarter, and raised concerns last week about oil demand. If WTI quotes break the $77.20-78.00 zone, then the path will be open for a decline to $45.50-76.00.