Gold prices are still affected by data in the short term

Market Review: After a few days of negative economic data, the US positive data on July 31 boosted the US dollar's rebound across the board. In terms of the euro, due to the release of Euro-times in France, Germany, and the euro zone, the manufacturing PMI index was better than expected. The euro remained strong for most of July 31, but fell after the US data. The Australian dollar suffered a relatively large fall. The Asian dollar yesterday broke 0.93 in the Asian market, but then continued to fall. The decline was close to 2%, and finally closed at 0.9165. US stocks performed weak on Wednesday and fell back after opening higher. The Dow Jones Industrial Average closed down 0.16% at 15542.24, the Nasdaq rose 0.01% to close at 3579.60, and the S&P 500 closed down 0.38% at 1685.94.

European stock markets opened 0.1% lower. Investors were concerned about German ifo business confidence data. The weaker US dollar fell 0.4% against the Japanese yen, and the US dollar index fell to 82.26 against a basket of currencies. Commodities generally fell, Brent crude fell below $107 a barrel, U.S. WTI crude oil fell to $105, and gold remained near $1,320 an ounce.

The European benchmark index Stoxx600 rose to the highest in nearly 8 weeks yesterday. Manufacturing PMI data shows that Germany is leading the recovery of the euro zone economy.

On August 1, Germany will release the July Ifo Business Confidence Index, which Bloomberg expects to rise from 105.9 in June to 106.1. In addition, the market expects UK Q2 GDP to grow at a chain rate.

In addition, the financial reports of major European companies such as BASF, Unilever and Roche will also influence the market trend.

US stocks before the S&P 500 Index fell 0.1%, and the Nasdaq Composite Index rose 0.1%.

For a basket of currencies, the US dollar index slipped 0.2% to 82.23. The dollar fell below the 100 mark against the yen, falling 0.4% at around 99.92, and the euro rose 0.1% against the dollar to 1.3216.

On Thursday, commodity prices generally declined. Brent crude oil fell 0.3% to trade at US$106.92 per barrel, while US WTI crude oil fell 0.3% to US$105.04, and last Friday it hit a 16-month high of US$109.32. Copper fell 0.3% to trade at 3.187 dollars per pound.

Gold rose 0.2% to stay at around $1,320, and the precious metal fell 2% overnight.