HSBC-Precious Metals Daily Gold jolted by call to review the Fed；can stay high-20250721

Market focus, emerging trends

Gold prices moved modestly higher in Asian and London trading. Chinese bankbuying helped usher the market higher in steady action. Prices stayed above the50dma. Some Canadian banks were sellers, as were some producers. The goldmarket may have only been slightly supported by the results of Japan’s election, inwhich the ruling coalition suffered parliamentary losses. The post-election focus, saysthe HSBC FX research team, may be on whether a US-Japan trade deal is likely.Silver was supported by gold in moderate trading. Higher copper prices also aidedsilver, but we detected only modest underlying physical buying. The PGMs tradedhigher, but both came in for periodic selling. Gains centered more on platinum,however, as the gold rally had more impact on that metal.