The Commodity Futures Trading Commission (CFTC) reported that US gold net positions increased from $223,600 to $237,100. This adjustment reflects a growing interest in gold trading positions in the market.
EUR/USD rose above 1.1650, slightly recovering as market participants look towards upcoming US inflation data. The British Pound experienced a bounce near 1.3450, largely influenced by a hawkish move from the Bank of England (BoE).
Gold In Focus
Gold remains in a range near $3,400 per troy ounce after touching previous highs of over $3,410. The US has announced taxes on one-kilo and 100-ounce gold bars, adding to the dynamics surrounding the precious metal.
In cryptocurrency, Bitcoin reached around $118,000 before pulling back to $116,525, amidst a generally bullish sentiment in the market. Institutional and retail interest have contributed to this optimistic outlook for cryptocurrencies.
The Bank of England cut interest rates by 25 basis points, bringing them to 4%. This move signals concerns about inflation that exceeds the target, aligning with wider economic discussions.
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Speculative Trends
We see that speculative interest in gold is growing, with net long positions climbing to a value of $237.1 billion. With gold holding steady near $3,400, we should monitor how the new US taxes on one-kilo and 100-ounce bars might shift demand toward smaller products or futures contracts. Given that US inflation for July 2025 came in at a persistent 3.8%, gold’s role as a hedge remains strong, especially if the Federal Reserve maintains its current pause on interest rates.
The EUR/USD is testing the 1.1650 level, but we believe this small recovery is fragile ahead of the next US inflation report. The European Central Bank has signaled a more dovish stance as Eurozone inflation cooled to 2.5%, creating a clear policy difference with the more hawkish Federal Reserve. We should therefore be prepared for a higher-than-expected US inflation print to quickly erase these recent gains in the currency pair.
We watched the British Pound bounce from 1.3450 following the Bank of England’s recent move. Though the BoE cut its rate to 4%, this was interpreted as a “hawkish cut” because UK inflation is still running hot at 4.5%, suggesting the bank has little room for further easing. Looking back at the high-inflation period of 2022-2023, we saw that central banks that acted too slowly had to make more aggressive moves later, a risk we must now factor into the pound’s future.
Bitcoin’s slight drop to $116,525 appears to be a healthy consolidation rather than a reversal of its bullish trend. This optimism is backed by solid data, with over $5 billion in net inflows pouring into spot Bitcoin ETFs in July 2025 alone. This sustained institutional buying, which has grown steadily since the initial approvals back in 2024, indicates that large traders view it as a maturing asset.
