While positive economic data supported the stock rally in the USA, the pressures of the stock rally were felt.
Gold was flat after having its best month since March amid signs of cooling in US inflation and expectations that the Fed’s monetary tightening cycle might be close to ending.
Spot gold is trading at $1,957 an ounce.
Last week’s data showed that US employment costs rose less than anticipated.
Investors lowered their pricing on Monday that the Central Bank will decide on a new increase at its next meeting in September. That’s bullish for the non-interest-bearing precious metal.
The Dollar Index fell for the second consecutive month in July, making gold more attractive to international buyers.
On the other hand, the S&P 500 closed the month with the longest monthly earnings streak in almost two years, weakening the appeal of gold, which performed better as a safe haven in deteriorating economic conditions.