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Nice note on GOLD here from Barchart:

Gold Settles At An All-Time High On Dollar Weakness And Dovish Fed Expectations
cmdtyNewswires - Mon Jul 27, 1:56PM CDT
Aug Comex gold (GCQ20) on Monday closed up +33.5 (+1.77%), and Sep silver (SIU20) closed up +1.651 (+7.23%).

Metals prices on Monday settled sharply higher with gold at a record nearest-futures high and silver at a 6-3/4 year high. Gold rallied on dollar weakness and expectations for a dovish FOMC meeting on Tuesday/Wednesday. Silver prices saw support on better-than-expected U.S. economic data.

The dollar index tumbled to a 2-year low on Monday, which was a major supportive factor for metals prices. Also, expectations for additional government stimulus are bullish for industrial metals prices as Senate Majority leader McConnell is expected to release a $1 trillion pandemic relief proposal later on Monday, which will kick off negotiations with Democrats on further relief measures.

Monday's U.S. economic data was negative for gold but supportive of industrial metals demand and silver prices. June durable goods orders rose +7.3% m/m, stronger than expectations of +6.9%. Also, June capital goods orders nondefense ex-aircraft rose +3.3% m/m, stronger than expectations of +2.2%, and the biggest increase in 23 months. In addition, the July Dallas Fed manufacturing activity index rose +3.1 to a 5-month high of -3.0, stronger than expectations of -4.8.

U.S./China tensions are positive for safe-haven demand of gold after China last Friday ordered the U.S. to close its consulate in Chengdu in retaliation for the U.S. shutting down the Chinese consulate in Houston early last week.

The rising spread of Covid infections throughout the world has sparked safe-haven demand for precious metals. Confirmed cases of the virus have risen above 16.447 million globally, with deaths exceeding 652,000.

Safe-haven demand and dovish central bank expectations have sparked fund buying of precious metals in recent months. Long gold positions in ETFs on Friday rose to a new record high of 3,320.73 MT (data since 2002). Also, long silver positions in ETFs rose to a new record high of 868.245 million ounces on Friday.

https://www.barchart.com/story/futures/quotes/GCQ20/157817/gold-settles-at-an-all-time-high-on-dollar-weakness-and-dovish-fed-expectations