FXStreet notes that the Federal Open Market Committee (FOMC) neither made any policy changes nor provided any specifics on taper timing at its July meeting. As tapering does not appear imminent, gold is likely to push slightly higher over the near term, in the view of analysts at HSBC.

“We think the FOMC's forward guidance will evolve further in September and November, and expect a formal tapering announcement in December.”

“In our view, there were not enough concrete comments on tapering - which the gold market is very sensitive to - to take gold higher. Rather, the overall tone of the FOMC drove US Treasury yields lower and fostered little USD change. This leaves room for gold to stay above $1,800 per ounce.” 

“We think the ongoing view that inflation spikes are mostly transitory and that the FOMC is not actively considering policy adjustments at the moment is mildly bullish gold at best and neutral at worst.”