Swiss private banker Julius Baer predicts that the Federal Reserve is unlikely to raise interest rates, and the dollar may weaken, thus gold prices are expected to recover lost ground.

A chart showing the latest China Cotton Price Index (CC Index) data (July 8, 2026): The 3128B cotton price index was 17,910 yuan/ton (3128B is the benchmark for cotton futures delivery recognized by the Zhengzhou Commodity Exchange), up 13 yuan/ton, or 0.07%. The 2227B cotton price index was 16,361 yuan/ton, up 14 yuan/ton, or 0.09%, and the 2129B cotton price index was 18,202 yuan/ton, up 11 yuan/ton, or 0.06%. FX678's specially created chart provides a summary of the latest 30 trading days of the China Cotton Price Index (CC Index). (The China Cotton Price Index is published once per trading day, quoting prices in three denominations: 3128B, 2227B, and 2129B. The Zhengzhou Commodity Exchange (ZCE) stipulates that the benchmark delivery commodity for cotton futures is domestic cotton of '3128B' grade. The spot market cotton transaction price needs to be converted to the price of 3128B cotton using a specific formula. For example, research reports will state the price of cotton from a certain origin, and then calculate its equivalent price in 3128B.)

[Bank of Thailand Meeting Minutes: Loose Monetary Policy Supports Economic Recovery, Inflation Expected to Exceed Target Range This Year] (1) The minutes of the Bank of Thailand's June 24 meeting show that the loose monetary policy stance and targeted financial measures are supporting the economic recovery. The meeting unanimously decided to maintain the benchmark interest rate at 1.00% and raised the economic growth forecast for 2026 to 2.3%. (2) The minutes pointed out that against the backdrop of accelerating inflation due to supply-side factors, the current policy interest rate is conducive to supporting the economic recovery, but the risks of economic growth and inflation need to be closely monitored. The overall inflation rate in June fell to 2.42%, within the central bank's target range of 1%-3%; the central bank expects the overall inflation rate to be 2.8% this year and 1.4% next year. (3) The minutes expect that the inflation rate will be higher than the target range for the remainder of 2026 due to the transmission of energy and production costs. After the June meeting, the central bank governor stated that there is no need to raise interest rates at present, and the next monetary policy meeting is scheduled for August 26.