Core Viewpoint - The SPDR Gold Trust, the world's largest gold ETF, reported a holding of 954.8 tons of gold as of July 23, 2025, remaining unchanged from the previous trading day. The gold price experienced a significant drop after reaching a high, influenced by easing trade uncertainties between the US and Japan, which has affected market sentiment and gold prices [6]. Group 1: Gold ETF Holdings - As of July 23, 2025, SPDR Gold Trust holds 954.8 tons of gold, unchanged from the previous day [6]. - The report indicates that the gold ETF holdings have remained stable despite fluctuations in gold prices [6]. Group 2: Market Influences - On July 23, spot gold prices peaked before falling sharply, closing at $3,387.22 per ounce, down $44.44 or 1.30% [6]. - The easing of tariff uncertainties, particularly following the US-Japan trade agreement, has alleviated market concerns, leading to a rise in global stock markets and a subsequent decline in gold prices [6]. - The US-Japan trade agreement set the tariff rate at 15%, lower than the previously feared 25%, which has positively impacted market sentiment [6]. Group 3: Technical Analysis and Price Projections - Analysts suggest that gold may continue to trend upwards, with $3,350 per ounce acting as a support level [7]. - The technical analysis indicates that gold prices have broken through the 23.6% Fibonacci retracement level of the record rebound from April, suggesting a potential upward trajectory [7]. - Immediate resistance levels for gold are identified at $3,400, with further resistance at $3,420 and the June 16 high of $3,452, while downside support is seen at $3,377 and $3,340 [7].