Gold Market
Summaries produced by the GoldRate.info market desk from primary reporting, with sources linked on every article.
Gold has recovered above $4,400 after touching one-week lows near $4,350. Traders now await US PPI and CPI data for direction, while technical levels highlight resistance at $4,463 and support at $4,340.
Gold prices in India rose on Thursday, with the cost per gram reaching INR 13,509.58. The increase comes amid broader market factors. FXStreet calculates the data by adapting international rates.
A study featured in the Silver Institute's Silver News finds the gold-silver ratio remains a relevant technical indicator, with a tendency to revert to a mean of around 60-1. Recent official sector gold demand has pushed it above average, but reversion is still expected.
India's gold imports doubled in July to an estimated 40-45 tonnes, defying Prime Minister Modi's appeal and a sharp customs duty hike. Cultural attachment and store-of-value demand keep the market resilient.
Gold is currently trading around ₹1.5 lakh per 10 grams. An analyst expects it to move towards ₹2 lakh–₹2.1 lakh over the next 12 months, driven by rupee weakness, customs duties and global trends.
Spot gold gained 0.6% to $4,381.32 as a subdued dollar and renewed US-Iran tensions supported prices. Investors now await US inflation data for the next rate move.
TD Securities says gold has held firm despite higher Fed rate hike odds. The next big test is US inflation data, with structural demand still underpinning the metal.
Gold rose more than 1% on Wednesday, supported by the US Treasury's announcement of a bond buyback for September 10, even as the US Dollar clawed back some losses and yields edged higher.
Gold recovered from one-week lows near $4,350 early Wednesday, but the rebound looks fragile as Middle East tensions persist and traders eye US inflation data due this week.