Gold Market
Daily movements in the gold market and what is driving them.
Gold price gained momentum to near $4,160 in early Asian trade on Monday after US Nonfarm Payrolls missed expectations, reducing the likelihood of a Fed rate hike this month. Rising US-Iran tensions also provided support.
The world’s 50 most valuable mining companies shed $264 billion in September – the second-worst month on record – as gold’s summer rally unravelled and lithium stocks nearly disappeared from the ranking.
Gold is heading for its second straight weekly drop, pressured by a stronger US dollar and higher bond yields. Traders are focused on upcoming payroll data for clues on Federal Reserve policy.
Gold trades in a narrow range below $4,200 during the European session on Friday as traders await the US Nonfarm Payrolls report for fresh directional cues.
Gold rose to near $4,180 in early Asian trading on Friday as US Treasury yields eased from multi-decade highs. Focus now turns to the US September nonfarm payrolls report, which could influence the Fed's rate path.
Gold fell 0.6% to $4,154.78 an ounce, heading for a second weekly decline as a stronger US dollar and elevated Treasury yields pressured bullion.
Gold futures on the MCX gained 0.99% to ₹1,50,511 per 10 grams on Thursday, supported by fresh positions and firm spot demand. International prices also moved higher.
Gold spot retreated from an intraday high of $4,219 to close at $4,157 as elevated real yields continued to cap upside, according to UOB Global Economics & Markets Research.
Gold rose more than 1.3% on Tuesday, climbing back above $4,170 after a steep fall in oil prices helped ease inflation fears, even as several Federal Reserve officials struck a hawkish tone.