Gold Market
Original summaries of the reporting that moves the gold price, with every source linked.
Spot gold turned higher on Thursday, trading near $4,610 after touching a weekly low of $4,566. The dollar softened and Wall Street rallied on strong Nvidia earnings, while Fed officials sounded hawkish at Jackson Hole.
An analyst suggests gold could reach the $4800-$5000 resistance zone, but a short-term pullback of 5-7% is possible. Silver and the GDX ETF may fall 10-20%.
The US ended dollar-gold convertibility in 1971. Decades later, central banks buy gold at the fastest pace since Bretton Woods. We examine the paradox.
Gold and silver opened higher on the MCX on Thursday, supported by falling oil prices and a softer dollar, as traders look ahead to Fed Chair Kevin Warsh's Jackson Hole speech.
Gold mining supply is highly inelastic in the short term. Higher prices trigger new projects, but exploration, permitting, and construction take years, while existing mines face ore-grade declines.
Gold fell over 1.37% on Wednesday, slipping below $4,600, after US inflation data aligned with estimates and raised the likelihood of a Federal Reserve rate hike in December 2026.
The Washington Agreement on Gold was a coordinated commitment by central banks to limit gold sales, aimed at stabilising the market and preserving the metal's monetary role.
The gold standard linked currencies to gold for centuries, but its rigidity led to its abandonment in favour of fiat money.
Gold price stalled near $4,700 after a strong rally from $4,300. Sellers have appeared, with immediate support at $4,465 and a possible test of $4,510.