Gold rebounds towards $4,450 as US dollar weakness persists
Gold rebounded early Tuesday, recovering from a two-day slide as the US dollar softened broadly. The metal found buyers below $4,400 and now eyes the 21-day SMA near $4,465.
Gold Market
Gold rebounded early Tuesday, recovering from a two-day slide as the US dollar softened broadly. The metal found buyers below $4,400 and now eyes the 21-day SMA near $4,465.
Chinese mainland benchmarks edged higher on Tuesday, supported by gold, agriculture and energy shares, while technology stocks dragged. Hong Kong fell on Middle East concerns.
Gold steadied near $4,387 an ounce after President Trump signalled no prolonged Middle East war, easing inflation concerns. A softer dollar and mixed jobs data also supported the metal.
Gold prices held steady in early Asian trade on Thursday as investors awaited US nonfarm payrolls data that could influence the Federal Reserve's next policy move.
Gold remains close to a two-week low near $4,460 as Fed Chair Warsh’s hawkish tone and oil-fuelled inflation fears push September rate hike probability above 65%.
Gold and silver ETFs fell up to 4% on August 31 after hawkish Federal Reserve remarks pushed bond yields higher and strengthened rate-hike expectations, while US-Iran tensions fuelled inflation concerns.
Gold has risen 3% over the past week, while silver is gaining against gold. Copper remains stagnant and oversold. Treasury Secretary Besant's comments and geopolitical tensions are influencing the metals markets.
Gold prices rose above Rs 1.58 lakh per 10 grams on the MCX as US Treasury yields fell and the dollar softened after increased liquidity support. Analysts expect continued volatility.
Gold rose more than 1% on Monday to trade near $4,422, helped by a softer US dollar and lower Treasury yields after last week's inflation data reduced expectations of aggressive Fed action.