Gold Market
Gold rose 5% to nearly $4,603, its third straight weekly gain. A weaker US dollar and Treasury buybacks supported the rally, though the World Gold Council expects near-term prices to stay rangebound.
Goldman Sachs now sees gold potentially exceeding its $4,900 year-end forecast, driven by rising call-option activity, Western investor interest and sustained central bank buying.
Gold prices climbed to a three-month high on Friday, extending gains for a third consecutive week as a softer US dollar and positive technical signals attracted investors.
Spot gold rose 0.5% to $4,540.18 on Friday and has gained 3.6% this week, helped by a softer dollar and Treasury buyback plans.
Shares of gold loan lenders Muthoot Finance, Manappuram Finance, and IIFL Finance rose up to 7% in two sessions after gold prices crossed Rs 1.6 lakh per 10 grams on the MCX.
Gold futures on the MCX climbed ₹1,432 to ₹1.60 lakh per 10 grams, driven by fresh speculative positions and firm physical demand. The October contract traded at ₹1,60,857.
Gold gained nearly Rs 6,500 per 10 grams and silver surged Rs 13,000 per kg over three consecutive sessions on the MCX, supported by a weaker US dollar and lower Treasury yield expectations.
Gold is set for its third consecutive weekly gain after the US Treasury's unexpected buyback of long-dated debt highlighted concerns over government borrowing costs. Bullion traded around $4,530 an ounce.
Gold edged lower on Thursday as US Treasury yields trimmed earlier losses and the dollar firmed, pulling XAU/USD back to $4,509 from a daily high of $4,540.