Gold Market
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.
Gold stabilises near $4,154 after Monday's sharp decline, with traders weighing further Fed rate hikes and ongoing Middle East tensions that keep oil prices elevated.
Gold fell more than 3% on Monday after the US rejected an Iranian proposal to ease regional tensions, pushing oil prices higher and reigniting inflation fears that strengthened expectations for a more hawkish Federal Reserve.
Gold has corrected roughly $1,500 per ounce from its January high. An analyst suggests the $4,000–$4,100 area could be a solid entry for long-term investors despite near-term pressures.
Gold fell roughly 2% on Monday as it challenged the $4,200 support level. The decline was driven by geopolitical tensions and rising expectations of a Federal Reserve rate hike, which supported the US dollar.
Gold futures on MCX fell Rs 3,214 per 10 grams and silver dropped Rs 6,661/kg as rising oil prices revived inflation concerns and expectations of further US rate hikes.
Gold recorded its fourth down week in five, settling at 4321 amid ongoing war and rising interest rates. The metal sits just above a key parabolic trend flip level at 4190.
Gold held firm near $4,280 on Friday, recovering from a two-day decline as lower oil prices and a softer dollar countered pressure from elevated Treasury yields and Fed tightening bets.
Gold prices edged higher on Friday but are set for a weekly decline of 2.1% as rising US Treasury yields and expectations of further Federal Reserve rate increases dampened investor appetite.