Gold Market
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%.
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.
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.
Gold has rallied 15% in August, supported by renewed ETF inflows, strong central bank buying, US rate expectations, Treasury buybacks and a weaker dollar.
Gold holds near a four-month high after a 5% weekly gain, with traders focused on US PCE inflation data and Fed Chair Warsh's speech at Jackson Hole for policy clues.
Gold traded near $4,676 an ounce, up 7% in four sessions, as US Treasury buybacks weakened the dollar. Investors await Fed chair Kevin Warsh at Jackson Hole, while trade tensions add to safe-haven demand.
Gold pulled back sharply from a 15-week high of $4,697 on Tuesday, weighed by a stronger US dollar and rising oil prices amid geopolitical tensions. However, technical indicators and robust physical demand suggest the bullish trend may persist.