Gold Market
Gold edged below $4,350 on Tuesday as the Federal Reserve's hawkish stance countered a decline in US bond yields. The metal's downside appears limited amid geopolitical tensions and mixed technical signals.
Gold fell over 0.6% on Monday after last week's Federal Reserve rate hike. The US Dollar Index rose 0.2% to 100.42, capping the metal despite lower Treasury yields.
Gold held near $4,350 an ounce as lower oil prices eased inflation concerns and traders weighed the Federal Reserve's rate path after its first hike since 2023.
Gold rose more than 2% on Thursday, reaching $4,361, as a drop in oil prices pushed the US dollar and Treasury yields lower, offsetting the impact of the Fed’s latest rate hike.
New Found Gold has reached commercial production at Hammerdown in Newfoundland after two months of sustained throughput and recovery. Shares rose more than 5% on the news.
Spot gold dropped 0.9% to $4,308.24 as traders priced in an 89% chance of a US rate hike this week, following hot inflation data and rising oil prices.
Gold prices in India rose on Thursday, with the cost per gram reaching INR 13,509.58. The increase comes amid broader market factors. FXStreet calculates the data by adapting international rates.
Spot gold held at $4,469.26 on Friday after a 2% rally on Thursday. Traders now await US payrolls data for clues on the Federal Reserve’s next rate decision.
Gold price jumped more than 2% on Thursday after Fed Governor Christopher Waller signalled he would support keeping rates unchanged if disinflation continues. Mixed US data and a weaker dollar added to the rally.