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.
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 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 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.
Gold briefly rose above $4,680, its highest since mid-May, as the US dollar weakened on political turmoil. Technical indicators suggest the bullish trend remains intact.
Societe Generale says gold has broken out of a small base formation and reclaimed its 200-day moving average, extending a rebound. Key support is near $4,510, with hurdles at $4,730/$4,770 and $4,890.
Gold rose above $4,650 on Monday, its highest since mid-May. Lower US bond yields and a softer dollar, as expectations for a Fed rate hike fade, underpin the move.
Gold futures broke through ₹1,55,000 to hit ₹1,62,680, while silver rebounded from ₹2,30,000. Analysts expect the rally to continue with targets of ₹1,70,000 and ₹2,60,000.
MCX gold extended its rally for a fifth consecutive week, with August gains reaching 13.3% as a declining US dollar and reduced expectations of a Federal Reserve rate hike supported demand.