Gold Market
Gold reached three-month highs above $4,650 on Monday, extending last week's gains as the US dollar weakened on tariff tensions, fading rate hike expectations, and safe-haven demand.
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.
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.
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.
Gold prices have surged sharply in August, supported by a weaker US dollar, expectations of monetary easing, geopolitical tensions, and sustained central-bank purchases. Strong Chinese demand and India’s upcoming festive and wedding season add further support.
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.
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 rose to $4,544 during Asian trading on Friday, its highest since early June, supported by renewed US dollar selling and expectations that the Federal Reserve may hold off on rate hikes. However, geopolitical tensions and higher oil prices kept gains in check.
Gold prices are holding steady and on track for a third consecutive weekly gain, supported by a weaker US dollar and lower Treasury yields. A drop in jobless claims has reinforced expectations that the Federal Reserve will keep interest rates unchanged in September.