Precious Metals News
Meanwhile, Treasury yields jumped following lower-than-expected purchases by the US Treasury Department during its first expanded buyback operation.
Year-to-date global gold ETF inflows reached $29 billion, while holdings increased by 160 tonnes, WGC report added.
With the support build at $4k followed by the $4300 support test perhaps the larger question on gold is one of institutional accumulation, even with higher US rates bringing the possibility of drawing capital flows from non-yielders.
US Comex copper futures meantime set a fresh all-time high, while Brent crude oil rose towards $100 per barrel, a near 4-year high when hit during the early days of the US-Israeli war on Iran, now running for more than 6 months.
The LBMA Gold Price PM dropped 3.2% to $4,415 per ounce, cutting its year-to-date advance to about 1%.
Gold fell as low as $4,381 an ounce during Monday’s session. It later recovered to roughly $4,413, a 0.4% decline on the day.
On the selling side, Russia reduced its gold holdings by 6 tonnes in July, taking its year-to-date sales to 50 tonnes. Turkey sold another tonne, bringing its sales for the year to 85 tonnes.
Traders are pricing in a 58 per cent chance of a rate hike at the Fed's September 15-16 meeting, CME's FedWatch tool showed.
Media comment has in recent years focused on central banks "removing gold from London" in what's been called "repatriation".
At the beginning of the year, there were concerns raised in Germany about the security of its central bank’s reserves in New York.
Strong economic data could increase expectations of an earlier rate hike, which in turn may put further pressure on bullion.
As of September 1, gold's price is sitting at $4,369.19 per ounce, putting it about 21.8% below its January peak.
Gold fell on Monday, hovering near a two-week low, as investors assessed growing expectations of a Federal Reserve rate hike following hawkish comments from Chair Kevin Warsh as a surge in oil prices further added to inflation concerns.
The precious metal edges lower on a surprisingly hawkish speech by Federal Reserve (Fed) Chairman Kevin Warsh at the Jackson Hole economic symposium.
Economists and policymakers are divided over the need to hike rates in the coming months, which would be a headwind for non-yielding gold. Though Fed officials kept borrowing costs unchanged in July, three dissented in favor of a quarter-point hike.
Gold miners saw record profitability in Q1 2026 as soaring bullion prices outweighed a 16% annual rise in AISC, despite higher royalties and operating costs.
Gold prices extended losses on Wednesday after U.S. inflation data came largely in line with expectations, increasing bets on a Federal Reserve interest-rate hike next month, while investors also awaited remarks from Chairman Kevin Warsh this week.
Bitcoin also benefited from a favorable week of news coming out of Washington with progress on a handful of bills that spurred optimism about its future.
Together, that put the official wholesale price in gold's No.1 consumer nation at a discount to London quotes of nearly $9 per ounce, the steepest disincentive for new imports into China since early April.
Investment demand continues to provide support. Indian gold ETFs recorded net inflows of INR 1,560 crore in July, taking total holdings to about 120 tonnes.
Gold bullion jumped $100 inside 45 minutes, hitting its highest since the first week of June above $4460 per troy ounce.
The precious metal also faced pressure from rising oil prices as the US and Iran showed little indication of reaching an agreement to end the conflict and reopen the Strait of Hormuz in the near term.
The U.S. dollar lingered around multi-month lows against most major currencies. A weaker U.S. currency makes dollar-priced metals less expensive for holders of other currencies.
The WGC noted that a sustained rise in gold prices could lead to a further rise in investment demand.
The U.S. dollar index was down 0.1%, making greenback-priced metals more affordable for other currency holders. [USD/]