Daily market update on Gold prices
Spot gold is currently trading at $4,793.67 per ounce, showing a minor 0.83% decline over the last 24 hours as geopolitical tensions in the Strait of Hormuz begin to stabilize. Despite the daily dip, the metal remains up nearly 40% year-over-year.
Market Consolidation: Prices are holding steady above the $4,750 level following an extraordinary rally that peaked at $5,589 earlier this year.
Geopolitical Drivers: Recent de-escalation in the Gulf of Oman has reduced immediate safe-haven premiums, though structural risks remain high.
Central Bank Activity: Institutional demand remains a pillar of support, with global central banks on track to exceed 800 tonnes of net purchases in 2026.
Technical Indicators: Immediate resistance is eyed at $4,910, while strong support has formed at the $4,533 bullish invalidation zone.
Inflation Hedge: Concerns regarding long-term currency debasement continue to drive record ETF inflows and private wealth allocation.