Overview
- The gold price rallied about 5–6% this week and briefly traded above $4,300 per ounce after climbing roughly 8% from its late‑June trough near $3,943.
- Falling US Treasury yields, a weaker dollar and a softer oil market helped lift gold by reducing the expected path of US interest rates.
- Official demand rose again in Q2, with World Gold Council data showing central banks bought about 288 tonnes, while global gold ETF holdings gained roughly 20 tonnes in recent weeks.
- Technically, the market cleared the important $4,200 resistance level and a sustained weekly close above that mark would be seen as confirming a trend shift toward higher targets.
- Markets now view US labor data and the Federal Reserve meeting in mid‑September as the decisive tests that will determine if the rebound becomes a lasting rally or a short‑lived bounce.