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Public Employees Retirement System of Ohio purchased a new position in Gold.com Inc. (NYSE:GOLD – Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 35,148 shares of the company’s stock, valued at approximately $1,463,000. Public Employees Retirement System of Ohio owned 0.12% of Gold.com at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Globeflex Capital L P bought a new position in Gold.com during the second quarter valued at $2,783,000. Bank of New York Mellon Corp bought a new stake in shares of Gold.com in the second quarter valued at $7,143,000. Bank of America Corp DE lifted its position in shares of Gold.com by 116.8% during the 1st quarter. Bank of America Corp DE now owns 60,575 shares of the company’s stock valued at $2,428,000 after buying an additional 32,637 shares during the last quarter. California State Teachers Retirement System lifted its position in shares of Gold.com by 69.2% during the 1st quarter. California State Teachers Retirement System now owns 29,031 shares of the company’s stock valued at $1,164,000 after buying an additional 11,871 shares during the last quarter. Finally, Empowered Funds LLC grew its stake in shares of Gold.com by 42.5% during the 1st quarter. Empowered Funds LLC now owns 277,029 shares of the company’s stock worth $11,103,000 after acquiring an additional 82,637 shares during the period. Hedge funds and other institutional investors own 62.85% of the company’s stock.

Analyst Upgrades and Downgrades Several equities research analysts recently weighed in on the company. Northland Securities set a $55.00 price objective on Gold.com in a report on Thursday. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Gold.com in a report on Monday, August 17th. Zacks Research lowered shares of Gold.com from a “strong-buy” rating to a “hold” rating in a research report on Wednesday, July 1st. DA Davidson reiterated a “buy” rating and issued a $60.00 target price on shares of Gold.com in a research note on Thursday, September 3rd. Finally, Canaccord Genuity Group lowered their price target on shares of Gold.com from $70.00 to $65.00 and set a “buy” rating on the stock in a research report on Thursday. Four analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat.com, Gold.com presently has a consensus rating of “Moderate Buy” and a consensus target price of $58.00.

View Our Latest Stock Report on GOLD Gold.com Trading Up 0.1% NYSE:GOLD opened at $46.19 on Tuesday. Gold.com Inc. has a 1 year low of $22.00 and a 1 year high of $66.70. The stock’s fifty day moving average price is $42.62 and its two-hundred day moving average price is $44.34. The company has a debt-to-equity ratio of 0.11, a current ratio of 1.18 and a quick ratio of 0.29. The company has a market cap of $1.34 billion, a P/E ratio of 15.82 and a beta of 0.56.

Gold.com (NYSE:GOLD – Get Free Report) last announced its quarterly earnings results on Wednesday, September 2nd. The company reported $0.41 earnings per share for the quarter, missing the consensus estimate of $0.96 by ($0.55). Gold.com had a net margin of 0.32% and a return on equity of 18.15%. The company had revenue of $5.01 billion during the quarter, compared to analysts’ expectations of $5.67 billion. During the same quarter last year, the firm posted $0.41 earnings per share. As a group, analysts expect that Gold.com Inc. will post 3.73 EPS for the current year.

Gold.com Announces Dividend The business also recently announced a special dividend, which will be paid on Monday, September 28th. Shareholders of record on Wednesday, September 16th will be issued a dividend of $0.20 per share. The ex-dividend date of this dividend is Wednesday, September 16th. Gold.com’s payout ratio is presently 27.40%.

Gold.com Company Profile (Free Report)

Gold.com, Inc, together with its subsidiaries, operates as a precious metals company. It operates through three segments: Wholesale Sales & Ancillary Services, Direct-to-Consumer, and Secured Lending. The Wholesale Sales & Ancillary Services segment sells gold, silver, platinum, and palladium in the form of bars, plates, powders, wafers, grains, ingots, and coins. This segment also offers complementary services, such as receiving, handling, inventorying, processing, packing, and shipping of precious metals and custom coins on a secure basis; and designs and produces minted silver products.

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Standard Chartered has restored gold to "Overweight" and raised its three-month target to $4,750, followed by $5,000 over 12 months. The Gold price slipped back towards $4,404 on Tuesday as markets continued to digest stronger US employment data and the prospect of another Federal Reserve rate increase.

Standard Chartered sees the pullback giving way to renewed gains.

The bank has raised its three-month gold forecast to $4,750 an ounce and its 12-month target to $5,000.

It has also restored gold to an Overweight position.

“We have raised our three- and 12-month gold price targets to USD 4,750/oz and USD 5,000/oz, respectively,” said Standard Chartered Senior Investment Strategist Cindy Lam.

From the current XAU/USD price, the shorter target implies an advance of about 7.9%.

A move to $5,000 would require a gain of approximately 13.5%.

The three-month forecast is less demanding than that percentage suggests.

Gold traded as high as $4,696 during August, leaving Standard Chartered’s $4,750 target only 1.1% above the recent peak.

Reaching $5,000 would require a more decisive breakout.

US Dollar pullback revives the gold case Standard Chartered said gold’s “price outlook has notably improved alongside a sharp pullback in the USD”.

That makes the US Dollar central to the forecast.

A renewed decline in the US currency would reduce the cost of gold for overseas buyers and support another challenge of the August high.

The immediate backdrop has become less comfortable.

The official US employment report showed that payrolls increased by 162,000 in August, while unemployment held at 4.1%.

The stronger labour-market reading lifted US yields and reinforced the risk that interest rates stay higher for longer.

Gold has already shown its sensitivity to that shift.

Our earlier coverage examined how renewed Federal Reserve tightening expectations hit gold, silver and Bitcoin after Chair Kevin Warsh’s Jackson Hole speech.

Standard Chartered’s revised forecast nevertheless adds another major-bank call for substantially higher bullion prices.

It follows UniCredit’s $4,400-$5,200 year-end forecast range, although the two forecasts cover different periods.

Image: Gold price in USD one-month chart The one-month chart captures a sharp rise towards $4,696, followed by a reversal to $4,284 and a recovery above $4,400.

That leaves the August peak as the first test of Standard Chartered’s forecast, with $4,750 sitting just beyond it.

The next major policy decision is scheduled for September 16, following the Federal Reserve’s two-day meeting.

A softer Dollar would support Standard Chartered’s call, while another rise in US yields would make the route back to $4,750 more difficult.

Gold fell almost $100 on Friday following surprise surge in US nonfarm payrolls that eased worries of US policymakers and boosted expectations of rate hike on Sep 16 policy meeting.

Upbeat US labor data pushed the metal’s price down to over 2.5% and signals that gold would register the second consecutive weekly closing in red.

The fresh drop also weakened technical picture on daily chart as 14-d momentum is pressuring the centreline and south-heading RSI is entering neutrality zone (50), although MAs remain in mixed setup (30/100 bull-cross vs 10/200 death-cross) signaling that further action to the downside is still needed to verify developing negative signals.

Close below previous significant supports at $4400 zone will be minimum requirement, with extension below daily Kijun-sen ($4358) to strengthen negative structure and expose $4319 (50% retracement of $3942/$4697) which contained several attacks so far, and $4268 (daily cloud top) in extension.

Repeated close below daily Tenkan-sen ($4489) is needed to keep near-term bias with bears.

Markets shift focus to US Aug inflation data (due next Friday) which will provide significant information to the central bank ahead of policy meeting.

Res: 4489; 4519; 4533; 4575.
Sup: 4400; 4358; 4319; 4268.

The last two trading sessions have been particularly important for gold's price action in the short term. XAU/USD has gained more than 3.7% during this period, once again highlighting a meaningful bullish bias around the precious metal. For now, this recovery has been driven mainly by weakness in both the U.S. dollar and the bond market ahead of tomorrow's NFP release. Both markets remain important alternatives to gold, and their recent pullback appears to be allowing demand for the metal to recover. As long as this dynamic remains in place, buying pressure could continue to play an important role during the coming sessions.

How Is the Market Reacting Ahead of NFP?
Tomorrow, markets will focus on the release of the U.S. Non-Farm Payrolls (NFP) report, which measures changes in non-agricultural employment during August. Current expectations point to the creation of around 55,000 new jobs, a figure that would represent an improvement compared with July's reading, when approximately 23,000 jobs were lost.

However, beyond the headline number itself, what truly matters is the potential impact this report could have on the Federal Reserve's next monetary policy decision. At the moment, there is still no clear consensus regarding how the central bank will proceed at its mid-September meeting. While a more aggressive Fed was the dominant expectation just weeks ago, recent comments from policymakers have begun to support a more cautious approach.

Officials such as John Williams have indicated that they prefer to remain in a wait-and-see mode, highlighting that recent inflation data has been more encouraging. At the same time, Christopher Waller has suggested that he would support leaving rates unchanged if inflation continues to show signs of moderation.

This has increased uncertainty heading into the NFP report, as markets increasingly view the release as a potentially decisive factor for September's policy decision. In fact, CME Group probabilities currently show an almost evenly split scenario, with approximately 49% odds of rates remaining unchanged versus 51% odds of a rate increase. This reflects a decline in conviction around the idea of a clearly more hawkish Federal Reserve.

This uncertainty has already begun affecting markets that compete directly with gold. Both U.S. Treasuries and the dollar have reacted to recent Fed comments and to expectations surrounding the NFP release.

On one hand, 10-year Treasury yields have retreated from recent highs near the 4.8% area. On the other, the DXY Index, which measures the U.S. dollar against its major peers, has also moved back below the 99-point level. This highlights how sensitive both markets remain to monetary policy developments and suggests that investors are beginning to price in a less aggressive Fed scenario.

Source: Trading Economics

In this environment, the current dynamic remains particularly important for gold because weakness in alternative markets often supports a recovery in demand for the precious metal. This relationship becomes evident when comparing gold's performance with the DXY Index, where periods of dollar weakness continue to coincide with stronger price action in gold.

In addition, the correlation coefficient between both markets remains close to -0.93, reflecting a strong inverse relationship over the past 100 trading sessions. This suggests that continued dollar weakness may remain supportive of the recovery currently underway in gold. It is important to remember that correlation coefficients can change over time.

Source: TVC, StoneX, Tradingview

Against this backdrop, market attention will likely remain focused on how the Federal Reserve responds to tomorrow's labor market data. If job creation proves weaker than expected, the relative attractiveness of both bonds and the U.S. dollar could continue to decline, potentially extending buying pressure around XAU/USD. Conversely, if employment data shows significant strength, markets may begin reconsidering a more hawkish Fed outlook, which could push gold into a broader period of consolidation toward the end of the week.

Gold Technical Outlook

Source: StoneX, Tradingview

Trendline Continues Attempting to Hold: Recent gold price action continues to defend a long-term bullish trendline that remains one of the most important technical structures on the chart. As long as buying pressure remains stable and prices continue breaking through important technical barriers, a more established uptrend could begin to develop over the coming weeks.

 
RSI: The RSI has moved back above the neutral 50 level, signaling that average buying momentum is beginning to regain relevance within the market. If this dynamic continues to develop, the bullish bias could continue gaining importance in the short term.

 
MACD: However, it is also important to note that the MACD histogram continues to fluctuate near the neutral 0 line. This suggests that a degree of balance still exists within the average strength of short-term moving averages and indicates that the broader neutral environment has not disappeared completely from the chart.

 
Key Levels to Watch:

$4,530 – Critical Resistance: An important upside barrier that coincides with the 200-period Simple Moving Average. A sustained close above this level could begin to change the recent market structure and create room for stronger buying pressure during the coming sessions.

 
$4,332 – Nearby Barrier: An equilibrium area that has contained a large portion of price action over the last two weeks. It remains an important reference level for potential pullbacks and, as long as prices continue developing around this zone, a sideways environment could remain a relevant feature of the market.

 
$4,200 – Critical Support: This level coincides with the 50-period Simple Moving Average. Price action returning toward this area could begin to challenge the bullish structure that has developed recently and potentially open the door to a more dominant bearish bias in the weeks ahead.

 
Written by Julian Pineda, CFA, CMT – Market Analyst

Follow him on: @julianpineda25

TD Securities’ Ryan McKay and Bart Melek highlight that upcoming US Non-farm Payrolls (NFP) and a renewed hawkish Fed tone are critical for Gold, with prices near CTA (Commodity Trading Advisors) selling thresholds around $4,300/oz. Their simulations show further declines toward $4,200–$4,100/oz could push CTA positioning close to flat, though they see limited material downside longer term as the precious metals backdrop improves.

Gold nears key CTA sell triggers"Economic data becomes increasingly important for precious metals, with gold at risk of CTA selling."

"Non-farm payrolls this Friday will be the next piece of data with keen interest for precious metals given the renewed hawkish tone from the Fed and the latest escalation in the energy market."

"Price reaction may be more prone to the downside on potential beats in the data with gold nearing some CTA selling levels near $4,300/oz and our pricing simulations suggesting a further downward trend toward $4200-$4100/oz would see positioning reduced back to near flat into next week."

"Hike pricing has increased to over two hikes in 2027 again, and we have argued the recent rally in the yellow metal was too early due to these lingering inflation concerns."

"However, looking forward, we do not anticipate material downside as the landscape for precious metals has improved amid a renewed dollar debasement theme, while Fed hikes remain far from certain."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)

Gold (XAU/USD) resumed its decline on Tuesday, following a flat performance on Monday, reaching fresh two-week lows at $4,375 so far, posting a nearly 7% decline from last week’s peak, near $4,700. Precious metals are struggling this week as hawkish comments by Federal Reserve (Fed) Chairman Kevin Warsh at the Jackson Hole summit on Friday provided a fresh boost to the USD.

Strategists at Brown Brothers Harriman note that the US Dollar has “recovered most of yesterday’s pullback” as policy expectations remain firmly skewed toward further tightening. They also highlight that “Fed funds futures price in 67% odds of a 25bps hike on September 16 and imply 60bps of tightening over the next twelve months,” with market “pricing [set to] remain elevated into the September meeting.”

In their view, however, “August CPI on September 11” will be the “decisive test” to see whether those rate expectations – and the Dollar’s recovery – can be sustained.

Technical Analysis: Next downside target is at $4,315

XAU/USD trades at $4,378, with momentum indicators in the daily chart entering bearish territory. The Relative Strength Index (RSI) is testing levels below the key 50 line, and the Moving Average Convergence Divergence (MACD) has slipped below zero, pointing to increasing downside pressure.

Immediate support is seen at the mid-August lows between $ 4,310 and $4,330. Further down, the August 6 low, near $4,225, would come into view. On the topside, previous support at the $4,450 area has now turned resistance and is likely to test rallies, ahead of the 200-day simple moving average (SMA) at $4,530 and last week's highs, near $4,700.

(The technical analysis of this story was written with the help of an AI tool. Know more.)

Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.

Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.

Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.

The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.

, /PRNewswire/ -- Denarius Metals Corp. (Cboe CA: DMET) (OTCQX: DNRSF) ("Denarius Metals" or the "Company") provided an update today on the drill results from its ongoing surface in-fill diamond drilling program on the Las Brisas Target at its Zancudo Project in Colombia. The most notable intercept was achieved in drill hole ZM-210 which returned continuous Au mineralization over approximately 33 m from 203.0 m to 235.95 m grading 5.68 g/t Au, including 20.18 g/t Au over 3.10 m from 229.0 m to 232.10 m (Santa Catalina Splay) and 26.35 g/t Au over 2.50 m from 233.45 m to 235.95 m (Santa Catalina) with additional continuous intervals of 1 g/t to 6 g/t Au in the hanging wall and between the two main structures.

Map showing the location of the drill holes for the Las Brisas 2026 drilling campaign

3-D Structural sketch of the Las Brisas Target

Cross-section showing drill holes ZM-210 and ZM-213.

Long-section showing the ore-shoots on the Manto Antiguo structure

Long-section showing the ore-shoots on the Santa Catalina structure Serafino Iacono, Executive Chairman of Denarius Metals, commented, "The thick, high-grade interval in ZM-210, the hanging-wall mineralization and the emerging Manto Antiguo Lower structure, all identified in the latest round of drilling, continue to demonstrate the high-grade continuity and upside of the Santa Catalina and Manto Antiguo systems and the potential for resource growth at our Zancudo Project".

The results announced today have been received from the final assays for additional 8 drill holes from the Las Brisas Target totaling approximately 1,610 meters, bringing the total drilling completed to date at the Zancudo Project to 2,270 meters in 12 drill holes. This press release presents complete results from drill holes ZM-200 through ZM-206, and preliminary Au results for drill hole ZM-210, which were drilled as in-fill holes from platforms IF-08, IF-12 and IF-05 to primarily test the Manto Antiguo and Santa Catalina structures. Approximately 40% of the total surface in-fill drilling program at the Las Brisas Target for this year has been completed by mid-August, the cut-off date for results reported in this press release. The 2026 drilling program aims to tighten drill spacing within the Las Brisas Target to 50 meters between drill centers, allowing for the potential reclassification of resources to higher confidence classification categories in the next mineral resource update.

Other Key Intercepts Reported in the Latest Drilling Results

7.40 g/t Au and 437.8 g/t Ag over 1.02 m from 156.58 m to 157.60 m, hole ZM-200 (Santa Catalina Faulted Block), including 20.70 g/t Au and 1,388.8 g/t Ag over 0.32 m from 156.58 m to 156.90 m. 7.85 g/t Au and 167 g/t Ag over 2.3 m from 143.25 m to 145.55 m, hole ZM-201 (Manto Antiguo), including 10.72 g/t Au and 247.0 g/t Ag over 0.85 m from 143.25 m to 144.10 m, and 7.20 g/t Au and 137.9 g/t Ag over 1.10 m from 144.45 m to 145.55 m. 15.23 g/t Au and 38.4 g/t Ag over 1.35 m from 132.80 m to 134.15 m, hole ZM-206 (Manto Antiguo Splay), including 33.70 g/t Au and 61.8 g/t Ag over 0.54 m from 133.61 m to 134.15 m. 41.82 g/t Au and 36.1 g/t Ag over 1.00 m from 33.17 m to 34.17 m, hole ZM-205 (near surface unknown structure), including 108.90 g/t Au and 89 g/t Ag over 0.38 m from 33.17 m to 33.55 m. A local dextral reverse fault has been interpreted in the southern portion of the Las Brisas Target (drilled from platform IF12). This explains repetition of the mineralized structures and host rocks and has implications for domain modeling and future resource estimation. Significant intercepts of the subparallel Manto Antiguo Lower structure support its potential to contribute additional Indicated Resources. Las Brisas Target – Details of the Latest Drilling Results

The Las Brisas Target represents an unexploited block within the Manto Antiguo structure preserved by past mining. The in-fill drilling program for the Las Brisas Target has been designed at 50x50 meters drill centers from eight platforms (IF-5 to IF-12) aimed at better delineating and confirming the consistency of mineralization on the orebodies outlined by previous drilling on the Manto Antiguo and Santa Catalina structures, of which the Manto Antiguo orebody is controlled by the intersection of the Manto Antiguo and Santa Catalina structures and which usually shows wider and higher-grade intercepts. Drill hole ZM-210, based on the initial Au results, has outlined the potential for a wide mineralized zone in the hanging wall of the Santa Catalina structure, hosted in a sedimentary interval bounded by schists on both sides. An adjacent drill hole (ZM-213) is in process to follow up on this potential mineralized zone. Drilling carried out from platform IF-12 has allowed the identification of a dextral reverse fault based on the repetition of the lithological sequence that usually hosts the Santa Catalina mineralized structure, which comprises an andesitic dike and the tectonic contact between the sedimentary sequence and the chloritic schist. The interpreted reverse fault plane strikes NE-SW, with a shallow dip to the W, which results in offsetting the Santa Catalina, Manto Antiguo and Manto Antiguo Lower structures by approximately 40 meters. The mineralization characteristics, such as the presence of pyrite, arsenopyrite, galena, and sphalerite, as well as the same type of alteration, are preserved on both sides of the fault zone in all the known mineralized structures, providing a basis for supporting their continuity across both blocks. The continuity of the structures to the west of this area will be corroborated by the designed brownfield drilling to be carried out later this year. Drilling carried out from platform IF-12 was successful in confirming and extending to the SE the high-grade nature of the orebody outlined by previous drilling on the Manto Antiguo structure. Multiple high gold grades were intersected with maximum intersection grades of 10.72 g/t Au and 247.0 g/t Ag over 0.85 meters (ZM-201) and 16.65 g/t Au and 48.0 g/t Ag over 0.30 meters on Manto Antiguo (ZM-206). High-grade mineralization associated with Manto Antiguo remains open down-plunge and will be targeted by additional drill holes planned on the same platform. Drilling carried out from platform IF-12 also intersected multiple mineralized structures such as Santa Catalina and Manto Antiguo Lower, confirming the presence of high-grade mineralization on Santa Catalina and extending the mineralization on Manto Antiguo Lower to the interpreted reverse fault. Multiple high gold grades were intersected with maximum intersection grades of 20.70 g/t Au and 1,388.8 g/t Ag over 0.32 meters on Santa Catalina Faulted Block (ZM-200) and 7.90 g/t Au and 66.9 g/t Ag over 0.30 meters on Santa Catalina (ZM-201). Both mineralized intersections fall into an area of the block model that currently shows very low grade, opening up a new scenario for further evaluation. The following table lists the key intervals and sub-intervals from the ongoing Las Brisas in-fill program, since the previous press release issued on July 6, 2026, with grades >4 g/t AuEq cut-off associated with main intervals that, in some cases, might not meet the >4 g/t AuEq cut-off:

Year

Target

Hole ID

Structure

From
(m)

To (m)

Length
(m)

Au (g/t)

Ag (g/t)

AuEq
(g/t)

2026

Las Brisas

ZM-200

Santa Catalina

128.30

130.30

2.00

1.77

46.6

2.35

Including

128.30

128.75

0.45

4.43

82.4

5.46

Santa Catalina Faulted Block

156.58

157.60

1.02

7.40

437.8

12.86

Including

156.58

156.90

0.32

20.70

1,388.8

38.04

ZM-201

Santa Catalina

96.15

97.20

1.05

3.04

23.6

3.33

Including

96.15

96.50

0.35

7.90

66.9

8.73

Unknown

106.20

106.80

0.60

2.78

7.6

2.87

Including

106.50

106.80

0.30

4.12

12.1

4.27

Manto Antiguo

143.25

145.55

2.30

7.85

167.0

9.90

Including

143.25

144.10

0.85

10.72

247.0

13.80

Including

144.45

145.55

1.10

7.20

137.9

8.90

ZM-202

Manto Antiguo Lower Faulted Block

219.90

221.40

1.50

3.69

11.6

3.83

Including

219.90

220.20

0.30

8.04

25.3

8.36

Including

220.90

221.40

0.50

5.39

13.9

5.56

ZM-204

Santa Catalina

95.53

96.53

1.00

2.10

64.0

2.90

Including

95.53

95.83

0.30

3.78

198.0

6.26

Manto Antiguo

154.41

155.56

1.15

3.60

55.0

4.21

Including

155.16

155.56

0.40

4.26

23.0

4.54

ZM-205

Unknown

33.17

34.17

1.00

41.82

36.1

42.27

Including

33.17

33.55

0.38

108.90

89.0

110.01

Manto Antiguo

154.39

155.40

1.01

3.75

4.0

3.80

Including

154.69

154.99

0.30

12.23

9.3

12.34

Manto Antiguo Lower

194.88

195.88

1.00

1.91

4.1

1.96

Including

194.88

195.18

0.30

6.34

12.1

6.49

ZM-206

Manto Antiguo Splay

132.80

134.15

1.35

15.23

38.4

15.67

Including

133.61

134.15

0.54

33.70

61.8

34.47

Manto Antiguo

137.40

140.10

2.70

4.42

21.7

4.69

Including

137.40

137.70

0.30

7.16

40.2

7.66

Including

139.80

140.10

0.30

16.65

48.0

17.25

Unknown

158.50

159.50

1.00

2.87

23.1

3.15

Including

158.50

159.05

0.55

5.17

41.2

5.68

ZM-210

Santa Catalina Zone

203.00

235.95

32.95

5.68

* (5)

* (5)

Santa Catalina Splay

Including

229.0

232.10

3.10

20.18

* (5)

* (5)

Santa Catalina

Including

233.45

235.95

2.50

26.35

* (5)

* (5)

Notes to Las Brisas table:

(1)

The intervals are core lengths. The true widths are estimated to be 80% to 90% of the lengths.

(2)

Equivalent gold grades (AuEq g/t) were calculated using prices of US$3,200/oz gold and US$40.00/oz silver. Gold equivalent formula: AuEq = Au + (Ag / (Au Price/Ag Price)).

(3)

"Unknown": new structure that doesn't correlate with any of the known structures/veins.

(4)

There are no results above cut-off grade for drillhole ZM-203 and it is not listed in the table.

(5)

Ag results for drill hole ZM-210 are still pending.

Please refer also to the attached illustrative images 1 to 5 showing the location of the drill holes reported herein from the 2026 drilling campaign along with a sketch of the main structures for the Las Brisas Target, a cross-section showing drill holes ZM-210 and ZM-213, and two long sections showing intercept locations for the Manto Antiguo and Santa Catalina structures.

Manto Antiguo and Santa Catalina Structures

The Manto Antiguo structure, which was the main structure historically mined, is interpreted as a WNW-ESE trending brecciated manto-type structure that merges into the footwall of the Santa Catalina structure. The northerly-trending Santa Catalina structure, which dips steeply to the east near surface and gently at depth, is interpreted as a mineralized master fault structure and feeder of mineralization for the entire vein system. In the footwall of the Santa Catalina structure, below Manto Antiguo, lies another manto-type structure called Manto Antiguo Lower, which exhibits the same characteristics as Manto Antiguo, being usually narrow and having a typical breccia texture with incipient quartz-sulphide banding and milled wall rock clasts. The mineralization consists of pyrite, arsenopyrite, sphalerite and galena. Fragments of argillic-altered schist are observed, which host pyrite veinlets.

2026 Drilling Program

The 2026 drill program comprises a planned total of 15,100 meters on several target areas within the Zancudo Project, including Las Brisas, El Castano, Independencia Mine and brownfield. The 2026 drill program has been designed to deliver important data for further resource modelling, mine planning and optimization of production stope design to guide our mine development programs as Denarius Metals ramps up mining activities at Zancudo in 2026 and 2027 to feed the Project's new 1,000 tonnes per day flotation processing plant that is currently under construction and expected to be operating later this year.

Qualified Person

Mr. Scott E. Wilson, CPG, President of Resource Development Associates ("RDA"), has reviewed, verified and approved the technical information summarized in this news release, including the sampling, preparation, security and analytical procedures underlying such information, and is not aware of any significant risks and uncertainties that could be expected to affect reliability or confidence in the information discussed herein. Mr. Wilson is an independent consulting geologist specializing in Mineral Reserve and Resource calculation reporting, mining project analysis and due diligence evaluations. Mr. Wilson conducted a personal inspection of the Zancudo Project on June 2-3, 2026. Mr. Wilson has over 36 years of experience in the mining industry and is a Registered Member (4025107RM) of Society for Mining, Metallurgy and Exploration, Inc. Mr. Wilson and RDA are independent of the Company under NI 43-101.

Quality Assurance and Quality Control

All the core samples were prepared and assayed for Au by Actlabs Laboratories Ltd (ISO 9001:2015) at their laboratory in Zona Franca Rionegro, Antioquia, Colombia, by 50 g fire assay with atomic absorption spectrophotometer ("AAS") finish. Subsequently, the pulps were shipped to their laboratory in Ancaster, Ontario, Canada (ISO/IEC 17025) for multi-element analysis by Agua Regia-ICP-OES. Samples above the upper detection limit of 5.0 g/t gold were re-assayed by 30 g fire assay with gravimetric finish, while silver and base metals were analyzed in a multi element analysis by partial digestion and ICP-OES finish. Blank, standard and duplicate samples were routinely inserted and monitored for quality assurance and quality control.

About Denarius Metals

Denarius Metals is a Canadian junior company engaged in the acquisition, exploration, development and eventual operation of precious metals and polymetallic mining projects in high-grade districts in Colombia and Spain. Denarius Metals is listed on Cboe Canada where it trades under the symbol "DMET". The Company also trades on the OTCQX Market in the United States under the symbol "DNRSF".

In Colombia, Denarius Metals is producing gold and silver in an "early production" phase at its 100%-owned Zancudo Project while it completes construction of a 1,000 tonnes per day processing plant that is expected to start producing high-grade gold-silver concentrates in the fourth quarter of 2026. The Zancudo Project is a high-grade gold-silver deposit, which includes the historic producing Independencia mine, and is located in the Cauca Belt, about 30 km southwest of Medellin.

In Spain, Denarius Metals has interests in three projects focused on in-demand critical minerals. The Company owns a 21.8% interest in Rio Narcea Recursos, S.L. and is the operator of its Aguablanca Project, which has been recognized by the EU as a Strategic Project. The Aguablanca Project comprises a turnkey 5,000 tonnes per day processing plant and the rights to exploit the historic producing Aguablanca nickel-copper mine, located in Monesterio, Extremadura. Denarius Metals also owns a 100% interest in the Lomero Project, a polymetallic deposit located on the Spanish side of the prolific copper rich Iberian Pyrite Belt, approximately 88 km southwest of the Aguablanca Project, and a 100% interest in the Toral Project, a high-grade zinc-lead-silver deposit located in the Leon Province, Northern Spain.

Denarius Metals entered into a strategic collaboration in early 2026 as JV partners with ProGrowth Ltd. Company, a Saudi-based diversified group of companies, focused on the processing, smelting and commercialization of material sourced from the Company's projects and to identify, acquire, develop and operate gold and nickel mining concessions within the Kingdom of Saudi Arabia.

Additional information on Denarius Metals can be found on its website at www.denariusmetals.com and by reviewing its profile on SEDAR+ at www.sedarplus.ca.

Cautionary Statement on Forward-Looking Information

This news release contains "forward-looking information", which may include, but is not limited to, statements with respect to anticipated business plans or strategies, including exploration programs, expected exploration results, mineral resource estimates, potential mineralized zones and the potential for resource growth. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of Denarius Metals to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those anticipated in these forward-looking statements are described under the caption "Risk Factors" in the Company's Annual Information Form dated March 31, 2026 which is available for view on SEDAR+ at www.sedarplus.ca. Forward-looking statements contained herein are made as of the date of this press release and Denarius Metals disclaims, other than as required by law, any obligation to update any forward-looking statements whether as a result of new information, results, future events, circumstances, or if management's estimates or opinions should change, or otherwise. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance on forward-looking statements.

Attachment 1 – Map showing the location of the drill holes for the Las Brisas 2026 drilling campaign

Notes:

(1)

This press release includes complete results from drill holes ZM-200 through ZM-206, and preliminary Au results for drill hole ZM-210, which were drilled as in-fill holes from platforms IF-08, IF-12 and IF-05.

(2)

The results from drill holes ZM-195 through ZM-199, which were drilled as in-fill holes from platform IF-07, were included in the Company's press release dated July 6, 2026.

Attachment 2 – 3-D Structural sketch of the Las Brisas Target 

Attachment 3 – Cross-section showing drill holes ZM-210 and ZM-213.

Attachment 4 – Long-section showing the ore-shoots on the Manto Antiguo structure

Attachment 5 – Long-section showing the ore-shoots on the Santa Catalina structure

SOURCE Denarius Metals Corp.

Gold (XAU/USD) extends its advance on Monday, building on the strong rally seen last week following the US Treasury’s buyback announcement. At the time of writing, XAU/USD trades around $4,644, up nearly 0.90% on the day, at levels last seen on May 15.

The Treasury’s decision to increase its liquidity-support buybacks for longer-dated government bonds weighed heavily on the Greenback, with the US Dollar Index (DXY) plunging to a three-month low. Gold received a double boost from the move, benefiting from a weaker USD while also attracting safe-haven demand as investors focused on concerns surrounding US fiscal policy and rising government debt.

Strategists at OCBC highlight that “USD debasement has re-emerged as a market theme” after the US Treasury unexpectedly expanded its long-end buyback programme, a move they say signals “discomfort with the recent rise in long-dated yields.” They add that the “resulting unwind of US steepener positions has likely reinforced other debasement trades, including a weaker USD, a rebound in gold and higher US inflation breakevens.”

However, long-term US Treasury yields remain elevated despite the buyback announcement, which could put the brakes on Gold’s advance. The 30-year Treasury yield trades around 5.24%, close to its recent 19-year high of 5.33%. Higher yields can weigh on the non-yielding metal by increasing the opportunity cost of holding Gold.

The US Dollar is also firmer on Monday after last week’s sharp decline. The US Dollar Index (DXY), which tracks the Greenback's value against a basket of six major currencies, trades around 98.98, up about 0.13% on the day.

Market attention now turns to key US event risks later this week, with the July Personal Consumption Expenditures (PCE) Price Index due on Wednesday before Federal Reserve (Fed) Chair Kevin Warsh speaks at the Jackson Hole Symposium on Friday.

Investors will watch the PCE report closely to assess whether the recent moderation in inflation is enough for the Fed to leave interest rates unchanged again at its September meeting, with the CME FedWatch Tool showing around a 38% probability of a rate hike.

Still, energy-driven inflation risks remain in focus as tensions in the Middle East keep shipping through the Strait of Hormuz restricted. The United States is preparing to announce fresh sanctions against Iran on Monday, with US Treasury Secretary Scott Bessent due to unveil what he has described as “economic D-Day” measures against Tehran at 18:00 GMT.

Technical analysis: Buyers hold the upper hand as RSI turns overbought

XAU/USD maintains a bullish near-term bias as price holds above both the 200-day simple moving average (SMA) and the 100-day SMA. The metal is advancing within a strong uptrend, supported by a moderately firm Average Directional Index at 33.67, while the Relative Strength Index (RSI) on the daily chart at 71 has entered overbought territory, hinting that upside momentum is stretched but still dominant.

A positive Moving Average Convergence Divergence (MACD) reinforces the constructive tone, with the broader structure favoring further gains as long as price stays above the key moving averages and upper Fibonacci supports.

On the topside, initial resistance is located at the 78.6% Fibonacci retracement at $4,685, followed by the cycle high anchor near the 100.0% retracement at $4,886. On the downside, first support is seen at the 61.8% retracement at $4,528, closely backed by the 200-day SMA at $4,516, forming a nearby demand cluster.

Deeper support levels emerge at the 50.0% retracement at $4,417 and the 100-day SMA at $4,379, with additional structural floors at the 38.2% retracement at $4,307 and the 23.6% retracement at $4,170, where buyers would likely attempt to defend the broader bullish trend if a corrective pullback unfolds.

(The technical analysis of this story was written with the help of an AI tool. Know more.)

Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.

Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.

Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.

The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.

Commerzbank’s Carsten Fritsch notes Gold has surged, breaking above USD 4,500 per troy ounce as safe‑haven demand rises on US debt concerns and a weaker Dollar. The US Treasury’s bond buyback announcement triggered the sharpest daily Gold rally in six and a half months, with strong ETF inflows, though upside momentum may slow if US inflation data stays elevated.

Debt concerns boost safe haven"The gold price jumped by more than 4% or around USD 180 on Wednesday, marking its sharpest daily rise in six and a half months. The price also surpassed the USD 4,500 per troy ounce mark for the first time since early June."

"This was triggered by the US Treasury’s announcement that it intended to more than double the volume of buybacks of long-term US government bonds with maturities of 10 to 30 years. This move comes against the backdrop of a sharp rise in bond yields in the preceding days."

"This measure calmed the bond market and led to a decline in yields. At the same time, the US dollar depreciated significantly. Confidence in the US dollar as a safe haven appears to be eroding, as investors are demanding higher yields for US government bonds and the Treasury is having to step in."

"The main beneficiary of this is gold, as evidenced by strong inflows into gold ETFs. Holdings in the gold ETFs tracked by Bloomberg recorded their strongest daily increase since September 2025 yesterday, at 18 tons."

"On the gold market, the US Treasury’s announcement was seen as a sign of stress. The sharp rise in US bond yields in the preceding days was not, in fact, due to a change in Fed interest rate expectations, but rather to long-term inflation risks and growing concerns about debt levels."

"This is consistent with the news that public debt in the US broke through the USD 40 trillion (USD 40,000,000,000,000) barrier for the first time this week. It is barely four and a half years since the debt level exceeded the USD 30 trillion mark. Interest payments are expected to amount to USD 1.1 trillion this fiscal year, which represents a threefold increase within five years."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)

Gold price (XAU/USD) is up 0.65% at around $4,550 during the early European trading session on Friday, the highest level seen in over 11 weeks. The precious metal capitalizes on a weak US Dollar (USD), which has been hit hard, as the Treasury’s decision to double down on long-term debt buybacks has amplified market concerns over escalating borrowing costs and the growing fiscal strain from the government’s ballooning debt.

As of writing, the US Dollar Index (DXY), which gauges the Greenback’s value against six major currencies, trades 0.1% lower at around 98.73. The USD Index is closer to its three-month low of 98.55 posted on Thursday.

A lower US Dollar makes the Gold price a favorable risk-reward bet for investors.

The announcement of faster US debt-repayment plans led to a sharp plunge in US bond yields and the US Dollar. However, there has been a strong recovery in Treasury yields, but the Greenback continues to face the heat.

Financial markets doubt that US Treasury Secretary Scott Bessent’s aggressive bond-buyback plan is enough to contain higher borrowing costs, but seem confident that to be vulnerable for the US Dollar.

US Treasury buybacks seen risking confidence in Dollar assetsAnalysts at MUFG argue that if, as Scott Bessent suggests, policymakers are serious about addressing market concerns, then the US Treasury “could play a key role here by of course addressing the ever-expending fiscal deficit with fiscal consolidation.”

However, they add that “we all know that’s not going to happen,” and warn that the latest buyback announcement, combined with the “FIMA report comment to Japan following intervention,” risks proving “counter-productive” by leading to “reduced appetite for either holding US assets (UST bond sales) or reduced appetite for exposure to the US dollar (dollar selling) or both.” MUFG concludes that “even if the Treasury buy-back plan does contain yields, the US dollar now remains more vulnerable to the downside on the fact that yields are potentially lower.”

Gold’s next move largely relies on Fed’s policy actionsStrategists at GoldSilver ​Central have said that “Gold's upward trajectory would ‌be ⁠determined by what the Federal Reserve (Fed) decides to do next and how those policies impact market rate expectations”, Reuters reports.

This shifts all focus to Fed Chairman Kevin Warsh’s speech at the Jackson Hole Symposium, which is scheduled for August 27-29.

However, history shows that the Fed Chairman is not a fan of delivering so-called “forward guidance” on the monetary policy.

Meanwhile, the CME FedWatch tool shows that the Fed is anticipated to leave interest rates unchanged in the September policy meeting.

Gold Technical Forecast

In the daily chart, XAU/USD trades at around $4,550, extending its advance well above the 20-day exponential moving average (EMA) at $4,325.64 and reinforcing a bullish near-term bias. The distance between spot and the EMA suggests a strong upside extension rather than a balanced trend, while the Relative Strength Index (14) at 68.39 flirts with overbought territory, hinting that bullish momentum remains firm but increasingly stretched.

On the downside, initial support is seen at the 20-day EMA around $4,325.64, which should act as the first dynamic floor on any corrective pullback. Looking up, the precious metal could extend its advance towards the May 29 high at $4,595.34.

(The technical analysis of this story was written with the help of an AI tool. Know more.)

Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.

Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.

Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.

The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.

Gold (XAU/USD) builds on Friday's bounce from the $4,300 neighborhood, or a one-week low, and gains some follow-through positive traction at the start of a new week. The commodity, however, struggles to capitalize on the momentum beyond the $4,400 mark and remains below its highest level since June 5, touched on Friday, amid mixed fundamental cues.

Data released on Friday showed that US Retail Sales dropped 0.6% in July, marking the first fall in nine months and the biggest monthly decline since May last year. Adding to this, the University of Michigan's Consumer Sentiment Index dipped in August to 51 from 55.2 in the previous month. This comes on top of signs of cooling US inflation and further tempers expectations for an immediate interest rate hike by the Federal Reserve (Fed), which continues to undermine the US Dollar (USD) and lends support to the non-yielding bullion.

Investors, however, remain worried that volatile energy prices could complicate the inflation outlook and force the Fed to stick to a hawkish stance. Moreover, persistent geopolitical uncertainties help limit deeper losses for the safe-haven USD, capping the upside for the Gold price. Treasury Secretary Scott Bessent said that the US is preparing to hit Iran with economic measures that have never been seen, as soon as this week. This, along with the US-Iran standoff, keeps the geopolitical risk premium in play and should support the buck.

In other developments, President Donald Trump said that he would soon declare the Strait of Hormuz a “territory of the United States.” Meanwhile, Iran’s Foreign Minister Abbas Araghchi said that the US must agree to Tehran's conditions in order for shipping to resume through the waterway and that there were no negotiations currently taking place. Apart from this, fresh Ukrainian attacks on Russian refineries remain supportive of higher oil prices, keeping inflation fears and bets for at least one Fed rate hike in 2026 on the table.

According to CME Group's FedWatch Tool, traders are still pricing in around a 65% chance that the US central bank will raise borrowing costs by the end of this year. This, in turn, warrants some caution for USD bears and before positioning for any further appreciating move in the Gold price as traders await further cues about the Fed's future policy path. Hence, the focus will remain glued to the release of FOMC Minutes on Wednesday. Apart from this, the incoming geopolitical headlines might influence the USD and the precious metal.

XAU/USD daily chart

Technical AnalysisFrom a technical perspective, the recent repeated failures to find acceptance above the $4,400 mark, or the 50% retracement level of the April-June decline, warrant some caution for XAU/USD bulls. Moreover, the precious metal remains below the 200-day Simple Moving Average (SMA), keeping the broader tone capped despite the recent recovery.

Meanwhile, the Relative Strength Index (RSI) at 64.43 leans toward bullish momentum, while the Moving Average Convergence Divergence (MACD) stays in positive territory. Improving momentum indicators, however, only hint that buyers are attempting a rebound within a still bearish, resistance-heavy backdrop.

Nevertheless, sustained strength and acceptance above the $4,400 mark (50% retracement level) should allow the Gold price to test the 200-day SMA near $4,506 and the 61.8% Fibonacci retracement at $4,509. Further barriers are seen at the 78.6% Fibo level at $4,666 and the cycle high zone at $4,865.

On the downside, initial support emerges at the 38.2% Fibo. retracement at $4,290, ahead of the 23.6% level at $4,154, while a deeper slide would expose the structural floor around the Fibonacci anchor near $3,935.

(The technical analysis of this story was written with the help of an AI tool. Know more.)

Fed FAQs

Monetary policy in the US is shaped by the Federal Reserve (Fed). The Fed has two mandates: to achieve price stability and foster full employment. Its primary tool to achieve these goals is by adjusting interest rates.
When prices are rising too quickly and inflation is above the Fed’s 2% target, it raises interest rates, increasing borrowing costs throughout the economy. This results in a stronger US Dollar (USD) as it makes the US a more attractive place for international investors to park their money.
When inflation falls below 2% or the Unemployment Rate is too high, the Fed may lower interest rates to encourage borrowing, which weighs on the Greenback.

The Federal Reserve (Fed) holds eight policy meetings a year, where the Federal Open Market Committee (FOMC) assesses economic conditions and makes monetary policy decisions.
The FOMC is attended by twelve Fed officials – the seven members of the Board of Governors, the president of the Federal Reserve Bank of New York, and four of the remaining eleven regional Reserve Bank presidents, who serve one-year terms on a rotating basis.

In extreme situations, the Federal Reserve may resort to a policy named Quantitative Easing (QE). QE is the process by which the Fed substantially increases the flow of credit in a stuck financial system.
It is a non-standard policy measure used during crises or when inflation is extremely low. It was the Fed’s weapon of choice during the Great Financial Crisis in 2008. It involves the Fed printing more Dollars and using them to buy high grade bonds from financial institutions. QE usually weakens the US Dollar.

Quantitative tightening (QT) is the reverse process of QE, whereby the Federal Reserve stops buying bonds from financial institutions and does not reinvest the principal from the bonds it holds maturing, to purchase new bonds. It is usually positive for the value of the US Dollar.

The 200-day moving average will also deliver new challenges for traders. Some will treat it as resistance. Others may see it as a potential trigger point for an acceleration to the upside.

Although Spot Gold closed higher on Friday, the early session weakness confirmed the previous session’s potentially bearish closing price reversal top. Taking out Friday’s low at $4,311.04 will reaffirm this chart pattern. If it creates strong downside momentum, we could see a 2 to 3 day break into a key 50% to 61.8% zone at $4,195.96 to $4,136.05. Inside this zone is the 50-day moving average at $4,146.45.

What to Watch
Gold closed the week with the rate-relief trade intact and the dollar finally confirming what the bond market had been saying since Wednesday. September hike odds at 31% are the lowest they have been since the payrolls report started the repricing. The August employment and inflation data arrive before the September meeting, and the Hormuz blockade threat means the energy risk sits behind every forward-looking number the Fed will see. Gold gained on a day when yields rose. That tells you the dollar and the hike odds are driving this market right now, not the yield curve.

The trend is up on the swing chart with last week’s high at $4,449.83 as the first test and the 200-day moving average at $4,503.24 above it. Friday’s early weakness confirmed Thursday’s closing price reversal top, which means a break below $4,311.04 early next week reopens the downside toward the 50-day moving average at $4,146.45. The close above Thursday’s low kept buyers in control heading into the weekend, but the reversal pattern is live until the market takes out the high.

If you’d like to know more about how to Spot Gold (XAUUSD), please visit our educational area.

Gold price (XAU/USD) declines to around $4,400 during the early Asian session on Thursday, pressured by escalating geopolitical tensions between the United States (US) and Iran. However, the potential downside for the precious metal might be limited as a tame reading of US inflation eased pressure on the US Federal Reserve (Fed) to raise interest rates as soon as next month.

A senior Iranian official said that Washington and Tehran remain at loggerheads over efforts to agree a permanent end to the war in the Gulf, adding that there ‌had been no progress in talks to revive the interim deal agreed in June and define a time frame to implement it.

Renewed tensions in the Middle East and the continued closure of the Strait of Hormuz weigh on the yellow metal as it raises oil-driven inflation fears. “With the Strait of Hormuz still shut, upside inflation risks will remain top of mind for the foreseeable future,” said Seema Shah, chief global strategist at Principal Asset Management.

The latest US July Consumer Price Index (CPI) inflation moderated across a range of goods and services, cooling September Fed rate hike expectations. This, in turn, could help limit gold’s losses. Data released by the Bureau of Labor Statistics on Wednesday showed that the CPI increased 3.4% YoY in July, versus 3.5% prior. Excluding food and energy, the so-called core CPI increased 2.5% YoY in July, compared to 2.6% in June. Both readings came in line with expectations. 

Interest-rate swaps are now pricing in nearly a 40.1% odds of a Fed hike in September, though the odds on an October move fell to about 60% from 75% a day earlier, with the next increase fully priced for December, according to the CME FedWatch tool. 

Gold upside persists as US CPI fails to revive Fed hike betsAccording to TD Securities, “precious metals maintain upside” as the latest US CPI release “did little to reignite the Fed hike pricing.” The bank notes that “recent price action highlights the gold market is increasingly not expecting hikes,” underscoring a supportive backdrop for bullion even as investors reassess the policy outlook in light of softer inflation dynamics.

Technical Analysis: Gold keeps a bullish vibe in the near term

In the daily chart, XAU/USD holds a bullish near-term bias as it extends above the 100-day simple moving average (SMA) and remains comfortably over the Bollinger Bands’ 20-day middle line, suggesting a well-supported uptrend structure. Price is now pressing the upper Bollinger band, while the Relative Strength Index (14) at 67.51 flirts with overbought territory, hinting that the latest advance is strong but increasingly stretched.

On the topside, immediate resistance is defined by the Bollinger upper band at $4,410, where a sustained break would open the way to further gains. On the downside, initial support is seen near the current area, with the 100-day SMA at $4,390 acting as the first meaningful floor, ahead of the Bollinger middle band at $4,140; a deeper pullback toward the lower band at $3,865 would only come into focus if the bullish structure starts to unwind.

(The technical analysis of this story was written with the help of an AI tool. Know more.)

Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.

Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.

Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.

The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.

Gold is back on the bids and looks to regain the $4,400 level in Wednesday’s Asian trading, having found buyers near the $4,350 region. All eyes remain on the high-impact US Consumer Price Index (CPI) data, which could determine if Gold stretches higher or corrects sharply.

Gold’s fate hinges on the US CPI inflation reportGold has regained its upside momentum, following a brief profit-taking pullback from the ten-week high of $4,435 reached on Tuesday.

Nothing appears to have changed in the fundamental backdrop as the deadlock between the United States (US) and Iran over the talks on the reopening of the Strait of Hormuz and the US and Yemen's Iran-aligned Houthis’ separate attacks on shipping continues to keep Oil prices and inflation concerns elevated.

However, that fails to deter Gold bulls, as they remain hopeful of another benign inflation report from the US, following the weak Nonfarm Payrolls print for July, which helped markets dial down expectations on a US Federal Reserve (Fed) interest rate hike in September.

At the press time, the odds of a September Fed rate hike stand at a coin-toss level, according to the CME Group’s FedWatch Tool, shifting the focus back to the US CPI data release, particularly the core inflation readings, as they are shielded from the war-driven energy swings.

The annual core CPI is seen rising by 2.5% in July, slowing from a 2.6% increase in June. Meanwhile, core CPI inflation is expected to climb to 0.2% month-over-month (MoM) in July, following a flat reading in June.

Gold faces two-way risks ahead of the US inflation showdown, with hotter-than-expected core CPI readings likely to ramp up bets on a September Fed rate hike, boosting the US Dollar (USD) and US Treasury bond yields at the expense of the non-yielding Gold.

On the other hand, softer core prints could provide fresh legs to the bullion’s uptrend, as the data would further reduce bets on Fed rate hikes this year and fuel a USD downtrend.

However, the geopolitical risk premium will continue to remain in play and could leave Gold’s initial reaction to the CPI release short-lived.

Gold holds firm as stagflation narrative supports CTA lengthAccording to TD Securities, “precious metals maintain a bid,” with the yellow metal “holding gains, and maintaining CTA length north of $4,400/oz, even as oil prices and rates continue to churn higher.” The firm notes that “recent price action continues to hint at a growing stagflationary theme in the gold market,” adding that while “inflation data and Fed pricing will remain keenly watched, a stronger-than-expected inflation print may be needed to shake the current narrative.”

Gold price technical analysis: Daily chart

In the daily chart, XAU/USD trades at $4,398.04. The metal holds a bullish near-term bias as the spot price remains above the 21-day, 50-day and 100-day simple moving averages (SMAs), with the latter providing nearby trend support around $4,388.40. The 200-day SMA at $4,500.55 looms as the next major upside barrier, while the Relative Strength Index (14) at 67.03 approaches overbought territory, hinting that the latest advance could be losing momentum as it nears that longer-term hurdle.

On the downside, immediate support is seen at the $4,398.04 area, followed closely by the 100-day SMA at $4,388.40, forming a shallow demand cluster before deeper support emerges at the 50-day SMA near $4,147.80 and the 21-day SMA around $4,133.91. On the topside, a decisive break above the 200-day SMA at $4,500.55 would open the door for a continuation of the broader bullish trend, while failure to clear this level would keep gold confined to a consolidative phase above its short- and medium-term averages.

(The technical analysis of this story was written with the help of an AI tool. Know more.)

Economic Indicator Consumer Price Index ex Food & Energy (MoM) Inflationary or deflationary tendencies are measured by periodically summing the prices of a basket of representative goods and services and presenting the data as the Consumer Price Index (CPI). CPI data is compiled on a monthly basis and released by the US Department of Labor Statistics. The MoM print compares the prices of goods in the reference month to the previous month.The CPI Ex Food & Energy excludes the so-called more volatile food and energy components to give a more accurate measurement of price pressures. Generally speaking, a high reading is seen as bullish for the US Dollar (USD), while a low reading is seen as bearish.

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The US Federal Reserve has a dual mandate of maintaining price stability and maximum employment. According to such mandate, inflation should be at around 2% YoY and has become the weakest pillar of the central bank’s directive ever since the world suffered a pandemic, which extends to these days. Price pressures keep rising amid supply-chain issues and bottlenecks, with the Consumer Price Index (CPI) hanging at multi-decade highs. The Fed has already taken measures to tame inflation and is expected to maintain an aggressive stance in the foreseeable future.

Inflation FAQs Inflation measures the rise in the price of a representative basket of goods and services. Headline inflation is usually expressed as a percentage change on a month-on-month (MoM) and year-on-year (YoY) basis. Core inflation excludes more volatile elements such as food and fuel which can fluctuate because of geopolitical and seasonal factors. Core inflation is the figure economists focus on and is the level targeted by central banks, which are mandated to keep inflation at a manageable level, usually around 2%.

The Consumer Price Index (CPI) measures the change in prices of a basket of goods and services over a period of time. It is usually expressed as a percentage change on a month-on-month (MoM) and year-on-year (YoY) basis. Core CPI is the figure targeted by central banks as it excludes volatile food and fuel inputs. When Core CPI rises above 2% it usually results in higher interest rates and vice versa when it falls below 2%. Since higher interest rates are positive for a currency, higher inflation usually results in a stronger currency. The opposite is true when inflation falls.

Although it may seem counter-intuitive, high inflation in a country pushes up the value of its currency and vice versa for lower inflation. This is because the central bank will normally raise interest rates to combat the higher inflation, which attract more global capital inflows from investors looking for a lucrative place to park their money.

Formerly, Gold was the asset investors turned to in times of high inflation because it preserved its value, and whilst investors will often still buy Gold for its safe-haven properties in times of extreme market turmoil, this is not the case most of the time. This is because when inflation is high, central banks will put up interest rates to combat it. Higher interest rates are negative for Gold because they increase the opportunity-cost of holding Gold vis-a-vis an interest-bearing asset or placing the money in a cash deposit account. On the flipside, lower inflation tends to be positive for Gold as it brings interest rates down, making the bright metal a more viable investment alternative.

Barrick Gold Corp. (TSX:ABX, NYSE:GOLD) shares fell 8% on Monday after the company reported second quarter results that showed strong year-over-year growth but came in below Wall Street estimates.

The company reported adjusted earnings of $0.82 per share for the quarter, below the $0.84 consensus estimate.

Revenue rose 44% year over year to $5.29 billion, although that was below forecasts of about $5.67 billion.

Barrick’s second-quarter gold production increased 11% from the first quarter to 796,000 ounces, exceeding its guidance range of 730,000 to 770,000 ounces. The company attributed the increase to an ahead-of-schedule ramp-up at Loulo-Gounkoto, a faster-than-expected recovery at Pueblo Viejo following planned maintenance and record underground tonnes at Cortez as Goldrush continued to ramp up.

Gold cost of sales was $1,993 per ounce, compared with $1,654 a year earlier, while all-in sustaining costs rose 11% year over year to $1,866 per ounce. Barrick attributed the higher costs in part to lower grades processed at several operations, higher fuel prices and increased royalties associated with higher realized gold prices.

Copper production fell 5% year over year to 56,000 tonnes. Copper cost of sales, C1 cash costs and all-in sustaining costs all increased from the prior-year period, with Barrick citing higher royalties and fuel prices.

For 2026, Barrick said it remains on track to meet its existing production and cost guidance. The company continues to expect gold production of 2.90 million to 3.25 million ounces for the year.

Gold cost of sales is forecast at $1,870 to $2,070 per ounce, while total cash costs are expected to range from $1,330 to $1,470 per ounce. All-in sustaining costs are projected at $1,760 to $1,950 per ounce. The guidance is based on an assumed gold price of $4,500 per ounce.

Barrick maintained its copper production guidance of 190,000 to 220,000 tonnes for the year. Copper cost of sales is expected at $3.05 to $3.35 per pound, with C1 cash costs of $2.20 to $2.45 per pound and all-in sustaining costs of $3.45 to $3.75 per pound. The copper guidance assumes a price of $5.50 per pound.

Barrick also reduced its 2026 total attributable capital expenditure guidance to $3.8 billion to $4.2 billion, from its previous range of $4 billion to $4.45 billion. The company said the reduction primarily reflects lower expected spending at the Reko Diq project.

“We delivered our third quarter in a row with excellent operational and financial performance,” Barrick CEO Mark Hill said in a statement. “We beat the top end of our gold production guidance and generated much higher earnings and cash flow than a year ago. We also advanced our growth pipeline, with good progress at Lumwana and Fourmile.”

Newmont deal The company also announced an agreement with Newmont that expands the Nevada Gold Mines joint venture and resolves outstanding disputes between the two companies. Under the agreement, Barrick will contribute Fourmile while Newmont will contribute the Mike and Fiberline properties, creating a Nevada complex with nearly 100 million ounces of gold, according to Barrick. Newmont will also make a $1.95 billion cash payment to Barrick.

The agreement includes Newmont's consent to Barrick's planned initial public offering of its North American gold assets. Barrick said the IPO remains on track for completion by the end of the year, with Hill set to lead the new company as CEO following the separation.

“We achieved an historic agreement with Newmont. Newmont has consented to the IPO and the parties have agreed to expand NGM with the early vend-in of our excluded properties, as well as settling all disputes,” Hill said.

“Through this agreement with our joint venture partner, we have substantially extended the asset base, and provided greater flexibility and value.”

Gold resumes advance on Friday after bulls paused previous day and hit new seven- high ($4371), on track for the biggest weekly gain since the third week of January.

Disappointing US July labor data on Friday contributed to fading expectations for Fed rate hike in September that further boosted demand for the yellow metal, although, markets await release of US inflation report for July (due next week) to get more details about the monetary policy near-term outlook.

Fresh gains broke through important barrier at $4304 (Fibo 38.2% of $4889/$3942 descend) with weekly close above this level to confirm bullish signal and further strengthen near-term structure.

Bulls cracked next barrier at $4358 (daily Ichimoku cloud top) although may take a breather here, due to stretched daily studies and partial profit-taking at the end of the week, before resuming towards targets at target at $4390 (100DMA); $4400 (round-figure) and $4416 (50% retracement).

Dips should be limited and ideally contained by broken Fibo 38.2% barrier, to keep bulls intact.

Res: 4358; 4371; 4390; 4416
Sup: 4304; 4230; 4204; 4175

Windsor Brokers Ltdhttp://www.windsorbrokers.com/

The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Gold (XAU/USD) resumes its bullish trend on Friday, after a brief consolidation on Thursday, to reach fresh three-week highs above $4,300, with bulls aiming for mid-June highs in the $4,380 area. The precious metal is on track for its strongest weekly performance since January, with a nearly 7% gain, although further appreciation is likely to depend on the outcome of July’s Nonfarm Payrolls (NFP) due later in the day.

The market consensus forecasts a net increase of 80K payrolls, from 57K in June, although analysts from some of the world’s major commercial banks are keeping a cautious view.

Deutsche Bank experts are anticipating a more modest improvement in today’s labour market report, with a “slight uptick in headline (+65k forecast vs. +57k previously). They note that such an outcome “would put the latest readings below the 3- and 6-month moving averages, consistent with the recent slowing in the weekly ADP reports,” underscoring a gradual cooling in hiring momentum rather than a sharp deterioration.

Technical Analysis: Gold confirms a trend shift

XAU/USD trades at $4,315.19, keeping a constructive near‑term bias after breaking the downward trendline resistance from April highs earlier this week. Relative Strength Index (RSI) studies highlight overstretched levels on intraday charts, although the daily chart shows room for further appreciation, at 67. The daily Moving Average Convergence Divergence (MACD) keeps trending higher, reinforcing the bullish view.

Above $4,300, the next hurdle lies at the June 15 and 17 highs in the mentioned $4,380 area. Further up, the late-May lows just ahead of $4,600 will come into focus. Supports are at Thursday's low of $4,223, ahead of the broken trendline, now around $4,050, and the July 31 and August 3 lows, around the $4,000 level.

(The technical analysis of this story was written with the help of an AI tool. Know more.)

Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.

Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.

Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.

The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.

OCBC’s Christopher Wong and Sim Moh Siong highlight a sharp rebound in Gold as easing Middle East tensions weighed on Oil and US Treasury yields, softening the US Dollar. Technical buying and short covering accelerated once resistance broke, while central bank demand from the Bank of Korea added support. Near-term momentum is mildly bullish, with key resistance at 4333 and 4393 and support at 4160 and 4077.

Gold breakout on softer yields"Gold rose sharply overnight as easing Middle East tensions drove oil prices lower while US Treasury yields and USD eased. Market expectations for Fed to hike in Sep has eased. About 55% probability priced (vs. 66% a week ago). The sharp move in gold accelerated after prices cleared recent resistance, triggering technical buying and short covering."

"Gold’s strength suggests investors are increasingly pricing a de-escalation of the US-Iran conflict, a normalisation of oil flows through the Strait of Hormuz, lower real interest rates and a softer USD."

"News that the Bank of Korea is preparing to purchase domestically produced gold for the first time in 13 years and that they had recently begun buying gold ETF may also have provided a modest sentiment boost, although the scale and timing of its purchases remain unclear."

"Near-term momentum has improved, with Friday’s upcoming US payrolls report now key to whether the decline in yields, USD and gold’s breakout can be sustained."

"Daily momentum is mild bullish while RSI rose to near overbought conditions. Resistance at 4333 (23.6% fibo retracement of 2026 high to low), 4393 (100 DMA). Support at 4160 (50 DMA), 4077 (21 DMA)."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)

Gold is extending the previous big breakout, briefly testing the $4,300 level for the first time in seven weeks in the Asian session on Thursday.  

Gold cheers Strait of Hormuz reopening hopesNothing seems to have changed fundamentally for Gold since a day ago, as hopes for the reopening of the Strait of Hormuz are coming to life after Iran said on Wednesday that it is close to finalizing a proposed framework for commercial shipping through the Strait with Omar, per The Guardian. 

The optimism around the reopening of the vital waterway in the Gulf eases supply disruption concerns and keeps Oil prices mired in three-week lows.

Weakening Oil prices alleviate inflation worries, prompting markets to scale back their bets on a US Federal Reserve (Fed) interest rate hike in September.

Markets are pricing in a roughly 55% chance that the Fed will raise rates in September, down from about 60% a day ago, according to the CME Group’s FedWatch Tool.

That’s exactly what is weighing on the US Dollar (USD), while boosting non-yielding assets such as Gold.

Earlier on, Fed's Daly delivered a moderately cautious message, with a FXS Speechtracker score of 5.4/10, slightly softer relative to the historical average of 5.6/10. Daly highlighted that tariffs had a clear impact on inflation but now show signs of fading, while technology investment is currently adding upward pressure, and supply shocks are seen as largely temporary with longer-run inflation expectations still well anchored but not to be taken for granted. The tone leans toward balanced risk management, supportive of holding rates steady while emphasizing data dependence and the evolving mix of supply-side forces.

The FXS Fed Sentiment Index fell by 2.23 points to 138.69, signaling a modest pullback in perceived hawkishness following the speech. Despite the decline, the index remains firmly in hawkish territory above 100, indicating that markets still see the Fed as biased toward tighter policy even as the tone cools slightly compared to recent communications.

Further, disappointing US ADP jobs and headline ISM Services PMI data continue to undermine the USD and Fed rate hike odds, keeping Gold price upside going strong.  

The ADP said on Wednesday that US private sector employment increased by 44,000 jobs in July, against a growth of 70,000 jobs expected.  Meanwhile, the ISM Services PMI came in at 54.1 in July, but missed the forecast of 54.5.

Looking ahead, all eyes will remain on the Middle East developments, especially after Israel launched attacks in southern Lebanon after accusing Hezbollah of violating the ceasefire.

The Mideast situation remains fragile also after Yemen’s ⁠Iran-aligned Houthi ​rebels said they targeted a Saudi oil tanker in the Red Sea as part of their naval blockade of Saudi Arabia.

If the Gulf conflict re-escalates, hampering the Strait of Hormuz reopening deal, Gold could see a steep correction toward the $4,150 demand area.

However, the daily technical setup suggests that more upside remains in the offing, as traders brace for Friday’s US Nonfarm Payrolls (NFP) release.

Gold price technical analysis: Daily chart

In the daily chart, XAU/USD trades at $4,274.80. The metal holds a bullish near-term bias as it trades above the 21-day and 50-day simple moving averages (SMAs) at $4,078.38 and $4,157.48, while the 100-day SMA at $4,393.96 and the 200-day SMA at $4,493.07 still loom overhead as medium-term caps. The Relative Strength Index (14) at 61.94 shows firm positive momentum, hinting that buyers retain control though conditions are edging toward overbought territory.

On the topside, initial resistance is located at the 100-day SMA near $4,394, followed by the 200-day SMA around $4,493, where a break would open the way for a stronger extension of the bullish trend. On the downside, immediate support is seen at the recent price pivot around $4,275, ahead of the 50-day SMA at $4,157 and the 21-day SMA near $4,078; a deeper slide could revisit the rising trend-line support drawn from $3,951, where buyers would be expected to re-emerge.

(The technical analysis of this story was written with the help of an AI tool. Know more.)

Gold positioning shifts as TD Securities flags renewed macro supportAccording to TD Securities, "macro headwinds being pushed out on the horizon, along with US-Iran deal hope, have put some major wind in the precious metals sails." Strategists at the bank note that, when "decomposing managed money gold positions," macro discretionary funds "have more than doubled their positions since June," acting as consistent dip buyers and "protecting the $4000/oz level." TD Securities adds that "the momentum generated from these cohorts' renewed appetite is now forcing CTAs to turn heavy buyers, exaggerating the move to the upside," as systematic accounts are drawn into the rally by the improving trend in positioning.

Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.

Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.

Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.

The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.

Weekly US Government Bonds 30-Year Yield The 30-year above 5.20% killed the rally before it had a second day. Gold pushed above $4,100 on Thursday’s dollar break and the long end did not flinch. By Friday the dollar had recovered and the $4,100 bid was gone. One session. That is what gold got out of the biggest Fed repricing in two months.

Payrolls Friday Settles What the Fed Left Open The July employment report at 13:30 GMT Friday is the number gold has been waiting for since Warsh refused to give the market guidance. He set this up so the data decides. Gold buyers need the number to come in soft enough to pull September odds lower and restart the dollar selling that lifted the metal above $4,100 last week. The dissenters already have the inflation argument. A firm jobs report with strong wages gives them the labor market too, and gold does not have a defense against both.

Tuesday’s JOLTS report is the early read before Friday’s main event. The week is about one question and the answer arrives in stages.

What to Watch Friday’s payrolls report decides whether the September rate trade tightens or loosens, and gold is going to follow the dollar’s reaction to the number. The Fed hold pulled hike odds down from 80% to 65% and the dollar broke lower on the repricing, but the long end did not cooperate and gold could not hold above $4,100. Tuesday’s JOLTS is the early signal. If it comes in soft, gold buyers get a head start pressing the dollar before Friday. If it comes in strong, the rate rebuild starts early and gold has to defend the week’s lows.

Gold has been straddling the 50% retracement level for weeks and the consolidation is building a base that either launches toward the 52-week moving average or breaks down toward the support below. Payrolls is the catalyst that picks the direction.

ING’s commodities team reports that Gold demand was steady in 2Q 2026, with total demand flat year-on-year at 1,269 tonnes as strong central bank purchases balanced weaker ETF demand. They note net ETF outflows amid higher inflation and rate expectations and a stronger Dollar, while revised data imply central bank Gold buying in 2026 will likely fall below 2025 levels.

Steady demand with softer 2026 outlook"According to the World Gold Council, total gold demand (including OTC transactions) was unchanged year-on-year at 1,269 tonnes in 2Q 2026, as strong central bank purchases offset weaker investor demand through gold exchange-traded funds (ETFs). Total demand reached 2,522 tonnes in the first half of the year, up 2% YoY."

"Gold ETFs recorded 45 tonnes of net outflows in the second quarter, reflecting growing inflation and interest rate expectations, along with a stronger US dollar."

"Central bank purchases increased 62% YoY to 289 tonnes in 2Q26, rebounding strongly from 1Q and remaining consistent with recent buying trends."

"However, revised data showed that central banks added only 57 tonnes in 1Q26, 187 tonnes below the April estimate, marking the weakest first-quarter demand in more than a decade."

"As a result, central bank gold purchases in 2026 are now expected to be lower than in 2025."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)

Higher real yields and a firmer US Dollar may keep gold prices under pressure, but analysts eye weakness towards $3,850–$4,000 as an opportunity to rebuild exposure. The Gold price in US Dollars (XAU/USD) traded around $4,031 an ounce on Wednesday, attempting a modest recovery after losing 1.2% in the previous session and falling for a second consecutive day.

The metal has spent much of July oscillating around $4,000, well below the record levels reached earlier this year. It remains marginally higher for the month, but has fallen sharply since March, when prices briefly traded above $5,400.

UBS says the correction reflects a more difficult macro backdrop rather than the collapse of the longer-term investment case.

“Stronger US data and rising real yields have sapped gold’s near-term momentum,” the bank said, adding that higher yields and a stronger Dollar have increased the opportunity cost of holding an asset that pays no income.

Expectations for Federal Reserve policy have shifted alongside the stronger data. Markets have moved from anticipating rate cuts to considering whether the Fed could tighten again, a change that has been particularly uncomfortable for gold.

UBS nevertheless describes the retreat as “more like a reset than a broken investment case”.

Investor demand for gold exchange-traded funds has softened from earlier peaks, but positioning suggests investors have not abandoned the market. UBS also expects the Fed to remain on hold through 2026 before cutting rates in 2027, a path that should eventually reduce pressure from real yields and the Dollar.

Structural demand remains central to the bank’s argument.

“Central bank demand, continued diversification away from the US dollar, and global debt concerns remain important structural supports,” UBS said.

Image: Gold price year-to-date chart showing the retreat from January’s record high above $5,500 towards the $4,000 area The latest Exchange Rates UK chart captures just how dramatic the year has been.

The price of gold surged from around $4,300 at the start of January to above $5,500 later that month, before enduring a volatile decline through the spring. After another rally towards $5,350 in early March, the market began a more persistent retreat, reaching the $4,000 region by June.

The recent price action has been less spectacular but no less important. Gold has repeatedly found buyers close to $4,000, although rebounds have struggled to develop into a sustained recovery.

RBC Capital Markets’ latest Gold Standard review offers some evidence that investors are returning at lower levels.

Gold rose 1% to $4,056 during the week covered by the report, while physical gold ETFs recorded inflows of 404,000 ounces. Total global ETF holdings stood near 97 million ounces, although they remained 2.3 million ounces lower than at the end of 2025.

The same review showed US ten-year real yields climbing 14 basis points to 2.43%, while the Dollar index rose 0.7%. Those are usually hostile conditions for bullion, yet gold still managed a weekly advance.

RBC’s correlation data underline the relationship: gold’s one-year correlation with US ten-year real yields was negative 0.43, while its correlation with the Dollar index was negative 0.46.

In other words, the usual headwinds are still working. They simply have not been powerful enough to drive investors out altogether.

Near-Term Gold Price Forecast: UBS Sees $3,850–$4,000 Pullbacks as Buying Opportunities UBS expects gold to end 2026 around $4,600 an ounce before rising to $5,200 by June 2027.

That forecast allows for further weakness first. The bank says pullbacks towards the $3,850–$4,000 range “should be seen as opportunities for under-allocated investors to add exposure, rather than a reason to abandon the position”.

It also continues to view gold as a strategic portfolio hedge, arguing that the metal can offer diversification during equity-market stress, geopolitical shocks, inflation surprises and periods of weakening confidence in fiat currencies.

The next test will come from US economic data and the Federal Reserve. Another rise in real yields or a more hawkish policy signal could push gold back towards the lower end of UBS’s buying range.

A softer run of data would change the mood quickly. With ETF flows turning positive again and prices already far below their early-year peak, the market may not need much encouragement to challenge $4,200.

UBS’s message is not that the correction is over. It is that investors waiting for a cleaner entry may already be getting one.

Commerzbank’s Carsten Fritsch and Thu Lan Nguyen note that the Gold price has dropped nearly 30% from its January record as higher real yields and hawkish Federal Reserve expectations weigh on the metal. The bank cuts its year-end Gold forecast to USD 4,500 per troy ounce, but still projects a move to USD 5,000 by end-2027 if Fed rates stay unchanged and later fall.

Forecast cut but recovery seen later"We are lowering our year-end gold price forecast to USD 4,500 per troy ounce (previously: USD 4,800). This reflects the significant fall in prices, which can be attributed to the Fed adopting a more hawkish stance than expected."

"Nevertheless, there is potential for the gold price to recover from its current level, as we consider current market expectations of Fed rate hikes to be excessive and anticipate that Fed interest rates will remain unchanged until the end of the year."

"In this scenario, the Fed would likely refrain from raising interest rates and might even cut its key interest rate from mid-2027 onwards, as the 2% target would then be reached in spring 2027. This provides scope for a further price increase next year to USD 5,000 per troy ounce by the end of 2027 (previous forecast: USD 5,200)."

"However, without a reversal in interest rate expectations, a lasting return of ETF investors and a recovery in the gold price are unlikely."

"As long as this remains the case, gold is unlikely to benefit disproportionately from increased demand for safe havens."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)

Gold was among the gainers at the start of the week, as the metal started trading on Monday with gap higher and advanced around 1.5% in Asian trading.

Softer rhetoric in geopolitical front, after US and Iran paused hostilities, opening way for potential diplomatic action, eased inflation concerns and deflated expectations for Fed rate hikes in coming months.

The action weakened the US dollar and provided fresh boost to gold price which probed again through $4100 barrier after the recent weakness found footstep above key $4000 support zone.

The price moved to the upper side of near-term $3950/$4200 range that boosts optimism, however, daily technical structure is improving but still fragile (the price needs to sustain gains above 20DMA ($4072 to keep slight bullish bias, underpinned north-heading 14-d momentum on track to break into positive territory).

In such scenario, $4200 upper breakpoint will remain exposed, with firm break here to generate initial reversal signal and formation of base.

Fundamentals need to remain in current mode (or improve further) to continue underpinning near-term action.

Initial support lays at $4072 (20DMA) followed by $4052 (10DMA) loss of which would hurt fresh bulls and risk retest of range floor.

Res: 4116; 4166; 4182; 4203.
Sup: 4072; 4052; 4021; 4000.

Gold price (XAU/USD) gains ground to around $4,080 during the early Asian session on Wednesday. The precious metal rebounds as safe-haven demand intensified globally after retreating to the $4,000 psychological level in the previous session. 

Renewed military tensions between the United States (US) and Iran have injected high volatility into commodities, prompting traders to rotate capital back into safe-haven yellow metal. Additionally, analysts said that the buying comes with the macro backdrop largely unchanged. “Today’s move looks more like dip-buying than a response to new headlines,” said Ewa Manthey, commodities strategist at ING. 

Traders continue to weigh escalations in the US-Iran war. The US Central Command (CENTCOM) has carried out its 11th consecutive night of strikes on Iran since US President Donald Trump declared the ceasefire “over,” while Tehran’s forces have struck US military assets across the Middle East and its Houthi allies have declared a maritime embargo against Saudi Arabia.

Markets will closely monitor Middle East tensions for signs that higher energy costs could stoke inflation, putting pressure on the Federal Reserve (Fed) to tighten policy. Swap traders see low odds of the Fed raising rates at its next meeting in July after softer US inflation data, although traders have fully priced in at least one hike by the end of the year.

Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government.

Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves.

Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal.

The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up.