July inflation landed exactly where the consensus had it, on all four lines of the release, and Gold responded by adding around 1% and holding fast near $4,400/ounce, trading at its highest since early June. A print that surprises nobody is not supposed to move a metal that far. This one did, because the composition underneath the headline handed a hawkish Federal Reserve (Fed) the cover to wait, and the rate market cut the odds of a September hike from a coin flip to a 38% tail inside the hour.
What the same curve says about October and December is the problem. The hike did not come off the calendar. It moved by one meeting, and Gold has repriced as though it were cancelled.
The print a hawkish Fed can look throughThe Consumer Price Index (CPI) rose 0.1% in July against a 0.1% consensus, after falling 0.4% in June, and 3.4% over the year against 3.4% expected, down from 3.5%. Core, stripping food and energy, rose 0.2% against 0.2% expected and 2.5% over the year against the same, down from 2.6% and the softest core reading since January. Four lines, four bullseyes.
The interesting part sits in the detail tables. Shelter rose 0.1% on the month and accounted for roughly two-thirds of the entire all-items increase, which is a very quiet way to build a headline. Energy fell 1.5% on the month with gasoline down 2.9%. Yet energy is still 14.7% higher over the year and gasoline 24.6% higher, and airline fares, the cleanest passthrough from jet fuel to the consumer basket, rose 2.2% on the month and 25.5% over the year.
Read those together and the war is sitting almost entirely in the headline index while the core keeps grinding lower. That is the single most convenient shape a conflict-driven inflation impulse can take for a central bank that does not want to tighten into a supply shock. It lets policy treat the barrel as relative prices rather than inflation, look through the energy line, and point at a 2.5% core as evidence that the underlying trend is intact.
Gold understood that immediately and correctly. The metal opened near $4,371, dipped to $4,362 ahead of the release, then ran to $4,441 after it and holds around $4,434. Buying a soft core print is the right trade on the day.
The hike moved by one meeting, not off the calendarHere is where the tape and the curve part company.
The September 16 meeting now prices at 61.86% for a hold in the current 3.50%-3.75% band against 38.14% for a quarter-point move. Two days ago, that same meeting was a coin flip. So far, so consistent with a metal rallying.
Run the curve forward and the picture inverts. The October 28 meeting carries 62.50% for the 3.75%-4.00% band, meaning the market is already better than three-in-five that the hike has happened by Halloween. By December 9, that band carries 95.28%, with a further 4.72% sitting above it. On the conditional distribution, the December tail is fatter still, 23.9% for two hikes and 3.9% for three.
That is not a market that has abandoned tightening. It is a market that has slid one hike five weeks to the right and left the destination almost exactly where it was. The terminal expectation is barely disturbed. What changed is the timing, and only the timing.
For a non-yielding asset, the distinction is close to everything. Gold funds itself against real rates, and a hike deferred by one meeting costs a holder roughly five weeks of carry differential. Five weeks of carry is worth a few dollars an ounce, not a hundred and fifty. The metal has taken a timing adjustment and priced it as a change of regime.
The chart has run ahead of the repricingThe mechanical picture makes the same case without needing a single rate probability.
Gold spent the summer beneath its 200-day exponential moving average and reclaimed it only in the past few sessions. That average sits near $4,290. The 50-day sits near $4,220, roughly $70 below the 200-day, which means the shorter average still trades under the longer one and the alignment that produced the June and July decline has not reversed. It has simply been jumped.
Price now trades about 3.4% above the 200-day and better than 5% above the 50-day, having travelled almost 12.7% from the July low near $3,941 in about three weeks. Daily Stoch RSI is above 81 and pressed into the overbought band. A market that reclaims a long moving average usually does it, backs and fills, and lets the shorter average catch up. This one has gone straight through and kept going.
None of that makes the direction wrong. Moving averages do not cap anything, and a genuine regime change ignores them for months at a time. It does mean the move has borrowed heavily from the future, on a rate repricing that turns out to be a deferral, at a momentum reading that historically precedes consolidation rather than acceleration.
Two dates decide itThe near-term test arrives quickly, and both legs of it land inside 48 hours.
Producer prices come Thursday, with the headline expected at 0.2% on the month and 4.9% over the year against 5.5%, and the core measure at 0.3% and 4.2% against 4.7%. A soft PPI corroborates the CPI, pushes the September odds lower still, and gives the current Gold level a fundamental leg it presently lacks. A firm one, particularly in the core, tells the market the July CPI was an energy artefact and pulls September back toward the coin flip it was on Monday. Two Fed speakers follow the print within half an hour, one of them among the three who dissented for a quarter point at the July meeting, which is the first chance anyone on the committee has to react to the disinflation in public.
Friday brings retail sales and the preliminary Michigan survey, where the one-year inflation expectation sits at 4.2% and the five-year at 3.3%. Consumer expectations running that far above target are the strongest argument the hawks have, and a further rise there would be the most direct threat to the September pause the market has just bought.
The framework from hereThe bias is for consolidation rather than continuation, and the levels are unusually clean.
$4,400 is the pivot in play, and holding it on a daily basis keeps the reclaim credible. Losing it turns attention to $4,300, which is effectively the 200-day and the line that decides whether the past three weeks were a regime change or an overshoot. Beneath that, $4,200 sits on the 50-day and is where the overbid thesis would be fully expressed. The July floor near $4,000 is the deeper reference and is not in play absent a hawkish PPI surprise.
To the upside, $4,500 is the level that matters, because it is where the June breakdown began and where trapped supply from that decline is likeliest to sit. A daily close above $4,500 invalidates the overbid reading outright and says the market is pricing something larger than a five-week deferral, most plausibly a view that the tightening cycle is over rather than paused.
Position for the gap between timing and destination. The tape has priced a September pause. The curve has priced an October or December hike at better than 95% by year-end. Both cannot be worth $4,434, and the reconciliation runs through Thursday's producer prices.
Gold price (XAU/USD) registers gains of over 1% on Wednesday as US inflation data aligns with estimates, easing the Federal Reserve’s (Fed) task of further tightening monetary policy. The Consumer Price Index (CPI) continues its downward trajectory. The XAU/USD trades above $4,400 after bouncing off daily lows of $4,362.
XAU/USD rallies after US inflation cools, easing September hike fearsBullion extended its gains as investors speculate that the Fed will not raise rates at its September meeting, following July’s report. On Tuesday, money markets priced in a 52% chance of a Fed rate hike at the next meeting. But the dip in inflation shifted the odds to 60% that the US central bank will keep rates steady, according to Prime Terminal data.
The Fed has a 73% chance of raising rates in December, with three inflation reports before the December 9 meeting.
July’s CPI came in at 3.5% YoY, down from 3.6%, while core CPI also edged lower from 2.6% to 2.5% YoY, as revealed by the US Bureau of Labour Statistics (BLS). Even though Oil prices rose nearly 24% in July, gasoline prices declined for the second straight month.
However, geopolitics continued to weigh on the economy, and if negotiations between the US and Iran failed to reach common ground to end the conflict, energy prices could jump again, threatening to halt the disinflation process in the US.
According to Al-Mayadeen, an Iranian political and security source said that the Strait of Hormuz remained closed and that Tehran hasn’t changed its policy.
US President Donald Trump posted on his Truth Social account that “The U.S.A. has total control over the Strait of Hormuz. I THINK WE WILL KEEP IT!” It's a belief that isn't backed up by the facts on the waterway. At the same time, CNN reported that US embassies in the Middle East would continue to work with reduced staff amid the Iran war.
On Thursday, traders' eyes will be on the release of the US Producer Price Index (PPI) for July and Initial Jobless Claims data. If the number of Americans filing for unemployment benefits rises, it could increase downside risks to the labour market, which could push the Unemployment Rate higher.
XAU/USD price forecast: Gold climbs back above $4,400, eyes on $4,500Gold price seems to be gaining traction as it clears the 100-day Simple Moving Average (SMA) at $4,388, potentially opening the door to further upside. Momentum as measured by the Relative Strength Index (RSI) shows that buyers are gaining traction. Hence, the path of least resistance is upward in the short term.
XAU/USD's first resistance would be the $4,450 psychological level. A breach of it will expose the 200-day SMA exactly at the psychological $4,500 mark. A daily close above the latter could pave the way to challenge the $5,000 milestone.
On the flip side, if Gold falls below the low of the day (LOD) at $4,362, it opens the door to a deeper pullback. The next support is $4,300, followed by the July 6 high at $4,202. If this level fails, the next support levels are the 50-day SMA at $4,150 and $4,100.
Gold daily chart 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.
Key Points:The mid-year correction is over: Gold, silver, platinum, and miners all formed major lows, setting the stage for the next leg of the precious metals bull market.The biggest gains may still be ahead: We expect much higher prices into 2030–2031, with the most explosive phase of the bull market likely to occur during its final 12 months.Miners are poised to take the lead: After lagging during the first half of the bull market, gold and silver miners are showing signs of a major shift, with new all-time highs potentially arriving well before the metals themselves.
In this article:Gold
+1.13%
Gold ForecastSilver
+1.67%
Silver ForecastGold Big Picture Another quick reminder of where I believe we are in the larger bull trend: the 2026 pullback is only the halfway point of a 10-year rally that should take gold well above $10,000 by the end of the decade. Just like in 2006, I expect the recent lows to hold throughout the remainder of the bull market. In other words, I believe we just saw a major bottom.
Gold Gold bottomed mid-year, almost exactly as forecasted, and the uptrend is now resuming. As I noted in mid-July, expect the uptrend to begin gradually, with periods of sideways churn along the way. Medium term, we see prices trading above $7,000 in the second half of next year, which should be very good for miners.
Silver Silver likely bottomed in mid-July, as forecasted, but I’ll feel more confident once we see price break decisively above the cycle downtrend line, which could take another week or two. We expect silver to make new all-time highs alongside gold next year, but the real fireworks likely won’t arrive until the final stage of the bull market, which we expect around 2030–2031.
Platinum Platinum turned higher after reaching our mid-year target and is now very close to confirming a major bottom. It too should reach new all-time highs next year, but its greatest gains may not arrive until the final 12 months of the bull market. That’s when we expect platinum to return to parity with gold.
GDX Miners look strong after forming a major bottom mid-year, as forecasted. During the first half of the bull market, miners lagged, but we believe that is now changing. We expect miners to make new all-time highs well ahead of gold. I’ll be monitoring the GDX-to-gold ratio for confirmation of this shift in leadership.
GDXJ Gold juniors surged more than 30% after forming a major bottom, almost exactly as forecasted. Prices are overbought in the near term, so a period of consolidation wouldn’t be surprising. Medium term, we expect prices to make new all-time highs well ahead of gold as miners finally begin to outperform.
SILJ Silver juniors have closed decisively above the cycle downtrend line, confirming a major bottom at $23.06. If I’m correct that miners are set to outperform going forward, prices should make new highs well ahead of silver.
GDX:GOLD Ratio If I’m right about miners outperforming, I’d expect to see the GDX-to-gold ratio decisively break above 0.022 in the coming months.
Bitcoin We have a little over two months remaining in the bear cycle before I expect a 4-year low, with mid-October as my best estimate. The final washout below $57,000 could take about a month, so I’d like to see the breakdown begin sometime between now and mid-September.
I believe Bitcoin needs to fall below $50,000 to truly flush out sentiment and complete the cycle, with a likely target around $40,000, give or take 5%.
In Closing While many well-known analysts were calling for new all-time highs in precious metals back in April, we cautioned members to expect a deeper correction into a mid-year low. Prices bottomed almost exactly as we laid out to subscribers, and the next major uptrend has now begun.
We expect much higher prices into 2030/2031, with the strongest gains likely to occur during the final 12 months of the bull market. Miners should outperform from here, and pullbacks should be considered opportunities. For more price predictions and daily market commentary, consider subscribing at www.GoldPredict.com.
Related Articles
Nasdaq Index: CoreWeave and Super Micro Drive Tech Stocks Higher After CPIUS Indices Price Analysis – US Indices Stable Ahead of CPIUS 10 Year, USDJPY, Platinum, and XLE – Price Action Heading into CPIAbout the Author
AG Thorson is a registered CMT and expert in technical analysis. He believes we are in the final stages of a global debt super-cycle that will begin to unravel in 2020.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Orbex Group Limited is the holding company of Orbex Global Limited, Orbex Limited is an affiliate with Orbex Global Limited. Orbex Global Limited is authorized and regulated by Mauritius Financial Services Commission “FSC” (View License). Orbex.com is owned by Orbex Group Limited and is operated by Orbex Global Limited with registered address: Ground Floor, The Catalyst, Silicon Avenue, 40 Cybercity, 72201 Ebène, Republic of Mauritius
Risk Warning: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange, you should carefully consider your investment objectives, level of experience, and risk appetite. There is a possibility that you may sustain a loss of some or all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts. Orbex Global does not offer its services to residents of certain jurisdictions such as Mauritius, USA, and North Korea.
The in-line US CPI data leaves no new catalysts for gold and the EUR/USD, leaving the previous fundamental influences intact. Current Setup The latest US CPI report did not deliver a major surprise for financial markets, with both the headline and core inflation prints meeting expectations. The consensus forecasts for the July US CPI had been for headline CPI to come in at 3.4% YoY (prior 3.5%), while the core CPI was expected at 2.5% year-on-year (prior 2.6%).
The in-line report means that there is no material need to change the current Federal Reserve policy narrative. Fed policymaker Beth Hammack had indicated on Monday that raising rates once would do nothing for the US economy, adding that any benefits from a hawkish tilt has to come from multiple rate hikes. With the US CPI not doing much to alter expectations, investors now have to focus on next month’s employment and inflation data, as well as the upcoming business activity indicators.
For both gold and the EUR/USD, the in-line prints mean that there is no material catalyst to cause a decisive USD repricing.
Gold: CPI removes the immediate inflation shock
Gold is up by 1.52% on the day, maintaining the week’s trajectory pre-CPI. With no pressure on US bond yields, gold will keep trading within the context of the geopolitical de-escalation narrative as the greenback keeps reeling from last week’s dismal NFP data.
Gold remains highly sensitive to:
US real yields Fed expectations US dollar direction Geopolitical risk Gold: Technical Outlook The bias on gold remains cautiously bullish. The CPI data leaves the yellow metal’s direction subject to US bond yields, geopolitics, and USD sentiment.
4452 remains the next upside target, and if this barrier is breached, a move towards the 4509 high of 4 June 2026 cannot be ruled out.
Fig 1: Gold chart (4-hr) showing key price levels post-CPI (snapshot: 12 August 2026) This upside move is only invalidated of the 4382 support is breached via profit-taking or a retracement. In this case, we will see support levels at 4314 (10 August low) and 4213 (22 June 2026 high) forming the next downside targets.
EUR/USD: no fresh catalyst after limited CPI surprise The pair traded around 1.15 just before the release of the CPI data, as traders sought for evidence that US inflation was cooling enough to warrant a more dovish Fed. The in-line result means there was no major catalyst either to the upside or downside, as there was nothing on which to make any changes to the Fed outlook.
That leaves the EUR/USD more sensitive to the following drivers:
Treasury-yield direction Fed/ECB communication Eurozone economic data ECB expectations Broader US Dollar sentiment The bias for EUR/USD remains constructive on the back of dollar weakness from last week’s dismal NFP, as well as a lack of safe-haven appeal as the Middle East geopolitical situation remains in de-escalation.
If the core inflation print came in much higher than expected, the markets would have repriced Fed expectations towards a more restrictive, hawkish end of the spectrum. This would have been deemed USD-positive.
But this was not the case.
Consequently, the Euro remains on course to consolidate its recent gains versus the greenback. But the lack of a downside surprise also means that the Euro would have to look elsewhere for a bullish catalyst. In the near term, the most likely source would be geopolitics and US bond yields.
EUR/USD Technical Outlook The ascending trendline remains the dynamic support for recent price action. A bounce from here will have to test and break past the 1.1577 (7 August high) and 1.1621 (15 June high) resistance levels to continue the uptrend towards the 1.1671 resistance formed by the 29 May 2026 high.
Fig 2: EUR/USD (4-hr chart) showing key price levels post-CPI (snapshot: 12 August 2026) On the flip side, a breakdown of the trendline makes the 1.1506 support (8 June/11 June lows) available as the next downside target. If this barrier is breached, the next downside target lies at 1.1462 the 3/14 July highs).
Good Day... And a Wonderful Wednesday to you! What the heck is going on with the dollar? It seemed that after it closed at the same level in the BBDXY as it did the previous day (1,203) that the currency traders had gone home already 3 days early... I guess, when I check the overnight markets, in a minute, something will have changed... My beloved Cardinals won last night VS the Phillies 2-0... The bullpen tried to give it away, but then they had a savior... My second favorite song by Chicago is playing to greet me this morning: Beginnings...
Well, I already told you the dollar didn't move yesterday and stayed steady Eddie with the BBDXY at 1,203... Gold couldn't help itself yesterday as the SPTs took a pound of flesh, and Gold ended the day down, $22. And Silver saw the same SPTs doing their thing pushing Silver down $1.04... Gold closed at $4,369, and Silver at $64.81
The price of Oil continued to rise as the war wages on... Oil was up $2 and change and ended the day at $82.91.... The 10-year Treasury saw its yield bump higher again and ended the day at 4.69% yield...
In the overnight markets last night.... there was some dollar selling overnight with the BBXY down 1 index point to start the day. The BBDXY is 1,202 and looking very shaky.. The STUPID CPI is getting ready to print and most folks that look at this all the time seem to think that we'll see the STUPID CPI soften in July... That would put the rate cut folks on notice and give some OOMPH to the dollar... We'll see, eh?
Gold/Silver are back on the rally horse this morning. Gold is up $45 and Silver is up $1.61... The metals traders are of a different opinion on the STUPID CPI... I always seemed to pin my flag to the Currency Traders...
The price of Oil bumped higher to trade with an $83 handle this morning, and the 10-year is seeing some more yield control by the Fed Heads, and this has brought the yield on the bond to 4.66%... why can't they just leave this bond alone to trade on its own devices? Well, I know why and so do you... The Fed Heads are attempting to keep rates in the ballpark so that the servicing costs (interest payments) don't go through the roof...
The Chinese Gold Association told us yesterday that Gold consumption rose 1.23% for the 1st half of this year. The association noted that the country's gold consumption patterns were in flux, as the combination of sharp price fluctuations and a new policy toward taxation on Gold kept Gold from really moving past its previous record for consumption.
I sure wish the Chinese would clean on just exactly how much Gold they hold... The Gold Co's listing for holding of Gold for the Chinese can't possibly be correct, and it's way too low.... I guess one day, when push comes to shove and the leaders of countries sit down and show what they own, then we'll know... But that's a few years from now, the U.S. is not near ready to admit that they're broke and need to sit down....
You know if you ran your household finances like the U.S. Gov't does, you would be in a small cell but grateful for 3 meals a day! Yes, the good news is that tax receipts are 3.576% higher YTD in 2026, the bad news is that have spent 3.74% more than we took in, resulting in a deficit of $1.79 Trillion YTD.
And in case you were wondering on January 8, 1835, President Andrew Jackson paid off the entire national debt, the only time the United States federal government has reported no national debt. So, it was done once.... of course, the total wasn't what it is now, but then we could have done something to curb the growth back in the early 2000's when the debt was only $7 Trillion... and to think, I was yelling from the rooftops then that this was crazy!
Moving on... you know, we're still in the dog days of
August/summer... and this year, we've seen more volatility in markets than we've ever seen previously.... And that scares me every morning when I sit down and look what to write about... The volatility is all over the board, stocks, bonds, currencies, metals, energy none have been spared....
The U.S. Data Cupboard has the STUPID CPI for July for our viewing pleasure this morning... And that' it... The Data Cupboard this week has left us wanting but the data just isn't there...
To recap... The dollar was stuck in the mud yesterday and only moved 1 index point overnight... China's Gold consumption is strong even with the very high Gold prices earlier this year... And there are conflicting thoughts on where the STUPID CPI will print today...
For What It's Worth... I saw this headline and read the artical and immediately thought it was FWIW worthy...
Here's your snippet: "The number of adults living with their parents hit a new record in 2025, with 25.2 million adults ages 25 to 35 residing with their parents. That's almost one in three young people who are still living at home.
Unfortunately, in some cases, these multigenerational living arrangements don't work out.
Let's pretend, for example, that Gabriella's son Juan has moved back in with her. He's 27 and works as an office manager, but he's refused to pay his share of the household bills. Gabriella is frustrated that Juan isn't contributing to expenses, and she's not sure if she should make Juan move out or how to handle the situation.
So, what should she do?
Understand the reasons for the non-payment.
The first thing Gabriella needs to do is to figure out why Juan isn't paying rent.
"What parents often forget is that the refusal to help out around the house or pay rent is usually just shame combined with some level of learned helplessness in a kid who may have held jobs before but never fully supported themselves," Hayley Caddes, cofounder of Not Therapy, a coaching company for neurodivergent and stuck 18- to 29-year-olds, told Moneywise."
Chuck Again... well, I used this to illustrate how businesses are not hiring, they're not firing either.... and that causes snagnation!
Market Prices 8/12/2026: American Style: A$ .7070, kiwi .5866, C$ .7177, euro 1.1542, sterling 1.3523, Swiss $1.2321, European Style: rand 16.1426, krone 9.4775, SEK 9.5299, forint 315.42, zloty 3.7292, koruna 21.0019, RUB 83.04, yen 159.09, sing 1.2790, HKD 7.8467, INR 95.33, China 6.7447, peso 17.06, BRL 5.1619, BBDXY 1,202, Dollar Index 99.81, Oil $83.61, 10-year 4.66%, Silver $66.48, Platinum $1,802.00, Palladium $1,426.00, Copper $6.68, and Gold.... $4,414.
That's It for Today... A nice win last night for my beloved Cardinals and keep their hope for the playoffs at fumes and vapors.... I told my two boys on Sunday that this would be a tough and telling series with the Phillies, and it has turned out just that.. I got 6.5 hours of uninterrupted sleep last night after not taking a nap yesterday, so maybe I can get back to a normal sleep pattern.... The Best Beach Boys son ever takes us to the finish line today: God Only Knows... I hope you have a Tom Terrific Tuesday today, and Please Be Good To Yourself!
What is the distribution of forecasts for the US CPI?What to expect from the US CPI report later today?Iran reportedly maintains that there are no discussions over ceasefire extension as the pact doesn't exist anymoreUSD/JPY stalls ahead of a key US CPI report; BoJ expected to raise rates in SeptemberBitcoin Forecast Today: Why BTC Is Struggling Below $64,000Fed policymaker Collins says would back September rate hike if data points to that directionGermany inflation confirmed to accelerate in July but core prices remain steadierItaly inflation eases just a touch in July, core price keep steady thoughMarkets:
USD flat, NZD lags on the dayWTI crude flat at $83.18Gold up 1.1% to $4,413European indices slightly higher; S&P 500 futures up 0.3%US 10-year yields down 2.4 bps to 4.66%Bitcoin up 0.8% to $64,188The countdown continues ahead of the main event for markets this week, that being the US CPI report for July.
We're less than an hour away now from that, so it is finally about time to see some action in markets after a more tentative setup in the past few days.
In European trading today, there was an early speculative report that the US and Iran would extend the supposed ceasefire deal from the end of June. But as we all know, that agreement has been broken since last month already and Iran was quick to reaffirm that by saying that there is nothing to extend when the pact "does not even exist".
WTI crude fell earlier to $82.50 but is now trading back flat on the day at around $83.18.
Besides that, there wasn't too much other action apart from precious metals climbing further today. Gold is up 1.1% to $4,413 and silver up $2.5% to $66.29 on the day. However, the next move all rides on the US inflation numbers - the same as it would be for broader markets.
The US dollar is not up to much, keeping little changed across the board. USD/JPY is down just 0.1% to 159.06 with traders not really taking the recovery bounce too far in wanting to test the 160 threshold.
Elsewhere, European indices are holding slightly higher alongside US futures while bond yields are down slightly on the day. Overall, the market mood is relatively tentative in waiting on the US CPI report to come.
Will we see any surprises to get markets going in the second half of the week? Or will it be a more benign report, thus forcing the wait to extend to Jackson Hole instead?
For years, the financial news space has been flooded with narratives of dollar doom, an incoming hyperinflation, and gold winning once the U.S. currency finally dies.
According to Brent Johnson, founder of Santiago Capital and author of the “Dollar Milkshake” thesis, that framing gets the world backward. Investors, he argues, should spend less time asking how the monetary system ought to work and more time studying how it actually does.
“Regardless of what our morals or what our wishes tell us the world should be, this is the way it is,” Johnson said. The global economy is still built around the dollar, not because the U.S. has pristine finances, but because every other major country has its own debt, demographic, political or market constraints.
That’s why Johnson rejects the idea that the dollar and gold are mortal enemies. In his framework, they can rise together — and a surging dollar may be more destabilizing than a weak one.
Gold Doesn’t Need a Dollar CollapseGold’s recent strength challenges a core assumption of the doom narrative: that bullion requires currency failure to rally. Since the global financial crisis, the dollar index has strengthened while gold has multiplied in price.
“You don’t have to hate the dollar, and you don’t have to think the dollar is going to collapse and you don’t have to think the United States is going to go into the Great Depression to own gold,” Johnson said.
Gold made headlines earlier this year when it overtook the Treasuries as the leading constituent of bank reserves. Johnson acknowledges deliberate diversification away from Treasuries, but argues the overlooked aspect is how much bullion appreciated while bond prices fell.
Even so, gold buying does not end dollar dependence. Johnson argues central banks accumulate bullion precisely so they can sell it in a crisis to obtain dollars — which helps explain why the two can rise together during liquidity squeezes, then diverge when holders dump appreciated gold to secure scarce dollars for oil, food and debt service.
The Strong Dollar ProblemA weak dollar, in Johnson’s telling, does not break the system; it extends it, fueling credit expansion and looser liquidity. The greater threat is strength.
“A strong dollar will do more to wreck the monetary system than a weak dollar,” he said, pointing out that the reason lies offshore.
“The rest of the world owes far more than 40 trillion. They don’t owe it to the United States. They owe it to each other. And it’s in dollars,” Johnson noted, citing Bank for International Settlements estimates of at least $80 trillion — possibly north of $100 trillion.
Those borrowers cannot print dollars. When the dollar rises against local currencies, servicing that debt grows costlier, triggering credit crunches, defaults and liquidity crises. That scarcity, he argues, also gives Washington geopolitical leverage, extending swap lines with strings attached — as he says played out with Argentina.
“The relative levels of fiat currency are probably the most important thing that nobody understands,” he added.
Disruption Trades Beyond GoldJohnson’s framework also points to less obvious opportunities, like agricultural commodities. He sees potential upside in corn, wheat, soybeans and soybean meal later this year or early next year, tied to possible delays in fertilizer, chemicals and other farm inputs caused by Middle Eastern tensions and Strait of Hormuz disruptions. Invesco DB Agriculture Fund (NYSE:DBA) is up 7.94% year-to-date.
A second overlooked pressure point is aviation maintenance, repair and overhaul. The Gulf is an important MRO hub for widebody cargo jets, and missed maintenance deadlines force regulatory groundings that cascade into fresh supply-chain snarls.
Image via Shutterstock
Read Next
Market News and Data brought to you by Benzinga APIs
HomeTechnical AnalysisIntraday Analysis 12.08.2026 Gold Pushes for $4500
USDCAD continues lower
The American dollar continued its journey lower as the sell-off shows no signs of stopping.
The pair is struggling to stay afloat at the 1.3900 zone as sellers pile on the pressure. Buyers attempted to get back into the game after a brief consolidation. Failure to hold the 1.4000 level has now become a firm resistance. 1.3970 is the first resistance, with 1.4080 the target higher.
NZDUSD(New Zealand dollar) spikes lower
The NZDUSD(New Zealand dollar) looks to break out of the recent consolidation.
A brief pullback after hitting 0.5900 gives hope for the greenback to turn around. The pair turns its attention towards the first support at 0.5850. A breach here could trigger a new round of liquidation towards 0.5780. 0.5900 remains the resistance to break as the RSI creeps lower. XAUUSD waiting for the next signal
Gold continues to grind higher to push for another fresh high after falling short at 4400.
The price is still in bullish mode after jumping over $300 since the start of the month. An overbought RSI could see a limited pullback, but all eyes are on a rally past 4400. A fall below the fresh support of 4320 would open the door to a move towards 4240.
Trading the forex market requires extensive research, and that’s what we do best
OPEN LIVE ACCOUNT
Market Strategist at Orbex David Kindley is a renowned fundamental analyst with over 10 years of trading experience in the financial markets. With a keen eye for macroeconomics and a special focus on trading psychology, David is passionate about helping everyday investors make informed trading decisions through his thorough research and analysis.
Whatever the inflation figures may be, the precious metal will come out on top. Japan and the US don’t want to give the yen’s fate to speculators. The US dollar continues to recover from the blow dealt by the labour market statistics. A rally in Treasury bond yields is driving the rise in the USD index amid tensions in the Middle East and a resurgence of expectations that the Fed will tighten monetary policy in September. The probability has risen to 50% after a dip to 43% following the US jobs report. The futures market still gives a 33% chance of more than one hike in 2026.
Investors are focusing on the release of US inflation data for July. Factors pointing to a slowdown include productivity outpacing labour costs, the waning impact of tariff effects, and lower oil prices than in May, when CPI indices peaked. Those who believe consumer price inflation will resume its upward trajectory point to geopolitical factors and massive investment in AI technology.
Market sentiment is divided, and gold stands to benefit. Whatever the inflation report may be, the precious metal is capable of capitalising on it. A slowdown in CPI will weaken the US dollar and reduce Treasury yields, benefiting the metal. Conversely, an acceleration in consumer price growth against the backdrop of a clear cooling of the US labour market would point to the development of stagflation. This is traditionally seen as a tailwind for gold.
As a result, there is a sense that the precious metal has overtaken the US dollar as the primary safe haven. It is strengthening in response to news of the escalating conflict in the Middle East more rapidly than the US currency is.
Gold also has support from investors’ flight to safety amid government intervention in the forex market. According to Eurizon Capital, coordinated currency intervention by the US and Japan suggests that USDJPY will not return to its 40-year highs in the coming years. Governments will not give in to speculators. The latter’s resistance is futile.
In fact, the wide interest-rate differential between the Fed and the Bank of Japan, coupled with Tokyo’s dependence on energy imports, is pushing USDJPY higher. As the pair approaches 160, the risks of further intervention increase.
The FxPro Analyst Team
FxProhttp://www.fxpro.co.uk/?ib=606792
FxPro is an award-winning online broker offering Contracts for Difference (CFDs) on forex, futures, spot indices, shares, spot metals and spot energies. FxPro serves clients in over 150 countries worldwide and offers multilingual customer support 24/5. Trading CFDs involves significant risk of loss.
Commodity markets have been unusually active over the past week, but the reasons behind the moves differ considerably from one market to another.
Copper is being driven largely by physical tightness and the movement of inventories into the United States. Gold has responded to weaker US labour-market data and changing expectations for Federal Reserve policy. Platinum continues to reflect a combination of precious-metal flows and a structurally tight physical market, while crude oil remains dominated by geopolitical risk and disruption around the Strait of Hormuz.
For traders, the important point is that these markets cannot be analysed through one common macro lens. Each commodity is responding to a different mix of supply, demand, monetary policy and geopolitical risk.
Copper: Tight supply is more important than strong growthCopper has remained exceptionally firm, trading around $6.65 per pound in the US and close to $14,400 per tonne on the London Metal Exchange.
COMEX copper reached a record closing price of $6.703 per pound on 5 August, but the strength in the market is not simply a story of accelerating global growth.
The more important development is the tightening physical market outside the United States.
More than 200,000 tonnes of copper arrived in the US during July, the largest monthly inflow in at least 12 years. US-based COMEX and LME warehouses have consequently accumulated more than 740,000 tonnes of copper.
By late July, CME warehouses alone held around 58% of visible global exchange inventories.
The reason is largely related to expectations surrounding possible US tariffs on refined copper. Traders have had an incentive to move metal into the United States before any change in tariff policy, effectively pulling available copper away from other parts of the world.
That geographical shift matters.
LME copper inventories fell from around 238,350 tonnes on 4 August to approximately 214,550 tonnes by 11 August. That is a fall of close to 10% in just one week.
The futures curve is also reinforcing the same message.
LME cash copper has been trading around $208 per tonne above the three-month contract. This is known as backwardation and is normally associated with tight immediate supply. Buyers are willing to pay more for copper today than for copper delivered several months from now.
Chinese exchange inventories have also fallen sharply from their March highs, although the demand picture in China is not entirely bullish. Manufacturing activity remains relatively soft, meaning the current copper strength is not being driven by a straightforward boom in Chinese industrial growth.
There are also continuing supply risks.
The Democratic Republic of Congo has introduced restrictions on exports of some copper concentrates, while production problems at major operations such as Grasberg remain part of the broader supply story.
Meanwhile, long-term demand remains supportive.
Electricity grids, electric vehicles, renewable energy infrastructure and the rapid expansion of AI data centres all require significant amounts of copper.
The overall picture is therefore unusual: global growth signals remain mixed, yet the physical copper market is tight.
For traders, that makes inventory levels, exchange spreads and the location of physical metal particularly important.
Gold: Weak US employment changes the rate storyGold has also had a strong week, but for very different reasons.
Spot gold is trading around $4,390 per ounce, compared with roughly $4,086 on 4 August. That represents a gain of more than 7% in just over a week.
The main catalyst has been a change in expectations for US monetary policy.
July's US employment report was significantly weaker than expected. Nonfarm payrolls were forecast to increase by around 80,000, but instead fell by 23,000.
May and June payroll figures were also revised down by a combined 103,000 jobs.
The unemployment rate remained relatively low at 4.1%, but the broader message from the report was that employment growth is losing momentum.
Markets responded by reducing expectations for another Federal Reserve rate increase.
Immediately after the jobs report, the probability of a September rate increase fell from around 57% to approximately 44%.
That matters enormously for gold.
Gold produces no yield, so when markets expect lower interest rates and lower bond yields, the opportunity cost of holding gold falls. A weaker US dollar can provide an additional tailwind because gold becomes cheaper for buyers using other currencies.
Geopolitical uncertainty has added another layer of support.
The continuing situation around Iran and the Strait of Hormuz has maintained demand for safe-haven assets, although the relationship is not entirely straightforward.
Higher geopolitical risk can support gold directly, but if the same risk drives oil prices significantly higher, it can also increase inflation expectations. If higher inflation forces the Federal Reserve to remain restrictive, Treasury yields could rise and create a headwind for gold.
Central-bank demand remains another important part of the picture.
China added around 20 tonnes of gold to its official reserves during July, while global gold-backed ETFs attracted roughly $3 billion of net inflows during the month. ETF holdings increased by approximately 23 tonnes.
This means investment demand is improving at the same time that central banks remain active buyers.
The next major psychological level is around $4,500 per ounce.
The broader gold story, however, remains centred on the Federal Reserve.
If US data continues to weaken without a corresponding acceleration in inflation, the environment remains supportive for gold. If inflation stays high enough to force further tightening, the market could become more vulnerable.
Platinum: A precious metal with an industrial supply problemPlatinum has been another strong performer, trading around $1,760 to $1,770 per ounce after gaining 7.1% in a single session on 4 August.
Platinum is more complicated than gold because it sits between the precious-metals and industrial-metals markets.
It can benefit from lower interest-rate expectations and a weaker dollar, but it is also heavily influenced by automotive demand, industrial activity and physical supply.
The physical market remains structurally tight.
Current forecasts suggest platinum demand of around 7.674 million ounces in 2026 against supply of approximately 7.377 million ounces.
That leaves an expected deficit of roughly 297,000 ounces.
If realised, this would mark the fourth consecutive annual platinum deficit.
Above-ground inventories are forecast to fall to around 1.747 million ounces by the end of the year, equivalent to less than three months of global demand.
That leaves the market relatively exposed to further supply disruption.
South Africa remains central to the platinum story, producing roughly 70% of global mine supply. This geographical concentration means any operational, labour or power-related disruption can have an outsized impact on the market.
Automotive demand remains one of platinum's most important demand sources.
Around 2.959 million ounces of demand is expected to come from the automotive sector this year. Hybrid vehicle production is forecast to rise by roughly 12%, which is important because hybrids still require catalytic converters.
Battery electric vehicles remain a longer-term risk because they do not use conventional exhaust systems and therefore do not require traditional autocatalysts.
Industrial demand is another supportive factor, with consumption forecast to increase by around 9%.
Jewellery is the weaker part of the picture. Global platinum jewellery demand is expected to decline by around 12%, with Chinese demand particularly soft.
Longer term, hydrogen technologies and potential AI-related PGM applications could create additional demand, although these areas should still be viewed as developing themes rather than dominant current drivers.
For now, the most important point is that platinum combines improving macro conditions with a physical market that remains in deficit.
That makes it very different from gold, where monetary policy dominates the discussion.
Crude Oil: Hormuz is driving the marketCrude oil is currently the most headline-sensitive of the major commodity markets.
WTI is trading around $84 per barrel, while Brent is close to $90.
The central issue is Iran and the Strait of Hormuz.
Roughly one-fifth of global petroleum flows normally pass through the Strait, making it one of the most strategically important shipping routes in the world.
WTI fell to around $75.77 on 4 August when markets became more optimistic that progress towards a US-Iran agreement could reduce regional tensions and restore more normal shipping conditions.
That optimism faded quickly.
As doubts over an agreement increased, oil recovered above $80 and WTI subsequently traded as high as approximately $84.60.
The physical disruption is significant.
Around 5.5 million barrels per day of Middle Eastern oil production was estimated to have been offline on average during July. That is more than 5% of global oil consumption.
Around 600,000 barrels per day of regional production could also remain offline through 2027, according to current projections.
This is why oil has been reacting so aggressively to every development surrounding Iran and Hormuz.
The market is not simply pricing political uncertainty. It is pricing whether crude can physically reach global consumers.
The US inventory picture provides an important bearish counterweight.
The latest official EIA data showed commercial crude inventories increasing by around 2.5 million barrels to approximately 407 million barrels.
Cushing inventories also rose by around 2.4 million barrels.
More recent preliminary API data indicated an even larger build of around 9.1 million barrels, although that figure should be treated as preliminary until confirmed by official government data.
Refined products tell a different story.
US distillate inventories are around 107.2 million barrels, close to a 30-year seasonal low. Tight diesel availability and refinery disruptions have therefore helped keep refined-product markets firm even while headline crude inventories have increased.
OPEC+ is another bearish consideration.
The group has agreed to an additional production adjustment of around 188,000 barrels per day from September.
In normal conditions, extra OPEC+ supply would place downward pressure on crude prices.
The problem today is that additional production does not fully resolve a logistics crisis. Producing more oil is of limited benefit if shipping routes remain heavily disrupted.
That is why geopolitical risk continues to outweigh some of the more conventional bearish supply signals.
The longer-term risk is demand destruction.
If oil prices remain elevated for long enough, higher fuel costs can weaken consumer demand, increase business costs and eventually slow economic activity. At that point, the same price increase caused by a supply shortage can begin to reduce demand.
Four commodities, four different storiesThe recent moves across commodities demonstrate why traders need to understand the underlying transmission mechanism rather than simply watching whether prices are rising or falling.
Copper is being driven by tightening physical availability, falling non-US inventories and structural demand from electrification and technology.
Gold is being driven by weaker US employment, changing Federal Reserve expectations, the dollar, central-bank buying and geopolitical risk.
Platinum is being supported by repeated market deficits, limited inventories and resilient industrial and automotive demand.
Crude oil is dominated by physical Middle Eastern supply disruption and the Strait of Hormuz, with rising US inventories and additional OPEC+ production acting as the main bearish counterweights.
The common lesson is that commodity markets rarely move for one reason alone.
The strongest trading opportunities often emerge when several drivers begin to point in the same direction. Equally, the greatest risks often appear when price momentum looks strong but the underlying fundamentals start to diverge.
For traders, the task is therefore not simply to ask whether a commodity is bullish or bearish.
The more useful question is:
What is driving the move, and is that driver getting stronger or weaker?
Gold prices rose in Philippines on Wednesday, according to data compiled by FXStreet.
The price for Gold stood at 8,670.10 Philippine Pesos (PHP) per gram, up compared with the PHP 8,607.13 it cost on Tuesday.
The price for Gold increased to PHP 101,126.10 per tola from PHP 100,391.80 per tola a day earlier.
Unit measure
Gold Price in PHP
1 Gram
8,670.10
10 Grams
86,700.75
Tola
101,126.10
Troy Ounce
269,670.00
FXStreet calculates Gold prices in Philippines by adapting international prices (USD/PHP) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.
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.
(An automation tool was used in creating this post.)
Gold prices rose in Saudi Arabia on Wednesday, according to data compiled by FXStreet.
The price for Gold stood at 531.34 Saudi Riyals (SAR) per gram, up compared with the SAR 527.37 it cost on Tuesday.
The price for Gold increased to SAR 6,197.29 per tola from SAR 6,151.13 per tola a day earlier.
Unit measure
Gold Price in SAR
1 Gram
531.34
10 Grams
5,313.32
Tola
6,197.29
Troy Ounce
16,526.76
FXStreet calculates Gold prices in Saudi Arabia by adapting international prices (USD/SAR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.
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.
(An automation tool was used in creating this post.)
Gold prices rose in United Arab Emirates on Wednesday, according to data compiled by FXStreet.
The price for Gold stood at 519.70 United Arab Emirates Dirhams (AED) per gram, up compared with the AED 515.82 it cost on Tuesday.
The price for Gold increased to AED 6,061.65 per tola from AED 6,016.47 per tola a day earlier.
Unit measure
Gold Price in AED
1 Gram
519.70
10 Grams
5,196.98
Tola
6,061.65
Troy Ounce
16,164.42
FXStreet calculates Gold prices in United Arab Emirates by adapting international prices (USD/AED) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.
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.
(An automation tool was used in creating this post.)
Gold prices rose in Pakistan on Wednesday, according to data compiled by FXStreet.
The price for Gold stood at 39,250.39 Pakistani Rupees (PKR) per gram, up compared with the PKR 38,973.66 it cost on Tuesday.
The price for Gold increased to PKR 457,791.20 per tola from PKR 454,581.10 per tola a day earlier.
Unit measure
Gold Price in PKR
1 Gram
39,250.39
10 Grams
392,497.70
Tola
457,791.20
Troy Ounce
1,220,827.00
FXStreet calculates Gold prices in Pakistan by adapting international prices (USD/PKR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.
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.
(An automation tool was used in creating this post.)
Gold prices rose in India on Wednesday, according to data compiled by FXStreet.
The price for Gold stood at 13,493.33 Indian Rupees (INR) per gram, up compared with the INR 13,402.99 it cost on Tuesday.
The price for Gold increased to INR 157,382.80 per tola from INR 156,329.80 per tola a day earlier.
Unit measure
Gold Price in INR
1 Gram
13,493.33
10 Grams
134,932.60
Tola
157,382.80
Troy Ounce
419,695.80
FXStreet calculates Gold prices in India by adapting international prices (USD/INR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.
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.
(An automation tool was used in creating this post.)
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.
Read more.
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.
, /PRNewswire/ -- Integra Resources Corp. ("Integra" or the "Company") (TSXV: ITR) (NYSE American: ITRG) is pleased to announce financial and operating results for the three months ended June 30, 2026 (the "second quarter" or "Q2 2026"). The Company will host a conference call to discuss second quarter 2026 results on Wednesday, August 12, 2026 at 10:00 AM Eastern Time / 7:00 AM Pacific Time.
(All amounts expressed in United States ("U.S.") dollars unless otherwise stated)
Second Quarter 2026 Highlights:
Mined 4.4 million tonnes of ore and 3.6 million tonnes of waste at a strip ratio of 0.81 at the Florida Canyon Mine (the "Florida Canyon Mine" or "Florida Canyon" or the "Mine") for Q2 2026. As a result, ore mining rates were 48,538 tonnes per day ("tpd") and total tonnes mined were 87,867 tpd, a record for the Mine. Gold production increased 30% quarter-over-quarter to 16,379 ounces, driven by record total material movement, supporting a stronger production profile that is expected to continue through the remainder of the year. In Q2 2026, Florida Canyon sold 15,794 gold ounces at an average realized price of $4,426 per gold ounce. Quarterly revenue of $70.8 million in Q2 2026, compared to revenue of $61.1 million in Q2 2025. Mine operating earnings of $23.4 million in Q2 2026 were comparable to $25.2 million in Q2 2025. Q2 2026 adjusted earnings(1) of $13.1 million, or $0.06 per share, was comparable to the $11.8 million, or $0.07 per share recorded in Q2 2025. Q2 2026 net earnings of $12.0 million, or $0.06 earnings per share was comparable to $10.6 million, or $0.06 in earnings per share recorded in Q2 2025. Cash costs(1) averaged $2,495 per gold ounce and mine-site all in sustaining costs(1) ("Mine-site AISC") averaged $3,371 per gold ounce in Q2 2026, both impacted by an increase in tonnes mined, stacked and processed to support production, lower gold ounces sold during the first quarter, increased royalties and excise taxes resulting from stronger-than-anticipated gold prices, and higher diesel fuel and explosive costs. Operating cash flow of $22.8 million increased from $16.3 million in Q2 2025, primarily driven by a $9.0 million decrease in cash used for working capital, largely driven by a build-up of payables, and partially offset by higher tax payments. Free cash flow(1) was $9.3 million, or $0.05 per share, for Q2 2026, a significant improvement from $2.1 million, or $0.01 per share in Q2 2025. Cash and cash equivalents of $111.1 million at June 30, 2026, an increase from $63.1 million at December 31, 2025 and benefitting from the $57.5 million bought deal public offering completed in the first quarter of 2026. The Company filed its updated Feasibility Study Technical Report (the "Technical Report") and Life of Mine Plan for Florida Canyon dated July 28, 2026, with an effective date of May 31, 2026. The Technical Report outlined a larger scale, longer-life mine with an 8-year mine life, a 74% increase in Proven and Probable Mineral Reserves, a 17% increase in average annual gold production, approximately $0.8 billion in after-tax free cash flow over the life-of-mine, and $601 million after-tax net present value (5%)("NPV")(1),(2),(3) The largest drill program in Company history is underway at Florida Canyon focused on expanding resources and reserves, extending mine life and testing high-priority near-mine and regional targets to support the operation's long-term resource growth. DeLamar entered the federal permitting process under the National Environmental Policy Act ("NEPA") in May 2026 and commenced state-of-good-repair programs on site, including test mining, crush optimization analysis, truck shop refurbishment and general site readiness to shorten the development timeline and reduce execution risk at DeLamar. The Company advanced the implementation of its partnership with the Shoshone-Paiute Tribes of the Duck Valley Reservation, including the grant of 517,103 common shares with an aggregate value of $1.5 million in recognition of the parties' collaborative efforts to advance the DeLamar Project. Continued engagement underway with additional stakeholders across Nevada, Idaho and Oregon, including local communities, civic and non-profit organizations and government officials. (1)
This is a non-GAAP financial measure, please refer to the "Non-GAAP Financial Measures" disclosure at the end of this news release and associated MD&A for a description and calculation of this measure.
(2)
Please see notes for Mineral Reserve Estimate on the Company's website at www.integraresources.com.
(3)
NPV discounted to January 1, 2026, and includes cash flows from January 1, 2026 to May 31, 2026. Base case gold prices: 2026 ($4,344/oz), 2027 ($4,414/oz), 2028 ($4,169/oz), 2029 ($3,824), 2030 to 2035 ($3,600/oz).
George Salamis, President, CEO and Director of Integra commented:
"Q2 2026 marked a significant improvement in gold production at Florida Canyon, with a 30% increase over the first quarter. The Company achieved record mining rates for a second consecutive quarter as new mining equipment was integrated into the existing fleet, allowing for increased material movement across the Mine. Approximately 4.2 million tonnes of ore were placed on the heap leach pads during the quarter, a 45% increase over the first quarter, creating a large inventory of recoverable gold ounces that is expected to support stronger gold production through the balance of the year. With ore stacking on the heap leach pad exceeding expectations, the Company is maintaining its full year production guidance of 70,000 to 75,000 ounces of gold."
"In July, the Company filed the updated Technical Report for Florida Canyon which demonstrates the significant transformation expected at the Mine moving forward. Through strategic investments to expand the mineral reserve base, modernize the mining fleet and integrate future heap leach expansions into the mine plan, we have developed a more stable, longer-life operation with higher annual production and lower long-term operating costs. This executable mine plan will provide a solid foundation for the Company, generating strong cash flow that can be used to advance DeLamar through permitting and development while progressing Nevada North through increasingly advanced economic studies. The operation continues to advance in accordance with the plan we established and the potential we envisaged when we acquired Florida Canyon in late 2024."
Financial and Operating Highlights
Unit abbreviations in tables: kt = thousand tonnes, g/t = grams per tonne, Au = gold, oz = troy ounce, $000s = thousands of U.S. dollars, $/sh = U.S. dollars per share, $/oz = U.S. dollars per gold ounce, $/oz sold = U.S. dollars per gold ounce sold.
Three months ended
June 30,
Six months ended
June 30,
Operating Highlights
Unit
2026
2025
2026
2025
Ore mined
kt
4,417
3,074
7,425
6,096
Waste mined
kt
3,579
2,966
7,480
4,765
Total Mined
kt
7,996
6,040
14,905
10,861
Crushed ore to pad
kt
1,824
1,882
3,609
3,646
Run of mine ore to pad
kt
2,332
1,275
3,406
2,474
Total placed
kt
4,156
3,157
7,015
6,120
Strip ratio
waste/ore
0.81
0.96
1.01
0.78
Ore mined/day
tpd
48,538
33,785
41,021
33,494
Total mined/day
tpd
87,867
66,382
82,350
60,004
Gold
Average grade
g/t
0.23
0.21
0.22
0.22
Recovery
%
57.8 %
60.5 %
58.5 %
60.4 %
Produced
oz
16,379
18,087
29,014
37,410
Sold
oz
15,794
18,194
28,312
37,734
Three months ended
June 30,
Six months ended
June 30,
Financial Highlights
Unit
2026
2025
2026
2025
Revenue
$ millions
70.8
61.1
132.5
$ 118.1
Cost of sales
$ millions
(47.4)
(35.9)
(84.3)
$ (77.4)
Mine operating earnings
$ millions
23.4
25.2
48.2
$ 40.7
Earnings for the period
$ millions
12.0
10.6
24.6
$ 11.6
Earnings per share (basic)
$/share
0.06
0.06
0.12
$ 0.07
Adjusted earnings for the period(1)
$ millions
13.1
11.8
26.0
$ 16.2
Adjusted earnings per share (basic)(1)
$/share
0.06
0.07
0.13
$ 0.10
Operating cash flow
$ millions
22.8
16.3
36.6
$ 32.0
Operating cash flow per share (basic)
$/share
0.11
0.10
0.18
$ 0.19
Free cash flow(1)
$ millions
9.3
2.1
12.3
$ 11.8
Free cash flow per share (basic)
$/share
0.05
0.01
0.06
$ 0.07
Cash costs(1)
$/oz sold
2,495
1,849
2,463
$ 1,936
Mine-site AISC(1)
$/oz sold
3,371
2,641
3,344
$ 2,486
(1)
Non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures" section of this news release.
Financial Position
June 30, 2026
December 31, 2025
Cash and cash equivalents
$ millions
$ 111.1
$ 63.1
Working capital(1)
$ millions
$ 146.5
$ 92.9
(1)
Non-GAAP financial measure. Refer to the "Non-GAAP Financial Measures" section of this news release.
Florida Canyon Mine
Mining
In Q2 2026, the Company mined 4.4 million tonnes of ore, up 44% from 3.1 million in Q2 2025, and 3.6 million tonnes of waste, up 21% from 3.0 millon in Q2 2025 at a strip ratio of 0.81, 16% lower than 0.96 in Q2 2025. As a result, mining rates averaged 87,867 tpd compared to 66,382 tpd in Q2 2025, representing a record rate of total material movement at the Mine. This mining rate was achieved this quarter due to the new mining equipment integrated into the fleet over the previous two quarters and shorter haul distances.
Production
In Q2 2026, the Company produced 16,379 ounces of gold, compared to 18,087 ounces in Q2 2025. The blending strategy developed in the first quarter of 2026 for N2 ore continues to leach as expected. The Company ramped up mining and heap leach stacking rates through the second quarter of this year and expects to meet its annual gold production guidance of 70,000 to 75,000 ounces.
Average gold process recoveries were 57.8% in Q2 2026 slightly less than the 60.5% recovery achieved in Q2 2025.
Sustaining and Non-sustaining Capital
The second quarter of 2026 continued to mark a capital-intensive period across the Company's portfolio of assets with several key activities during the quarter. These investments reflect a deliberate focus on de-risking the portfolio and positioning the Company for sustainable production growth.
During Q2 2026, the Company invested $13.5 million in sustaining capital, compared to $14.2 million in Q2 2025. Spending in the second quarter of 2026 reflects the Company's continued reinvestment strategy including new equipment leases, capital stripping, and mobile equipment refurbishments. The Company expects investments in sustaining capital expenditures to continue into the third quarter.
The Company also invested $0.8 million in Q2 2026, in non-sustaining growth capital, comparable to $0.8 million invested in the second quarter of 2025. This spending was primarily directed toward equipment leases for the expanded fleet, engineering and permitting work on Phase IIIC heap leach pad facility and growth-focused drilling programs at the Florida Canyon Mine discussed further in the Exploration section below.
These expenditures are in line with the Company's 2026 Revised Guidance.
Cash Costs and Mine-site AISC
Cash costs averaged $2,495 per ounce in Q2 2026 and Mine-site AISC averaged $3,371 per ounce in Q2 2026. These metrics were impacted by increased mined, stacked and processed tonnes to support production, lower gold ounces sold during the first quarter, increased royalties and excise taxes resulting from stronger-than-anticipated gold prices, and higher diesel fuel and explosive costs. See Guidance Section below for further details on the 2026 revised guidance.
Royalties and excise taxes, which constitute a material component of cash costs and Mine-site AISC, are directly impacted by fluctuations in the gold price. The Company's revised guidance assumed an average gold price of $4,200 per ounce, and a $100 per ounce change in the gold price results in an estimated $7 change to both cash costs and Mine-site AISC.
Florida Canyon Exploration
In Q2 2026, the Company completed 8,501 meters of drilling, totaling 17,055 meters year to date, of its 42,500 meter 2026 growth focused drilling program at Florida Canyon. The 2026 program continues on the success of the 2025 program focusing on four key areas: (1) Resource development at the Florida Canyon Mine Property; (2) underexplored extensions of Florida Canyon Gold mineralization exploration (3) Standard Mine area targets; and (4) green-field exploration targets. The program is specifically designed to support resource and reserve growth and extend mine life at Florida Canyon.
Program expenditures, included in sustaining and non-sustaining capital, totaled $2.3 million in Q2 2026 and $3.8 million in H1 2026.
Florida Canyon Technical Report
The Company released the highlights of an updated Technical Report on June 25, 2026. The Florida Canyon Technical Report highlighted a materially enhanced operation with an 8-year mine life, a 74% increase in Proven and Probable Mineral Reserve, a 17% increase in annual gold production, a $0.8 billion in after-tax free cash flow and a $601 million after-tax NPV. The results of the Florida Canyon 43-101 technical report were released in a press release "Florida Canyon Feasibility Study Delivers Substantial Increase in Mineral Reserve, Gold Production Over an 8-Year Mine Life and US$0.8 Billion in After-Tax Free Cash Flow" released June 25, 2026. The Technical Report was filed on July 30, 2026.
Development Projects
DeLamar capital and project expenses
In Q2 2026, the Company incurred $5.7 million in exploration and project expenses, largely for engineering and permitting work, and 712 meters of development drilling at the DeLamar Project. In addition, the Company invested $4.6 million in mineral property, plant, and equipment at DeLamar, including $2.2 million for permitting and engineering activities, and $2.0 million in de-risking activities, of which $1.7 million was for securing equipment.
DeLamar permitting
Integra's 2025 DeLamar Project Mine Plan of Operations ("MPO") Version 4.3 was submitted to the BLM on May 1, 2026. The MPO Version 4.3 is the project proposed action and will serve as the basis for BLM's environmental review of the DeLamar Project under NEPA. The BLM's NEPA process initiated with the publishing of the Notice of Intent on May 29, 2026, initiating a 30-day public scoping process to identify environmental concerns (issues) associated with project implementation. Environmental effects analysis of the DeLamar Project and a no action alternative will be issued in an Environmental Impact Statement ("EIS") and accompanying record of decision, anticipated in H2 2027. In the EIS, the BLM will identify a preferred alternative and any required mitigation measures required for the DeLamar Project implementation. Following the NEPA process, a final revised MPO will be prepared that incorporates the preferred alternative and any identified mitigation measures. Once all applicable federal, state and local permits are obtained, the DeLamar Project will commence construction.
The DeLamar Project was selected for inclusion in the U.S. Federal Permitting Improvement Steering Council FAST-41 transparency projects program January 13, 2026. The FAST-41 transparency project program is a federal permitting framework designed to streamline environmental reviews, improve interagency coordination, and increase transparency. Agencies must develop and maintain a coordinated, project-specific timetable for all required environmental review and permitting actions. Integra will be designated a dedicated project advisor from the Permitting Council, who will monitor the advancement of the project and support active engagement and coordination across multiple regulatory agencies. The Permitting Council provides high-level oversight to ensure that federal agencies adhere to established timetables. The DeLamar Project's permitting timeline posted to the FAST-41 project dashboard highlights an accelerated 15 month NEPA schedule from start to finish.
The Company completed its feasibility study for the DeLamar Project with an effective date December 8, 2025. The feasibility study for DeLamar confirmed robust economics for a low-cost, large-scale, conventional open pit oxide heap leach operation, with competitive operating costs and a high rate of return. The feasibility study outlines total production of 1.1 million ounces of gold equivalent ("AuEq") over a 10-year operating mine life (plus two years of residual leaching), resulting in an average annual production profile of 106,000 ounces AuEq per annum at a co-product Mine-site AISC of $1,480 per ounce ("/oz") AuEq. Initial capital cost are $389 million, including $38 million of owners' cost, and sustaining capital of $305 million over the mine life. The DeLamar Project generates an after-tax NPV of approximately $774 million with an after-tax internal rate of return ("IRR") of 46% at base case gold and silver prices of $3,000/oz and $35/oz, respectively. After-tax NPV improves to approximately $1.9 billion and after-tax IRR to 97% using recent gold and silver prices of $4,500/oz and $65/oz, respectively.
2026 Revised Guidance and Outlook
The Company revised its 2026 Mine-site AISC guidance at Florida Canyon on June 25, 2026. The adjustment to Mine-site AISC is primarily attributed to an increase in the tonnes, mined, stacked and processed to support production, lower gold ounces sold during H1 2026, increased royalties and excise taxes resulting from stronger-than-anticipated gold prices, and higher diesel fuel and explosive costs.
The Company is also revising its 2026 total cash costs per ounce guidance to reflect the cost drivers impacting Mine-site AISC, and its 2026 non-sustaining capital expenditures guidance to reflect improvements included in the Technical Report including advancing heap leach pad construction which was originally planned for future years.
Unit abbreviations: oz = troy ounce, $/oz sold = U.S. dollars per gold ounce sold, $m = million of U.S. dollars
(2)
This is a non-GAAP financial measure, please refer to the "Non-GAAP Financial Measures" disclosure at the end of this news release and associated MD&A for a description and calculation of this measure. Calculation revised using an assumed average gold price of $4,200 per ounce; a $100 per ounce change in the gold price is estimated to result in an approximately $7 change in each metric.
Selected Q2 Financial Results
Revenue
In Q2 2026 the Company sold 15,794 ounces of gold at average realized prices of $4,426 per ounce of gold generating revenue of $70.8 million, compared to 18,194 ounces at average realized prices of $3,332 per ounce in Q2 2025, resulting in revenues of $61.1 million.
Net Earnings
During the three months ended June 30, 2026, net earnings were $12.0 million comparable to net earnings of $10.6 million for the same period in 2025. The net earnings in Q2 2026 largely resulted from strong mine operating earnings supported by strong average realized gold prices.
Q2 2026 adjusted earnings of $13.1 million, or $0.06 per share, was comparable to adjusted earnings of $11.8 million or $0.07 per share in Q2 2025.
Cash Flow
Cash flows provided by operations in Q2 2026 totaled $22.8 million, an increase of $6.5 million compared to the $16.3 million generated in Q2 2025. The primary driver of this increase is related to a $9.0 million increase in cash generated from working capital, largely driven by a build-up of payables, partially offset by $4.7 million in increased income taxes paid during the quarter.
During the second quarter, the Company made payments of $18.9 million for mineral properties, plant and equipment, and leases. This increased from payments of $15.2 million for mineral property, plant and equipment, and leases made in Q2 2025, which were related to sustaining capital expenditures at Florida Canyon.
Q2 2026 free cash flow generated of $9.3 million, or $0.05 per share, a significant improvement from the $2.1 million, or $0.01 per share, generated in Q2 2025.
Financial Position
As at June 30, 2026, the Company had a cash and cash equivalent balance of $111.1 million, an increase of $48.0 million from $63.1 million at December 31, 2025.
The Company's working capital was $146.5 million on June 30, 2026, reflecting a $53.6 million increase from December 31, 2025. This improvement was largely attributable to a $48.0 million increase in cash, benefiting from the $57.5 million bought deal public offering.
Health, Safety and Environment
Integra experienced zero fatalities and one lost time injury in Q2 2026. Three MSHA-reportable injuries occurred at Florida Canyon in Q2 2026. The 2026, year-to-date total reportable incident frequency rate ("TRIFR") at Florida Canyon was 1.6 compared to 2.3 for H1 2025.
Integra experienced one quarterly reportable spill (one year-to-date), zero immediately reportable spills (zero year-to-date) and one minor reportable permit noncompliances for the quarter (three year-to-date), all at Florida Canyon.
Financial Statements
Integra's consolidated financial statements and management's discussion and analysis as at and for the three and six months ended June 30, 2026, are available on the Company's website at www.integraresources.com, and under the Company's profiles on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov. Hard copies of the financial statements are available free of charge upon written request to [email protected].
Q2 2026 Conference Call and Webcast Details
The Company will host a conference call and webcast on Wednesday, August 12, 2026 at 10:00 AM Eastern Time / 7:00 AM Pacific Time to review its financial and operating results for the second quarter of 2026. Details for the conference call and webcast are included below.
Integra is a growing precious metals producer in the Great Basin of the Western United States. Integra is focused on demonstrating profitability and operational excellence at its principal operating asset, the Florida Canyon Mine, located in Nevada. In addition, Integra is committed to advancing its flagship development-stage heap leach projects: the past producing DeLamar Project located in southwestern Idaho and the Nevada North Project located in western Nevada. Integra creates sustainable value for shareholders, stakeholders, and local communities through successful mining operations, efficient project development, disciplined capital allocation, and strategic M&A, while upholding the highest industry standards for environmental, social, and governance practices.
ON BEHALF OF THE BOARD OF DIRECTORS
George Salamis
President, CEO and Director
CONTACT INFORMATION
Corporate Inquiries: [email protected]
Company website: www.integraresources.com
Office phone: +1 (604) 416-0576
Qualified Person
The scientific and technical information contained in this news release has been reviewed and approved by James Frost, P.Eng., Director, Technical Services of Integra, who is a "Qualified Person" as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101")
Non-GAAP Financial Measures
Management believes that the following non-GAAP financial measures will enable certain investors to better evaluate the Company's performance, liquidity, and ability to generate cash flow. These measures do not have any standardized definition under IFRS, and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with IFRS. Other companies may calculate these measures differently.
Average realized gold price
Average realized gold price per ounce is calculated by dividing the Company's gross revenue from gold sales for the relevant period by the gold ounces sold, respectively. The Company believes the measure is useful in understanding the gold prices realized by the Company throughout the period. The following table reconciles revenue and gold sold during the period with average realized prices:
Three months ended
June 30,
Six months ended
June 30,
2026
2025
2026
2025
Gold revenue
$ 69,898
$ 60,620
$ 130,655
$ 117,050
Gold ounces sold during the period
15,794
18,194
28,312
37,734
Average realized gold price (per oz sold)
$ 4,426
$ 3,332
$ 4,615
$ 3,102
Capital expenditures
Capital expenditures are classified into sustaining capital expenditures or non-sustaining capital expenditures depending on the nature of the expenditure. Sustaining capital expenditures are those required to support current production levels. Non-sustaining capital expenditures represent the capital spending at new projects and major, discrete projects at existing operations intended to increase production or extend mine life. Management believes this to be a useful indicator of the purpose of capital expenditures and this distinction is an input into the calculation of AISC.
The following table reconciles payments for mineral properties, plant and equipment, and equipment leases to sustaining and non-sustaining capital expenditures:
Three months ended
June 30,
Six months ended
June 30,
2026
2025
2026
2025
Payments for mineral properties, plant and equipment
$ 10,880
$ 13,004
$ 19,856
$ 16,789
Payments for equipment leases
3,399
2,007
6,991
4,241
Total capital expenditures
14,279
15,011
26,847
21,030
Less: Non-sustaining capital expenditures
(811)
(817)
(2,599)
(817)
Sustaining capital expenditures
$ 13,468
$ 14,194
$ 24,248
$ 20,213
Free cash flow
Free cash flow, a non-GAAP financial metric, subtracts sustaining capital expenditures from net cash provided by operating activities, serving as a valuable indicator of our capacity to generate cash from operations post-sustaining capital investments. The following table reconciles this non-GAAP financial measure to the most directly comparable IFRS Accounting Standard measure:
Three months ended
June 30,
Six months ended
June 30,
2026
2025
2026
2025
Operating cash flow
$ 22,798
$ 16,305
$ 36,596
$ 32,037
Less: sustaining capital expenditures
(13,468)
(14,194)
(24,248)
(20,213)
Free cash flow
$ 9,330
$ 2,111
$ 12,348
$ 11,824
Free cash flow per share (basic)
$ 0.05
$ 0.01
$ 0.06
$ 0.07
Weighted average shares outstanding (basic)
202,481
168,930
198,169
168,820
Working capital
Working capital is calculated as current assets less current liabilities. The Company uses this measure to assess its operational efficiency and short-term financial position.
Operating margin
Operating margin is calculated as mine operating earnings divided by revenue. The Company uses Operating Margin as a measure of the Company's profitability. The following table reconciles this non-GAAP financial measure to the most directly comparable IFRS Accounting Standard measure:
Three months ended
June 30,
Six months ended
June 30,
2026
2025
2026
2025
Revenue
$ 70,797
$ 61,072
$ 132,521
$ 118,097
Mine operating earnings
23,367
25,210
48,218
40,694
Operating margin
33 %
41 %
36 %
34 %
Operating cash flow before change in working capital
The Company uses operating cash flow before change in working capital to determine the Company's ability to generate cash flow from operations, and it is calculated by adding back the change in working capital to operating cash flow as reported in the consolidated statements of cash flows.
Three months ended
June 30,
Six months ended
June 30,
2026
2025
2026
2025
Operating cash flow
$ 22,798
$ 16,305
$ 36,596
$ 32,037
Change in working capital
(5,296)
3,682
3,331
250
Operating cash flow before change in working capital
$ 17,502
$ 19,987
$ 39,927
$ 32,287
Operating cash flow per share (basic)
$ 0.11
$ 0.10
$ 0.18
$ 0.19
Operating cash flow before change in working capital per share (basic)
$ 0.09
$ 0.12
$ 0.20
$ 0.19
Weighted average shares outstanding (basic)
202,481
168,930
198,169
168,820
Cash costs
Cash costs are a non-GAAP financial metric which includes production costs, and government royalties. Management uses this measure to monitor the performance of its mining operation and ability to generate positive cash flow on a site basis.
AISC
All-in sustaining costs, a non-GAAP financial measure, starts with cash costs and includes general and administrative costs, reclamation accretion expense and sustaining capital expenditures. Management uses this measure to monitor the performance of its mining operation and ability to generate positive cash flow on an overall company basis.
Cash costs and AISC are calculated as follows:
Three months ended
June 30,
Six months ended
June 30,
2026
2025
2026
2025
Production costs
$ 35,751
$ 28,299
$ 63,045
$ 62,781
Royalties and excise taxes
4,492
4,185
8,391
7,917
Fair value adjustment to production costs on sale of acquired inventories (1)
67
1,615
161
3,385
Less: Silver revenue
(899)
(452)
(1,866)
(1,047)
Total cash costs
39,411
33,647
69,731
73,036
Reclamation accretion expense
358
210
691
567
Sustaining capital expenditures
13,468
14,194
24,248
20,213
Mine-site AISC
$ 53,237
$ 48,051
$ 94,670
$ 93,816
General and administrative expenses
1,485
1,862
4,449
3,536
Share-based compensation
956
610
1,325
961
Total AISC
$ 55,678
$ 50,523
$ 100,444
$ 98,313
Gold ounces sold (oz)
15,794
18,194
28,312
37,734
Cash costs (per Au sold)
$ 2,495
$ 1,849
$ 2,463
$ 1,936
Mine-site AISC (per Au sold)
$ 3,371
$ 2,641
$ 3,344
$ 2,486
AISC (per Au sold)
$ 3,525
$ 2,777
$ 3,548
$ 2,605
(1)
This non-cash adjustment to production costs for the three and six months ended June 30, 2026, results from the fair value adjustment to inventories recognized upon the acquisition of the Florida Canyon Mine.
Adjusted earnings
Adjusted earnings and adjusted basic earnings per share (collectively, "Adjusted Earnings") are presented to remove items that are unrelated to ongoing operations. These metrics do not have a standardized definition under IFRS Accounting Standards and should not be considered as a substitute for results prepared in accordance with IFRS Accounting Standards. Other companies may calculate Adjusted Earnings differently. Adjusted Earnings excludes the tax-effected impact of transaction and integration costs, unrealized gains and losses on foreign currency derivative contracts, gains or losses from the disposal of mineral properties, plant and equipment, and deferred taxes.
Three months ended
June 30,
Six months ended
June 30,
2026
2025
2026
2025
Net earnings
$ 12,002
$ 10,642
$ 24,551
$ 11,625
Increase (decrease) due to:
Transaction and integration costs
—
36
—
2,131
Fair value adjustment to production costs on sale of acquired inventories (1)
(67)
(1,615)
(161)
(3,385)
Unrealized (gains) losses on derivatives
(1)
1,888
(476)
4,971
(Gain) loss on disposal of mineral properties, plant and equipment
(780)
15
(469)
51
Current tax effect from adjusting items
(211)
—
(127)
—
Deferred tax expense
2,122
806
2,638
813
Adjusted earnings
$ 13,065
$ 11,772
$ 25,956
16,206
Weighted average shares outstanding (in 000's) Basic
202,481
168,930
198,169
168,820
Adjusted basic earnings per share
$ 0.06
$ 0.07
$ 0.13
$ 0.10
(1)
This non-cash adjustment to production costs for the three and six months ended June 30, 2026 and June 30, 2025, results from the fair value adjustment to inventories recognized upon the acquisition of the Florida Canyon Mine.
Forward-looking Statements
Certain information set forth in this news release contains "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable Canadian and United States securities legislation. Forward-looking statements are included to provide information about management's current expectations and plans that allows investors and others to get a better understanding of the Company's operating environment, business operations and financial performance and condition. Forward-looking statements relate, but are not limited, to: the planned exploration, development and mining activities and expenditures of the Company, including estimated production, cash costs, all-in sustaining costs and capital expenditures; the estimation, realization and growth of mineral resource and reserve estimates; the development, operational and economic results of economic studies on the Company's projects; magnitude or quality of mineral deposits; anticipated advancement, timing and results of permitting for the Company's projects; benefits of non-GAAP measures; anticipated advancement of the Company's projects and future exploration prospects; the future price of metals; government regulation of mining operations; environmental risks; relationships with local communities; and future growth potential of the Company's projects. Forward-looking statements are often identified by the use of words such as "may", "will", "could", "would", "anticipate", 'believe", "expect", "intend", "potential", "estimate", "budget", "scheduled", "plans", "planned", "forecasts", "goals" and similar expressions.
Forward-looking statements are based on a number of factors and assumptions made by management and considered reasonable at the time such statement was made. Assumptions and factors include: the Company's abilities to complete its planned exploration and development programs; the absence of adverse conditions at the Company's projects; no unforeseen operational delays; no material delays in obtaining necessary permits; results of independent engineer technical reviews; the possibility of cost overruns and unanticipated costs and expenses; the price of gold remaining at levels that continue to render the Company's projects economic, as applicable; the Company's ability to continue raising necessary capital to finance operations; and the ability to realize on the mineral resource and reserve estimates. Forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause actual performance and financial results in future periods to differ materially from any projections of future performance or result expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to: general business, economic and competitive uncertainties; the actual results of current and future exploration activities; conclusions of economic evaluations; meeting various expected cost estimates; changes in project parameters and/or economic assessments as plans continue to be refined; future prices of metals; possible variations of mineral grade or recovery rates; the risk that actual costs may exceed estimated costs; geological, mining and exploration technical problems; failure of plant, equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing; risks related to local communities; the speculative nature of mineral exploration and development (including the risks of obtaining necessary licenses, permits and approvals from government authorities); title to properties; and other factors beyond the Company's control and as well as those factors included herein and elsewhere in the Company's disclosure. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. This list in not exhaustive of the factors that may affect any of the Company's forward-looking statements. Although the Company believes its expectations are based on reasonable assumptions and have attempted to identify important factors that could cause actions, events or results to differ materially from those described in the forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Readers are advised to study and consider risk factors disclosed in the Company's Annual Information Form dated March 24, 2026 for the fiscal year ended December 31, 2025, which is available on the SEDAR+ issuer profile for the Company at www.sedarplus.ca and on the EDGAR issuer profile for the Company at www.sec.gov.
Investors are cautioned not to put undue reliance on forward-looking statements. The forward looking-statements contained herein are made as of the date of this MD&A and, accordingly, are subject to change after such date. The Company disclaims any intent or obligation to update publicly or otherwise revise any forward-looking statements or the foregoing list of assumptions or factors, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
Cautionary Note for U.S. Investors Concerning Mineral Resources and Reserves
NI 43-101 is a rule of the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Technical disclosure contained in this news release has been prepared in accordance with NI 43-101 and the Canadian Institute of Mining, Metallurgy and Petroleum Classification System. These standards differ from the requirements of the U.S. Securities and Exchange Commission ("SEC") and resource information contained in this news release may not be comparable to similar information disclosed by domestic United States companies subject to the SEC's reporting and disclosure requirements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Spot gold daily chart shows initial bullish reversal signal above lower swing high. Source: TradingView $4,357 Line in the Sand A new higher daily low of $4,357 is now key near-term support, since a drop below it may lead to a deeper pullback. However, an eventual recovery and continuation of the short-term bull trend still look likely after a period of consolidation or correction. Monday’s breakout above the lower swing high of $4,382 was confirmed when the session ended above that level, with a close at $4,389. That provided a trend reversal signal and helped establish the bullish momentum that carried into Tuesday’s advance.
Since bullish momentum began following a declining trendline breakout last Wednesday, gold had advanced by approximately 8.0% from last Wednesday’s low to Tuesday’s high. That is a relatively healthy move in a short period of time. Therefore, some degree of correction, either through consolidation or a pullback, could be healthy for the advance before gold is ready to proceed higher. A break below $4,357 would increase the likelihood of that deeper correction, while holding above support would keep the bullish structure intact.
$4,500 Above, $4,267 Below Nonetheless, the next upside target is marked by the 200-day moving average near $4,500. A decisive breakout above Tuesday’s high would signal a continuation of the short-term advance toward the next target, which is less than 2.0% above the high.
If $4,357 support breaks, the 38.2% Fibonacci retracement of the prior advance is at $4,267 presents a possible minimum retracement target. It takes on added significance from its proximity to the long-term rising trendline and last Wednesday’s high of $4,268. Holding $4,357 would preserve the bullish setup and leave the door open for another test of $4,500, while a break below it would point to a deeper retracement toward $4,267.
Gold (XAU/USD) price registers modest losses on Tuesday, driven by a firm US Dollar as traders await the release of crucial US inflation data and the potential reopening of the Strait of Hormuz. The rise in energy prices is also capping the yellow metal´s advance. At the time of writing, the XAU/USD pair trades at $4,381, down 0.18% in the day after hitting a daily high of $4,435.
XAU/USD eases near $4,380 as traders await US inflation data and monitor elevated energy-price risksSo far, the economic docket has remained scarce, despite the release of the ADP Employment Change 4-week average, which showed that the labor market is decelerating, coming at 8.25K jobs created, while the previous print was downward revised by 4K to 11K.
Other data, mostly ignored by markets awaiting US inflation, showed that Existing Home Sales fell further in July, by 1.7%, from 4.13 million to 4.06 million. The report stated that higher mortgage rates due to the Middle East conflict and higher house prices are capping home sales. 30-year fixed-rate mortgage rates have risen by over 71 basis points since the beginning of the US-Iran conflict, and are now at 6.69%.
On Wednesday, the US economic schedule will feature the release of the US Consumer Price Index (CPI), with analysts expecting July's headline inflation to be 3.4% YoY, a tenth lower than June. Core CPI is also projected to decrease by the same margin to 2.5% YoY.
A day after the US CPI, traders will turn to the release of the US Producer Price Index (PPI) and jobless claims, the first of which follows a disappointing July Nonfarm Payrolls report.
Chicago Federal Reserve (Fed) President Austan Goolsbee said the economy's biggest problem is inflation, not the collapse of industry and jobs. He reiterated that “prices have been rising too fast, we have an inflation problem, and people hate inflation.”
Money markets are still adjusting their forecasts for a Fed rate hike in September, with a 52% probability of a 25-basis-point increase, based on Prime Terminal data.
Source: Prime TerminalIn the meantime, the US Dollar Index (DXY), which tracks the performance of the buck’s value against a basket of six currencies, holds steady at 99.82, unchanged. So far, US Treasury yields, which usually correlate inversely to Gold prices, are also down two basis points, at 4.687%.
Regarding geopolitics, the Secretary of the Supreme National Security Council of Iran commented that the Strait of Hormuz will not open until the US changes its behaviour and accepts Tehran’s conditions.
XAU/USD price forecast: Gold struggles as 100-day SMA, poised for sideways tradingGold price seems to be consolidating after two bullish days, pushing the yellow metal above the $4,350 area. Momentum, although bullish as indicated by the Relative Strength Index (RSI), has stalled somewhat, suggesting XAU might trade sideways in the short term.
For a bullish resumption, Gold must clear the 100-day Simple Moving Average (SMA) at $4,389. Once done, the next stop is the $4,400 psychological level, followed by the 200-day SMA at $4,498 and the $4,500 milestone.
On the downside, initial support is at the July 6 high, now at $4,202. If this level fails, the next support levels are the 50-day SMA at $4,150 and $4,100
Gold daily chart 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 extends to $4,445 above both EMAs, with $4,600 as the next resistance level and $4,000 as support below. Source: TradingView The gold market has rallied a bit, gapping higher to kick off the trading session on Tuesday as traders continue to jump into this market. That being said, we have given back some of the initial gains, as perhaps we are getting a little stretched. It has been a pretty explosive breakout. We got a little bit of a boost on Friday after the jobs report came out negative for July, but there are still concerns in the Middle East that could cause chaos in the bond market, and that is part of our problem in the gold market, as the uncertainty is something that could continue.
Technical Setup and Bond Yield Impact The bond market has been screaming higher in yield, and that works against the backdrop of owning a non-yielding asset like gold. That being said, the breakout was real. It was voluminous from the $300 range we had been in, but that doesn’t mean that the market has to go straight up in the air forever, and quite frankly, eventually gravity will get involved. That’s part of what we’re looking at here, I believe at this point.
China’s official gold buying accelerated further in June, and the Chinese central bank is beginning to bring some of that gold home.
The People’s Bank of China (PBOC) officially purchased 640,000 troy ounces of gold in July. The nearly 20-tonne increase in reserves was the largest since 2023.
This came on the heels of a 480,000-ounce increase to China's official gold holdings in June.
The People’s Bank of China has officially added gold to its reserves for 21 straight months.
Year-to-date, the Chinese Central Bank has officially increased its gold holdings by nearly 60 tonnes. China now officially holds 2,366 tonnes of the yellow metal valued at $306.35 billion.
Notice I’m emphasizing the word "official."
China is among the central banks that are likely to hold significantly more gold than they publicly disclose. As Jan Nieuwenhuijs has reported, the People's Bank of China is secretly buying large amounts of gold off the books. According to data parsed by the Money Metals researcher, the Chinese central bank is currently sitting on more than 5,000 tonnes of monetary gold located in Beijing – more than TWICE what has been publicly admitted.
The mainstream is finally taking notice. Last month, Goldman Sachs picked up on China’s undisclosed purchases, and analysts at BMO Capital estimated that Chinese gold reserves could surpass the U.S.’s within five years.
Bringing its Gold homeChina has also started moving some of its gold reserves from London to Hong Kong, joining other central banks in a gold repatriation movement.
Bloomberg reported that officials who asked to remain anonymous said the People’s Bank of China “has built up inventories in Hong Kong over the past few months,” and that this recent move “is accelerating a longer-term trend whereby the PBOC has been moving some of its gold reserves back home from London.”
The unnamed officials said the PBOC plans to continue relocating metal from London.
Chinese gold repatriation appears to be part of a broader strategy as China (and Asia more broadly) positions itself to become a bigger player in the global gold market.
Earlier this month, Hong Kong launched trial operations of its gold clearing and settlement system, putting the region in a position to challenge Western dominance of the global gold market. Meanwhile, Hong Kong officials plan to expand the region’s gold storage capacity from 200 to more than 2,000 tonnes over the next three years.
Bloomberg reported that the movement of gold from London to Hong Kong’s expanding vaulting facilities signals support for the new clearing system. When the system launched last month, PBOC Governor Pan Gongsheng said the central bank plans to continue allocating national foreign reserves to Hong Kong.
Hong Kong has also invited other countries to participate in the clearing system and to vault gold in the administrative region. Cambodia has already taken up Hong Kong’s invitation to store gold there.
As already noted, many countries are diversifying their gold storage or bringing their metal home.
As a Financial Times article summarized the trend, “Global central banks are removing gold from vaults in London and New York as they become more skittish about storing bullion outside their own borders, according to a new survey.”
India is one of the countries aggressively repatriating its gold. In the spring of 2024, the Reserve Bank of India brought 100 tonnes of gold home, repatriating it from vaults in the UK. Over the last six months, the Indian central bank has repatriated another 104 tonnes.
According to the Economic Times of India, U.S. weaponization of the dollar is one of the key factors driving gold repatriation, specifically aggressive sanctions levied on Russia after it invaded Ukraine and the freezing of Afghanistan’s reserves by Western powers.
Those episodes, involving G7 countries restricting access to sovereign assets, have reshaped how central banks think about custody.
Emerging market central banks and countries with strained relations with the U.S. aren’t the only ones bringing their gold home. France completed its gold repatriation project earlier this year.
Metals Focus senior analyst Junlu Liang said gold repatriation shows how central banks are reassessing the role of gold in reserve management.
In some countries, domestic political considerations have further strengthened calls to relocate gold holdings closer to home.
Several other countries have repatriated gold in recent years, including the Netherlands, Australia, Poland, Hungary, and Romania. Meanwhile, there is a growing chorus of voices across the political spectrum calling on German officials to bring the country’s gold home.
This gold repatriation trend underscores the importance of holding physical gold free from counterparty risk.
Gold rose to 4,400 USD per ounce on Tuesday, reaching a two-month high. Demand for the precious metal is growing rapidly, even amid heightened inflation risks and expectations of higher interest rates driven by elevated oil prices.
Chinese institutional investors continue to build positions in gold as a defensive asset amid heightened volatility in other markets. China’s gold-backed ETFs are recording their longest run of inflows in months.
The People’s Bank of China is also supporting the market. In July, the regulator increased its gold reserves by approximately 20 tonnes, following an increase of around 15 tonnes in June – the largest monthly addition since October 2023.
At the same time, uncertainty persists around a potential US–Iran agreement that could end the conflict and reopen the Strait of Hormuz. Investors are also awaiting key US inflation data this week, which could shift expectations for future Federal Reserve policy.
Technical analysis
On the H4 XAU/USD chart, the market formed a consolidation range around the 4,341 USD level and, following an upside breakout, moved higher to 4,435 USD. A consolidation range is now forming below this level. A move lower towards 4,370 USD is expected next, with a possible extension to 4,340 USD. A further rise towards 4,575 USD is anticipated as the local upside target. The MACD indicator signals the early stages of bearish momentum, with its signal line above the centre line at recent highs and beginning to turn downwards.
On the H1 chart, the market broke above the 4,371 USD level and moved higher to 4,435 USD, followed by a correction to test 4,371 USD from above. A broad consolidation range is forming around 4,371 USD. A move higher towards 4,460 USD is expected, followed by a decline to 4,371 USD. The Stochastic oscillator confirms this scenario, with its signal line below 50 and pointing downwards towards 20, indicating increasing short-term downside pressure.
ConclusionGold has rallied to a two-month high, driven by robust demand from Chinese institutional investors and the People’s Bank of China’s continued reserve accumulation. Despite rising inflation risks and expectations of higher interest rates, the metal’s appeal as a defensive asset has strengthened amid market volatility. Uncertainty over a potential US–Iran agreement and the outlook for the Strait of Hormuz, along with upcoming US inflation data, continues to keep markets on edge. Technically, gold may see a short-term pullback towards 4,340–4,370 USD before potentially resuming its uptrend towards 4,575 USD. The metal’s near-term direction will depend on geopolitical developments and US monetary policy expectations.
Both WTI and Brent have returned to inflated levels again as traffic in the Strait of Hormuz grinds to a halt.
There seems to be no end in sight to the war, and many economies are reporting diminishing reserves of crude.
In today’s Market Outlook, let’s take a look at Forex trading on GBPUSD, Gold, XAUUSD, Silver, XAGUSD, AUDUSD, USDCAD, USDJPY, WTI and Brent Crude Oil.
We see some technical signs on WTI with price at the upper trend line in this bearish channel and the stochastic oscillator overbought.
But this is by no means a technical trade, as only peace talks and negotiations about the passage of tankers will affect the price of crude oil.
All JPY pairs are turning bullish as the intervention by the US Treasury only seems to have had a short-term effect, as we discussed in an earlier video:
Why USDJPY Suddenly Fell | US Intervention Explained | Will the NASDAQ Catch Up? #marketoutlook.
But, as we pointed out, Scott Bessent said he might buy a few more billion dollars worth of yen, if necessary, so we may get to witness temporary JPY strength and bearish price action on pairs like USDJPY.
Check all your favourite JPY pairs as they all look roughly the same.
Last week the US saw a dreadful Non-Farm Payrolls report, meaning that the US Federal Reserve will likely not raise interest rates next month, driving USD weaker.
The Canadian figures, on the other hand, were much better than analysts’ expectations, driving CAD stronger.
These factors, with the rising price of crude, saw price action on USDCAD falling to a key level with bearish technicals.
We will now watch for a break below support and a long way to fall before the next key levels.
Be aware that tomorrow we have US CPI, which is the key measure of inflation for the Fed, so anything can happen.
Another USD pair we will be watching is AUDUSD, which has retraced from the news and has fallen to this lower trend line on the 4-hour.
The weaker USD has gold and silver climbing again, but our stochastic oscillator looks like it might turn down; keep an eye on the economic and geopolitical news.
We are seeing a descending triangle in the UK’s FTSE100 index, and price is stalled at support.
A fall in crude oil prices may also have a negative effect on the FTSE, and GBP will usually influence it.
We can see on the GBP charts that the Pound has short-term strength against all others except CAD and NZD.
That’s all for now.
CFDs and FX are leveraged products, and your capital may be at risk.
Gold made a Sunday opening low exactly at first support at 4322/4317 .
Shorts at strong 5 month trend line resistance at 4355/4360 then worked perfectly on the retest of first support at 4322/4317 for a 450 tick profit.
Longs here also worked perfectly for the second time yesterday as we made a low for the day exactly here & shot higher again for another 450 tick profit.
The break above the resistance at 4355/4360 in late evening was a buy signal to test the 100 day moving average at 4389.
I told you not to try shorts as I thought we would continue higher.
The break above 4394 was another buy signal targeting 4421/4425 and we reached 4434 over night.
We keep buying Gold at support levels & on breakouts above resistance and this strategy is working so well.
Bulls will want Gold to hold the 100 day moving average at 4390/86 today to target 4495/4500.
A break below 4382 however risks a slide to a buying opportunity at 4370/4365 & longs need stops below 4360.
Just be aware that a break below here can target another buying opportunity at 4340/4330 & longs need stops below 4320.
Gold prices rose in Pakistan on Tuesday, according to data compiled by FXStreet.
The price for Gold stood at 39,399.96 Pakistani Rupees (PKR) per gram, up compared with the PKR 39,213.30 it cost on Monday.
The price for Gold increased to PKR 459,570.70 per tola from PKR 457,376.30 per tola a day earlier.
Unit measure
Gold Price in PKR
1 Gram
39,399.96
10 Grams
394,012.60
Tola
459,570.70
Troy Ounce
1,225,491.00
FXStreet calculates Gold prices in Pakistan by adapting international prices (USD/PKR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.
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.
(An automation tool was used in creating this post.)
Gold prices rose in Malaysia on Tuesday, according to data compiled by FXStreet.
The price for Gold stood at 580.96 Malaysian Ringgits (MYR) per gram, up compared with the MYR 577.57 it cost on Monday.
The price for Gold increased to MYR 6,776.25 per tola from MYR 6,736.71 per tola a day earlier.
Unit measure
Gold Price in MYR
1 Gram
580.96
10 Grams
5,809.64
Tola
6,776.25
Troy Ounce
18,070.03
FXStreet calculates Gold prices in Malaysia by adapting international prices (USD/MYR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.
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.
(An automation tool was used in creating this post.)
Gold prices rose in India on Tuesday, according to data compiled by FXStreet.
The price for Gold stood at 13,549.95 Indian Rupees (INR) per gram, up compared with the INR 13,463.78 it cost on Monday.
The price for Gold increased to INR 158,050.20 per tola from INR 157,038.90 per tola a day earlier.
Unit measure
Gold Price in INR
1 Gram
13,549.95
10 Grams
135,504.30
Tola
158,050.20
Troy Ounce
421,422.80
FXStreet calculates Gold prices in India by adapting international prices (USD/INR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.
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.
(An automation tool was used in creating this post.)
Market moving news for Asian trading on Tuesday, August 11, 2026
Singapore doubles 2026 growth outlook to 4.5-5.5% on tech cycle upgradeRupee set to open weaker as oil pressure builds, RBI support in focusSources: BoJ could raise rates again at September 17-18 meetingSouth Korea: Kospi rises for second day as Samsung Electronics jumps circa 3.6%Australian business conditions edge higher in July but confidence stays fragileNZ PM Luxon calls urgent caucus meeting to address leadership speculationPBOC sets seven-day reverse repo volume at ZERO on Tuesday, citing primary dealer demandGold hits two-month high as markets await US inflation data this weekUK data: Barclaycard spending rises 2.0% in July as consumer confidence hits 21-month highPBOC sets USD/ CNY central rate at 6.7900 (vs. estimate at 6.7497)Yen strength still hinges on BOJ hike, not capital repatriation (or intervention!), Goldman saysIntel plans to sell $15 billion worth of stock after it has risen 400% in a yearYen support looks fragile; Tokyo opts for passive strategy, missed chance to press intervention advantageRBA set to hold rates today, but markets will be watching the fine printPreview: RBA to stay in pause and observe mode, TD Securities says ahead of today's decisionICYMI - Cleveland Fed's Hammack says Fed should already be raising rates, more than one hike neededUNCONFIRMED - Incoming report of further cruise missile launches from Sirik, IranMUFG opens long AUDJPY at 111.20, targets 114.50 as yen intervention debate buildsWhat'd I miss? Trump counters Iran reparations demand, pushing Hormuz deal further out of reach.Summary:
Oil stays supported as Hormuz deal hopes dim further on tit-for-tat reparations demands from Iran and TrumpLibya's NOC declares force majeure at Zawiya refinery after armed clashes and storage tank fires, threatening El Sharara outputRussia's Komsomolsk refinery in Khabarovsk Krai attacked, over 6,500km from UkraineFX subdued; AUD in focus ahead of RBA decision (2:30pm Sydney), hawkish hold expectedKospi up circa 0.6% for a second day on Samsung strength; won stronger, foreigners net buyersJapan closed for holiday; media reports firm September 18 BoJ hike expectations, yen little moved regardlessSingapore Q2 GDP beats at 5.9% y/y, 2026 growth forecast raised to 4.5-5.5% on AI boom; MAS says policy stance remains appropriateOil remained supported in the absence of a Strait of Hormuz deal and with efforts to reopen the waterway dampened by tit-for-tat demands by Iran and US President Trump for reparations.
Further, Libya's NOC declares force majeure at Zawiya refinery after clashes. Libya's state-owned National Oil Corporation (NOC) declared force majeure at its 120,000 b/d Zawiya refinery following clashes between armed groups. The refinery experienced fires after storage tanks were hit, multiple times, threatening production at the El Sharara oil field.
Russia's Komsomolsk Oil Refinery in Khabarovsk Krai came under attack. This is 6,500+ kms from Ukraine.
FX traded in subdued ranges. AUD traders are awaiting the RBA at 2:30pm Sydney time / 0430 GMT / 0030 US Eastern time, with Reserve Bank of Australia Governor Bullock's press conference following an hour later. A hawkish hold is expected.
RBA preview: Analysts see cash rate on hold at 4.35% TuesdayRBA preview - Westpac says soft Q2 CPI gives RBA room to hold at 4.35%Preview: RBA meet Tuesday. CBA expects RBA to hold rates through the rest of 2026
MUFG opens long AUDJPY at 111.20, targets 114.50 as yen intervention debate buildsPreview: RBA to stay in pause and observe mode, TD Securities says ahead of today's decisionRBA set to hold rates today, but markets will be watching the fine printSouth Korea's Kospi rose for a second straight day, up around 0.6%, as Samsung Electronics jumped circa 3.6% while SK Hynix and LG Energy Solution slipped. Foreigners were net buyers and the won strengthened, even as broader sentiment stayed cautious on the Middle East conflict.
Japanese markets were closed for a holiday. Reports from Japanese media, citing unnamed sources, firmed expectations for a Bank of Japan September (18th) interest rate hike. The yen fell regardless, though only in a small range.
Singapore's economy grew 5.9% year on year in Q2, beating forecasts, as the government raised its 2026 growth outlook to 4.5-5.5% from 2.0-4.0%, citing a stronger than expected AI investment boom offsetting a less severe than feared Middle East war impact. An official from Singapore's central bank, the Monetary Authority of Singapore, said the country's monetary policy stance remains appropriate.
Most Popular
Singapore doubles 2026 growth outlook to 4.5-5.5% on tech cycle upgradeinvestingLive Asia-Pacific Financial Market news: Oil and gold stay near highs Rupee set to open weaker as oil pressure builds, RBI support in focusSources: BoJ could raise rates again at September 17-18 meetingSouth Korea: Kospi rises for second day as Samsung Electronics jumps circa 3.6%Australian business conditions edge higher in July but confidence stays fragileNZ PM Luxon calls urgent caucus meeting to address leadership speculationPBOC sets seven-day reverse repo volume at ZERO on Tuesday, citing primary dealer demandGold hits two-month high as markets await US inflation data this weekUK data: Barclaycard spending rises 2.0% in July as consumer confidence hits 21-month high
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.”
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
, /PRNewswire/ -- Falcon Gold Corp. (TSXV: FG) (FSE: 3FA) (OTC Pink: FGLDF) ("Falcon" or the "Company") announces that, further to its news release dated July 30, 2026, and in accordance with the pricing requirements of TSX Venture Exchange Policy 4.1, the Company is restating its previously announced non-brokered private placement.
The Company intends to issue up to 11,666,667 units (the "Units") at a price of C$0.03 per Unit for gross proceeds of up to C$350,000.
Each Unit will consist of one common share of the Company and one transferable common share purchase warrant. Each warrant will entitle the holder to acquire one additional common share at an exercise price of C$0.05 per share for a period of three years from the date of issuance.
R7 Investments Ltd., a company controlled by Karim Rayani, the Company's Chief Executive Officer and a director, intends to subscribe for 1,000,000 Units, representing an investment of C$30,000. The participation of R7 Investments Ltd. will constitute a "related party transaction" under Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions. The Company expects to rely on the exemptions from the formal valuation and minority shareholder approval requirements contained in sections 5.5(a) and 5.7(1)(a), respectively, of MI 61-101, as neither the fair market value of the securities expected to be issued to R7 Investments Ltd. nor the consideration expected to be paid by R7 Investments Ltd. will exceed 25% of the Company's market capitalization.
The net proceeds of the private placement will be used to advance the Company's Northwestern Ontario property portfolio and for general working capital. The Company may pay finder's fees in connection with the private placement in accordance with the policies of the TSX Venture Exchange.
All securities issued pursuant to the private placement will be subject to a statutory hold period of four months and one day from the closing date in accordance with applicable securities laws.
Completion of the private placement remains subject to the approval of the TSX Venture Exchange and the satisfaction of customary closing conditions.
ON BEHALF OF THE BOARD OF DIRECTORS
FALCON GOLD CORP.
"Karim Rayani"
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Falcon Gold Corp.
Falcon Gold Corp. is a Canadian mineral exploration company focused on the acquisition, exploration, and advancement of precious and battery metals opportunities across the Americas, with a portfolio spanning established mining camps and emerging exploration districts. Its flagship asset, the Central Canada Gold Project, is located approximately 20 kilometres southeast of Agnico Eagle's Hammond Reef Gold Deposit in northwestern Ontario. The project lies within the highly prospective Quetico Fault Zone, a major regional structural corridor interpreted as a key control on gold mineralization in the district. The Hammond Reef deposit is associated with a northeast-trending structural system linked to this broader regional framework, highlighting the significance of the geological setting. The Central Canada property has a documented exploration and development history spanning more than a century. Early work between 1901 and 1907 included shallow shaft development and small-scale production from high-grade material processed through stamp milling. Between 1930 and 1935, Central Canada Mines Ltd. further advanced the project with deeper underground development, crosscutting, and the installation of a small-scale gold mill. Subsequent exploration programs have included diamond drilling campaigns that returned multiple high-grade gold intercepts, supporting the presence of significant mineralization within the system. Beyond its flagship project, Falcon Gold maintains a diversified portfolio of Canadian exploration assets. This includes a 49% interest in the Burton Gold Property in partnership with IAMGOLD near Sudbury, Ontario, exploration-stage gold targets in British Columbia through the Spitfire and Sunny Boy claims, and the Great Burnt Copper-Gold Project in central Newfoundland.
Cautionary Language and Forward-Looking Statements
This news release may contain "forward-looking statements" and "forward-looking information" (collectively, "forward-looking statements") within the meaning of applicable securities laws, including but not limited to statements relating to the timing and content of future work programs, including planned drilling programs, geological interpretations, receipt of property titles, and other corporate and technical matters. Forward-looking statements are based on assumptions, expectations, estimates, and projections as of the date of this news release and are subject to known and unknown risks, uncertainties, and other factors that may cause actual results to differ materially from those expressed or implied herein. In some cases, forward-looking statements can be identified by terminology such as "may," "should," "intend," "expect," "plan," "anticipate," "believe," "estimate," "project," "potential," or "continue," or the negative of these terms, or other comparable terminology. Forward-looking statements in this news release may include, but are not limited to, statements regarding planned drilling activities on the Central Canada Gold Project, which is currently permitted for up to 20 drill holes, and the interpretation and potential extension of mineralization along structural trends within the project area. There can be no assurance that the Company's exploration programs will proceed as currently contemplated or that they will achieve their intended objectives. Forward-looking statements are inherently subject to significant business, economic, competitive, and geological uncertainties and contingencies. Actual results may differ materially from those currently anticipated. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that plans, assumptions, or expectations will prove to be accurate.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Gold Rally Continues: These 3 Mining Stocks Are Likely to BenefitGold.com NYSE: GOLD reported second-quarter 2026 gold production above guidance, improved quarterly output and continued progress on major growth projects, while outlining an agreement with Newmont intended to reshape their Nevada joint venture and support a planned North American IPO.
President and CEO Mark Hill said the company produced 796,000 ounces of gold during the quarter, 3% above guidance and 11% higher than the first quarter. Copper production totaled 56,000 tonnes. Hill said the company met its gold-cost guidance and maintained its full-year 2026 production and cost outlook.
Get Gold.com alerts:
Best Gold Stocks in 2025… So Far“We have had our third quarter in a row with excellent operating and financial results,” Hill said. He added that the company expects gold output to rise in the third quarter from second-quarter levels and increase further in the fourth quarter. Copper production is also expected to be higher in the second half than in the first half.
Financial results and shareholder returns Senior Executive Vice President and CFO Helen Cai said net earnings totaled $1.2 billion, up 50% from the prior-year period. Adjusted net earnings were $1.36 billion, or $0.82 per share, which she said was in line with Bloomberg consensus estimates. Attributable adjusted EBITDA rose 51% year over year to $2.5 billion, representing a 59% margin.
Gold Rally vs. Oil Surge: Where Investors Are Betting NextAttributable free cash flow declined 33% year over year in the second quarter, reflecting the typical timing of annual tax and interest payments as well as a one-time $200 million payment related to Loulo-Gounkoto. Cai said free cash flow would have been more than 60% higher year over year excluding that payment. Year-to-date attributable free cash flow was $1.4 billion, more than double the comparable period a year earlier.
The company ended the quarter with $1.2 billion in net cash, an undrawn $3 billion revolving credit facility and no meaningful debt maturities until 2033, Cai said.
During the quarter, the company repurchased $1.2 billion of shares under its previously announced $3 billion authorization. Cai said the company has returned $3 billion through dividends and buybacks since its new leadership began in October 2025, more than double the prior corresponding period. Its dividend framework includes a quarterly base dividend of $0.175 per share and a year-end performance top-up designed to target total payouts of 50% of attributable free cash flow.
Newmont agreement and North American IPO Hill opened the call by discussing an agreement with Newmont that he said has an approximate total value of $4 billion. The package includes the parties’ interests in Fourmile as well as Newmont properties known as Mike and Fiberline, which Hill said add about 6.4 million ounces. It also resolves historical disputes and litigation between the joint-venture partners.
Hill said the agreement followed four months of negotiations and aligns the partners’ interests as they seek to optimize Nevada Gold Mines. He said the companies can now evaluate greater processing capacity, including the potential for a roaster or autoclave, while reducing ore trucking and coordinating infrastructure planning around Fourmile and Goldrush.
Management did not provide a detailed valuation of the individual elements of the transaction. Hill said there would be no contingent payments tied to future exploration success.
The company continues to target completion of an IPO of its North American gold assets by the end of 2026. Hill said he has been selected by the board to lead the new company as CEO when it launches. The company plans to sell a 10% minority interest and does not currently intend to increase that percentage, according to Hill. Management said the vast majority of net proceeds from the offering are expected to be returned to shareholders.
Chief Development Officer George Joannou said the company is reviewing the IPO structure following the Newmont agreement, including potential friction-cost savings and domicile considerations. He said a marketing process will occur, though management did not provide timing.
Growth projects remain on schedule Hill said the company’s principal growth projects—Fourmile, Lumwana and the Pueblo Viejo expansion—remained on time and on budget during the quarter.
Fourmile: The company increased drilling to 20 active rigs and expects to complete a prefeasibility study by the end of 2028. Hill said the Newmont agreement may allow the project’s development and processing planning to advance more quickly, although permitting remains a constraint. Lumwana: The mill expansion is intended to double copper production. The company expects 2026 capital spending to be at the low end of guidance and anticipates first copper from the expansion by the end of the first quarter of 2028. Pueblo Viejo: Work progressed on permitting and construction for the tailings facility, haul roads and water-treatment plant. Hill said 90% of resettlement packages have been accepted. Reko Diq: The company will continue its review of the project but decided not to begin plant construction this year. Expected 2026 attributable capital expenditures were reduced to $450 million to $500 million from $600 million to $700 million. Lower projected spending at Lumwana and Reko Diq reduced the company’s 2026 group attributable capital expenditure guidance to $3.8 billion to $4.2 billion.
Safety performance improves, but concerns remain Hill said safety remained the company’s top priority. The frequency rate improved quarter over quarter to 0.77 from 0.92, though the company recorded six lost-time injuries during the period.
Hill called that result “completely unacceptable” and said leadership is increasing field time, conducting more critical-control verifications and addressing risks at mine sites. The company has invested more than $90 million this year in safety technology, including mining-equipment automation, vehicle dash cameras, safety-reporting software and artificial-intelligence analytics.
At Loulo-Gounkoto, Cai said the company made a $200 million payment in April associated with additional royalties, penalties and interest arising from the retrospective application of Mali’s 2023 mining code to 2024 and 2025. She said a further $48 million payment demand was received in July.
About Gold.com (NYSE:GOLD)A-Mark Precious Metals, Inc, together with its subsidiaries, operates as a precious metals trading company. It operates in 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 various ancillary services, including financing, storage, consignment, logistics, and various customized financial programs; and designs and produces minted silver products.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
Continue following MarketBeat
Add MarketBeat as your preferred source on Google to see our latest stories in your feed.
Should You Invest $1,000 in Gold.com Right Now?Before you consider Gold.com, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Gold.com wasn't on the list.
While Gold.com currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
The AI boom is creating opportunities across semiconductors, cloud computing, enterprise software, infrastructure, cybersecurity, and automation.
Inside this report, you’ll find 10 companies positioned to benefit as artificial intelligence moves from hype to real-world deployment and becomes a core growth driver for corporate America.
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.”
Federal Reserve Outlook and Economic Data Rates are relatively flat. They are a little higher during the day, so that might have something to do with it. But that being said, rates are stubborn, and it seems at this point in time, the next 30 days could be very important as we try to determine what happens at the next Federal Reserve meeting in September.
There will be a lot of questions paid attention to when it comes to inflation, CPI, PPI numbers for example, and then, of course, the employment numbers will be more likely than not very big this time around. We’ll just have to wait and see because the Federal Reserve has not exactly come out and said that they’re looking to be dovish, so it’s a question of will they have to change their tune.
That has a major influence on gold. And then, of course, we have the entire problem in the Middle East that seemingly isn’t going anywhere, although it doesn’t seem to be getting worse, so I suppose that’s something. Gold quiet on Monday, but has been bullish for several days now.
Index Dow Jones -0,09 % na 53989,08 b., S&P 500 -0,06 % na 7752,89 b., Nasdaq Composite -0,24 % na 26627,37 b.
Americké akcie vstupují do nového týdne poklesem, když všechny hlavní indexy odepisují. Výsledková sezóna nadále pokračuje, její tempo však zpomaluje.
Z titulů tzv. MAG 7 odepisuje Apple 2,0 % poté, co Jefferies snížila doporučení na „underperform“, přičemž analytici upozorňují na obtížnou cestu k uvedení dražšího iPhonu. Naopak Meta Platforms roste 0,4 % po představení nového AI modelu Muse Glimmer, který lze provozovat na jednom počítači a uživatelé si jej mohou stáhnout a dále upravovat. Microsoft (+1,2 %) plánuje v příštím roce výrazně navýšit výrobu vlastních AI čipů. Podle The Information jedná s TSMC o zajištění kapacit pro více než 300 tis. čipů Maia 300 s dodáním v roce 2027.
Berkshire Hathaway (+2,8 %) ve 2Q více než zdvojnásobila čistý zisk na 25,67 mld. USD, zatímco provozní zisk vzrostl o 16 % na 12,98 mld. USD. Společnost zároveň odkoupila vlastní akcie za přibližně 4,5 mld. USD a poprvé po více než třech letech během čtvrtletí více akcií nakoupila, než prodala. Akcie SpaceX oslabují o 0,3 % a pohybují se okolo své IPO ceny 135 USD. Výrazněji oslabuje těžební společnost Barrick Mining (-9,0 %) po dohodě s Newmontem ohledně Nevada Gold Mines, u níž analytici upozorňují na nižší než očekávané ocenění aktiv Barricku.
Společnost Barrick Mining zveřejnila své kvartální výsledky, kdy ve 2Q vykázala očištěný zisk na akcii 0,82 USD, v souladu s očekáváním trhu. Tržby dosáhly 5,29 mld. USD a překonaly analytický konsenzus 5,15 mld. USD. Očištěný zisk EBITDA dosáhl 3,63 mld. USD oproti očekávaným 3,5 mld. USD, zatímco volné peněžní toky ve výši 515 mil. USD zaostaly za odhady Wall Street 966 mil. USD. Produkce zlata činila 796 tis. uncí a překonala očekávání 763 tis. uncí. Společnost ponechala celoroční výhled produkce zlata i mědi beze změny a očekává kapitálové výdaje v rozmezí 3,8 až 4,2 mld. USD.
Společnost Ferguson (+2,6 %) ve 2Q vykázala tržby 8,75 mld. USD, z čehož 8,34 mld. USD připadalo na americký trh. Očištěný provozní zisk dosáhl 932 mil. USD a očištěný zisk EBITDA 994 mil. USD, zatímco provozní zisk činil 893 mil. USD. Management zároveň zlepšil celoroční výhled růstu tržeb na střední jednociferné tempo z předchozího nízkého až středního jednociferného růstu. Zároveň zvýšil spodní hranici očekávané upravené provozní marže na 9,5 %, přičemž horní hranici ponechal na 9,8 %. Výhled kapitálových výdajů byl posunut na 375 až 425 mil. USD z předchozích 300 až 400 mil. USD.
Intel (-4,4 %) plánuje veřejnou nabídku akcií v objemu 15 mld. USD, čímž podle Bloombergu využívá obnoveného zájmu investorů o svůj byznys v souvislosti s boomem datových center a AI infrastruktury. BMO Capital snížila cílovou cenu z 276 na 209 USD pro akcie Honeywell Aerospace (-4,9 %), investiční doporučení bylo ponecháno na stupni „Outperform“.
Akcie Vertex Pharmaceuticals posilují (+7,0 %) poté, co výsledky studie konkurenční společnosti Sionna Therapeutics u přípravku SION-719 zaostaly za očekáváním. Výsledek oslabil vyhlídky Sionny jako potenciálního konkurenta Vertexu v léčbě cystické fibrózy.
Analytici z Morgan Stanley a HSBC snížili společnosti The Trade Desk cílovou cenu. Akcie The Trade Desk odepisují 6,0 %.
Index S&P 500 -0,06 % na 7752,89 b. Nejsilnější sektory S&P Změna Nejslabší sektory S&P Změna Energie +2,5 % Reality -1,1 % Zdravotní péče +0,7 % Utility -0,9 % Finanční sektor +0,5 % Nezbytná spotřeba -0,6 % Nejsilnější akcie S&P Změna Nejslabší akcie S&P Změna Vertex Pharmaceuticals (VRTX) +7,0 % Coherent Corp (COHR) -8,1 % APA Corp (APA) +4,0 % Trade Desk (TTD) -6,0 % Occidental Petroleum Corp (OXY) +4,0 % Lumentum Holdings (LITE) -5,4 % NetApp (NTAP) +3,9 % Honeywell Aerospace (HONA) -4,9 % Super Micro Computer (SMCI) +3,6 % Intel Corp (INTC) -4,9 %
Zdroj: Bloomberg
TD Securities’ commodity strategists report that Gold is holding gains after weaker US jobs data reduced perceived Fed hike risks, but CTAs (Commodity Trading Advisors) are unwinding length. They argue that with energy prices rising again, the stagflation narrative must strengthen for Gold to rally further, and note that prices need to exceed $4,400/oz for CTAs to re-add length.
CTAs trim exposure despite support"Precious metals hit pause. The yellow metal is holding gains after the weaker jobs numbers further questioned the probability of coming Fed hikes."
"However, with energy prices grinding higher again, the stagflation narrative will need to solidify to see gold follow suit."
"For now, Asian appetite from top SHFE traders and continued ETF inflows offer support."
"CTAs on the other hand have begun unwinding length, with prices needing to top $4,400/oz to add back the length."
(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor. Know more.)
Gold holds gains around $4,350, with two-month highs at $4,380 under pressure.
Lower US yields amid signs of a loosening labour market are underpinning support for Gold.
Gold (XAU/USD) holds moderate gains at the mid-range of the $4,300s on Monday, consolidating gains after a nearly 7.5% rally last week. The precious metal hovers just below the last two-month highs in the $4,380 area, buoyed by lower US Treasury yields, as traders cut back Federal Reserve (Fed) interest rate hikes following the negative surprise of last Friday’s Nonfarm Payrolls report.
The US Dollar remains on its back foot this week, in the aftermath of Friday's US Nonfarm Payrolls release, which showed a 23K decline in net employment in July, undershooting expectations of an 80K increase, and sharp downside revisions of the previous two months' job gains. Futures markets have scaled back hopes of a September rate hike to 44% from 67% in the previous week, sending the US Dollar lower across the board.
XAU/USD trades at $4,343, maintaining its bullish near-term bias intact. The 4-hour Relative Strength Index (14) has reached overbought levels, but downside attempts remain limited so far. The Moving Average Convergence Divergence (MACD) on the same timeframe hints that upside momentum is still constructive.
Bulls are likely to find significant resistance at the $4,380 area (June 17 high). Further up, the target is the late-May high at $4,595. On the downside, initial support is seen at the previous range top, above $4,200, ahead of the $4,000 psychological area, which halted bears in late July, and the bottom of July's trading range, around $3,950.
(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 prices fell in Philippines on Monday, according to data compiled by FXStreet.
The price for Gold stood at 8,470.15 Philippine Pesos (PHP) per gram, down compared with the PHP 8,483.27 it cost on Friday.
The price for Gold decreased to PHP 98,794.27 per tola from PHP 98,947.18 per tola on friday.
Unit measure
Gold Price in PHP
1 Gram
8,470.15
10 Grams
84,702.17
Tola
98,794.27
Troy Ounce
263,448.80
FXStreet calculates Gold prices in Philippines by adapting international prices (USD/PHP) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.
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.
(An automation tool was used in creating this post.)
Gold prices fell in Pakistan on Monday, according to data compiled by FXStreet.
The price for Gold stood at 38,554.91 Pakistani Rupees (PKR) per gram, down compared with the PKR 38,653.68 it cost on Friday.
The price for Gold decreased to PKR 449,673.60 per tola from PKR 450,848.90 per tola on friday.
Unit measure
Gold Price in PKR
1 Gram
38,554.91
10 Grams
385,527.80
Tola
449,673.60
Troy Ounce
1,199,192.00
FXStreet calculates Gold prices in Pakistan by adapting international prices (USD/PKR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.
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.
(An automation tool was used in creating this post.)
Gold prices fell in Malaysia on Monday, according to data compiled by FXStreet.
The price for Gold stood at 569.90 Malaysian Ringgits (MYR) per gram, down compared with the MYR 570.86 it cost on Friday.
The price for Gold decreased to MYR 6,647.15 per tola from MYR 6,658.41 per tola on friday.
Unit measure
Gold Price in MYR
1 Gram
569.90
10 Grams
5,698.95
Tola
6,647.15
Troy Ounce
17,725.74
FXStreet calculates Gold prices in Malaysia by adapting international prices (USD/MYR) to the local currency and measurement units. Prices are updated daily based on the market rates taken at the time of publication. Prices are just for reference and local rates could diverge slightly.
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.
(An automation tool was used in creating this post.)
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.
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.
Knowing how to trade the Consumer Price Index (CPI), one of the most important measures for inflation, is an essential skill for all types of traders, no matter their level of expertise. The CPI report has the power to shape central bank monetary policies and can send ripples through international markets. This comprehensive guide offers useful tips on how to interpret the CPI data, anticipate central bank reactions and execute disciplined trades with clarity while minimizing risk.
Why CPI Matters More than any Other Inflation Release To start with, the Consumer Price Index (CPI) measures how the prices consumers pay for certain goods and services change over time. It is considered a key metric of inflation for any nation’s economy and an important indicator of economic health. However, the most closely followed CPI report in the world, is the one published by the US, currently the world’s largest economy. The Federal Reserve, seasoned traders and adept investors, take the monthly results into consideration before making their next moves.
A rising or falling CPI can directly influence interest rate expectations, which subsequently impacts the USD, Treasury yields, gold and JPY carry trades. As soon as the report goes public, asset prices start experiencing rapid swings until the markets eventually adjust to a level dictated by whether the data is higher, lower or at the exact same level as forecasts.
Understanding CPI Like a Pro When looking into the rise and fall of goods and services’ prices, two separate inflation measures come up – Headline inflation and Core inflation. These two figures differ in the products they monitor and even though they are both critical economic indicators, the Core CPI tends to carry more weight for the Fed.
Headline CPI The Headline CPI rate reflects the total inflation within an economy. This raw figure encompasses all goods and services including highly volatile items, like food and energy products, the prices of which are often susceptible to seasonal changes and can shift irrespective of economic conditions. Their inclusion means the figure is more aligned with changes in real-world costs but also more easily influenced by short-term price swings.
Core CPI Core inflation is a version of CPI that filters out the prices of food and energy – highly volatile categories that can easily be affected by non-economic factors such as the weather, geopolitical events and more. Omitting these key products leads to a clearer snapshot of underlying inflationary trends which can better guide monetary policy in achieving its primary objective – safeguarding medium-term price stability. That is why the Fed relies more on Core CPI to form its central bank policy.
How CPI Moves Markets When it comes to market reaction, the CPI forecast matters more than the actual figure. What markets respond to is the difference between the consensus forecast and the actual results. As deviation grows, the reaction becomes more intense resulting in price fluctuation, extensive stop-loss activation and the formation of a strong intraday trend. Keep in mind that the forecast is already priced in, what shifts prices is the element of surprise.
When CPI data exceeds expectations, market participants expect the Fed to raise interest rates to cool inflation down. Higher rates make yield-returning assets like government bonds more attractive to investors domestically and abroad. This scenario tends to strengthen the US dollar causing major pairs like the USDJPY to rise. At the same time, non-yielding precious metals like gold and silver can lose their appeal, which can trigger selloffs and a price dive.
If CPI results come in lower than expected, markets tend to expect a more dovish approach from the Fed. This can send off an instant alarm signal across global markets. Lower interest rates can decrease demand for dollar-denominated securities which in return weakens the US dollar. This could intensify market risk sentiment, driving investors to safe-haven assets like the Japanese Yen (JPY) and precious metals like gold. The increased capital inflows into these two assets can cause gold to rally and the USDJPY to drop.
How CPI Interacts with Other Data Within the economy, circular patterns are predominantly present – changes in one sector can spill over to other areas. The CPI has a strong correlation with other key indicators like the PPI, the NFP, Wage Growth, and Retail Sales. They are all caught within a dynamic, interconnected feedback loop. None of them moves alone; changes in one tend to trigger changes in the others.
PPI – Producer Price Index The Producer Price Index measures the change in prices for wholesale goods, revealing changes in raw input costs. Unlike the CPI that tracks price changes paid by consumers, the PPI shows how prices change for producers. Both measures show inflation in a different but complementary way.
When producers see their input costs climb higher, they tend to increase product prices to cover the higher expenses. Thus, customers are often burdened with additional charges. In cases like these, a higher PPI can lead to a higher CPI.
Wage Growth & NFP Wage growth indicates the rate at which average salaries grow over time. On the other hand, the non-farms payroll report shows how many jobs were added or removed from the US workforce in manufacturing, construction and goods within a month. Both reports are key indicators of economic health, can affect living standards and inflation, and are taken into consideration by the FOMC when making interest rate decisions.
How are these metrics in constant interplay with inflation? A significant increase in jobs and fast wage growth can be evidence of inflationary pressures. Employers who hire more staff and pay them higher salaries need to raise product and service prices to maintain their profitability at the same levels. At the same time, the employees have more spending power which in turn increases the demand for goods and drives prices in the broader market even higher. These conditions can lead to higher CPI rates and can urge the FOMC, the US Federal Reserve policymaking body, to increase interest rates.
In contrast, a drop in jobs and slow wage growth can be a sign of economic slowdown. As salaries show no change and hiring slows down, consumers have less money to spend. This can cause demand for goods and services to decline, pushing product prices and the CPI down. In an attempt to boost the economy, the Fed could lower interest rates.
Retail Sales Retail Sales is another major economic barometer which shows the total amount of products purchased by consumers within a specific period. In the US, Retail Sales are published monthly and constitute a vital measure for the national economy in which consumer spending represents two thirds of the gross domestic product.
The monthly figure often moves alongside the CPI. High sales can point towards an expanding economy in which consumer confidence is increased and demand is strong – conditions that can lead to higher inflation and potentially tighter monetary policy. Alternatively, declining sales can indicate an economic downturn, decreased household spending and weak demand for goods and services. In this scenario, inflation usually drops, which might prompt the Fed to lower interest rates to help stimulate the economy.
The General Rule The PPI, Wage Growth, NFP and Retail Sales reports moving in the same direction can reveal a strong economic cycle. High figures provide firm evidence for economic expansion, in which the CPI is expected to rise. Low numbers give a strong signal for a declining economy and a lower CPI rate. In synchronized conditions like these, the CPI trade becomes highly probable.
How CPI Guides the Fed & why USDJPY Reacts Violently The Fed has a dual mandate: to maintain price stability with a target inflation rate of 2% and keep the labor market healthy. The U.S. economic body closely watches the CPI, the key inflation metric, to adjust its monetary policy.
A low or falling CPI can reflect slow market growth which can prompt the Fed to lower interest rates. This reduces borrowing costs, which promotes business investment, helps boost consumer spending and revitalizes financial markets. However, if CPI comes in higher than expected, it signals that the economy could be growing too fast. In response to higher inflation, the Federal Reserve could increase interest rates which makes borrowing more expensive. This means less money enters the economy, businesses development halts, consumers spend less and investing declines.
USDJPY showcases heightened sensitivity to inflation, and it is a popular currency pair with investors for this type of setup. Let’s break down the why. To begin with, interest rate differentials between the US and Japan can considerably affect USDJPY. As we’ve seen, when the CPI rate climbs higher, the Fed raises interest rates, and Treasury yields increase. This makes the government-issued securities attractive investment options for local and international investors, strengthening the U.S. dollar and pushing the USDJPY exchange rate higher.
Now, let’s consider the opposite scenario. When CPI data comes in lower than expected, the Fed employs a looser monetary policy to boost the economy. This includes lower interest rates and in effect lower Treasury yields. The reduced return on the U.S. government debt securities makes them a less desirable investment option and causes a drop in the USD, which in turn translates into a lower USDJPY exchange rate.
How Gold (XAUUSD) Reacts to CPI Decoding the relationship between the CPI and the price of gold is crucial if you are looking to capitalize on inflation and its subsequent wave of effects on the precious metal. The first thing you need to be aware of is that gold tends to move in the same direction as CPI and has a moderately inverse correlation to U.S. Treasury yields. Let’s delve deeper into this financial interplay.
Historically, when CPI increases pushing the Fed towards lower interest rates and Treasury yields, the price of gold generally tends to climb higher. This can be attributed to gold’s status as a safe-haven asset. When inflationary pressures cause purchasing power to drop and economic growth has to be slowed down with a tighter monetary policy, investors move funds into gold to protect their capital.
In the reverse situation, when the CPI is relatively stable or declining, the price of gold tends to show more variable patterns of movement, usually leading to a substantial drop. This points to other factors interfering with gold prices, when inflationary pressures are low. The general trend is that a drop in CPI, followed by a decrease in interest rates and Treasury yields, tends to push the US dollar lower and gold higher. However, it is advisable that you consider CPI data within a broader economic framework to ensure your moves align with the overall global market conditions.
The CPI Playbook: USDJPY & Gold After you get a grasp of the significance of the CPI, the way it interacts with other key economic reports and correlates with USDJPY and gold, you can start trading any inflation-caused chain of reactions with confidence. To increase your chances of a successful outcome, a step-by-step plan of action is essential. We present you with our own expert strategy guidebook based on tested game plans applied by experienced macro traders in global markets.
Mark key levels – Note down the previous day’s highs and lows for the Asian and New York trading sessions Identify liquidity pools – chart areas where a large volume of pending orders could be triggered. Search for equal highs or lows pointing to consolidation zones. These points gather institutional interest and can turn into magnets for price. Reduce your position size – volatility tends to rise around the release of the CPI report Step 2 – First Reaction:
Ignore the market’s first reaction – the first spike is market noise, driven by algorithmic trading Do not trade during the first 1-2 minutes – volatility surges around this time Step 3 – Wait for Confirmation
Look for a Directional Candle within the 5-minute to 15-minute timeframe. The candle should: have a large real body and small wicks, giving a clear signal that markets moved strongly in a specific direction. close near a key high or low level. NOTE: Beware of immediate wick rejection. In this case the candle shows significant move towards a particular direction and then reverses to close near its opening price.
Wait for a Confirmation Candle – this gives the final confirmation for the trend, and it should display the below characteristics: Increased trading volume – signaling a large number of traders are active Close near the price’s peak or bottom – depending on whether it is an uptrend or downtrend Larger size – it is usually bigger than the previous candles Alignment with the trend – it should be bullish for a bullish trend, bearish for a bearish trend Step 4 – Execute Based on CPI Outcome
If the CPI rate comes in above forecasts, the USDJPY exchange rate will most likely increase.
Check that liquidity is above pre-release highs to confirm the market is bullish Place a stop loss below the Confirmation Candle low Buy USDJPY If CPI rate comes in below forecasts, the USDJPY exchange rate will most likely decline.
Check that liquidity is below pre-release lows to confirm the market is bearish Place a stop loss above the Confirmation Candle high Sell USDJPY Start Trading USDJPY
Gold (XAUUSD) – CPI Strategy Before entering this trade, please note that Gold is more volatile than USDJPY.
Step 1 – Mark the Pre-News Range
Identify the high and low levels formed 30 – 60 minutes before the release of the CPI report. Step 2 – Ignore the First Reaction
The first post-CPI spike is often a fakeout. Step 3 – Wait for Clear Acceptance
Study candles within the 5-minute or 15-minute timeframe to confirm “acceptance levels” – levels the price is trading within and that buyers and sellers don’t try to break away from If the price breaks the range and holds, there could be trend continuation – the price will most likely continue in the same direction after the first reaction. If the price rejects the breakout, a reversal could emerge – the price will most likely continue moving in the opposite direction. Look for a Directional Candle within the 5-minute to 15-minute timeframe. The candle should: have a large real body and small wicks, giving a clear signal that markets moved strongly in a specific direction. close near a key high or low level. NOTE: Beware of immediate wick rejection. In this case the candle shows significant move towards a particular direction and then reverses to close near its opening price.
Wait for a Confirmation Candle – this gives the final confirmation for the trend, and it should display the below characteristics: a. Increased trading volume – signaling a large number of traders are active
b. Close near the price’s peak or bottom – depending on whether it is an uptrend or downtrend
c. Larger size – it is usually bigger than the previous candles
d. Alignment with the trend – it should be bullish for a bullish trend, bearish for a bearish trend
Step 4 – Execute Based on CPI Results
If the CPI rate comes in above forecasts, the price of gold will most probably drop.
Check that liquidity is below pre-release lows to confirm the market is bearish Place a stop loss above the Confirmation Candle high Sell XAUUSD If the CPI rate comes in below forecasts, the price of gold will most probably rise.
Check that liquidity is above pre-release highs to confirm the market is bullish Place a stop loss below the Confirmation Candle low Buy XAUUSD Risk Management – The Most Important Part Before you enter the markets, there’s one thing you need to understand – not every trade can be a successful one. That is why an effective trading strategy incorporates more than just checking numbers and performing technical analysis to identify the best time to enter and exit a position. It also includes a well-organized risk management plan to contain losses in case the price moves against you. The financial markets can be affected by a number of factors outside the economic sphere, including global politics, breaking news announcements and even natural disasters. Any unpredicted, sudden changes can cause sharp price swings which can be detrimental to your account and even lead to wipe-outs.
A solid risk management strategy helps you prevent uncontrolled losses, protect your capital, reduce emotional trading, achieve consistency, improve discipline and aim for profitability in the long run. To be able to hit all these targets, you need to incorporate tested practices in your trading:
1. Never risk a large percentage of your capital per trade Ideally, you do not want to be allocating more than 1% to 2% of your balance on a single CPI trade. This ensures you only risk a small portion of your trading funds, and a single loss cannot affect your trading in the long term.
2. Use Limit Orders The release of a CPI report often triggers high volatility. This can cause trading volume to dry up briefly and increase the risk of slippage – the risk of orders not being executed at the requested level but getting filled at a worse price than expected. Setting limit orders and pre-defining the execution price helps you have better control over limiting losses. However, make sure you set your stops wide enough to allow for normal price fluctuations and retracements without forcing trades to be stopped out prematurely.
3. Reduce Position Size Choosing the proper position size can protect your trade from the dangers of overexposure and changing financial conditions. To better determine the size of your position, take into consideration your risk tolerance, the post-CPI release market and the probability of your CPI trade based on your technical analysis.
4. Avoid Revenge Trading When met with setbacks, impulse and emotion can very easily take over from logic. Many of you may have already fallen into the trap of revenge trading – trying to recover from losing trades fast, only to end up with even more hits on your balance. To avoid this pitfall, you need to step away from the trading platform after a loss, give yourself some time to assess the situation and return with a calm, clear and focused mindset.
The Final Overview Understanding inflation and the economic effects of the CPI report is an advanced skill that can help you make more informed trading decisions and place higher-probability trades in markets whose inner workings you can now see more clearly. From explaining the importance of the US CPI, its interdependent relationship with other key economic indicators, the ways it can affect the decisions of the Federal Reserve and move the prices of USDJPY and gold to detailed step-by-step trading strategies for the globally popular assets, this article covers all you need to trade the CPI with precision and confidence.
Asian banks have beefed up their gold product and service offerings in recent months. According to The Banker, this represents “a structural wealth shift in wealth allocation.”
New products and innovations introduced in the Asian gold market run the gamut from investing platforms that offer fractionalized gold investment, to new ETF offerings, to expanded vaulting capacity.
For instance, DBS in Singapore now offers fractionalized gold trading on a retail app. On this platform, investors can purchase tokens backed by as little as 1 gram of gold.
Meanwhile, HSBC recently announced plans to increase its gold storage capacity in Hong Kong to 200 tonnes. According to official sources, HSBC isn’t alone. Officials say they plan to increase gold storage capacity in the Chinese special administrative region by around 2,000 tonnes over the next three years.
There has also been a major surge in the number of gold-backed ETFs offered in Asia. The region saw the highest ETF gold inflows of any region through the first half of the year, with Asian-based ETFs accumulating over 74 tonnes of gold. With a value of $12 billion, Asian ETF gold inflows set an H1 record.
Perhaps the most significant development in the Asian gold market was the launch of a new Hong Kong-based gold clearing and settlement system that could begin to move the center of gold trade from London and the West to China and the East.
Standard Chartered global head of sales and structuring called this “a fundamental structural shift in wealth allocation,” evidenced by rising demand for gold from central banks, institutional investors, and retail consumers.
While the recent run-up in the gold price has contributed to these developments in the Asian gold market, KPMG China head of banking and capital markets in Hong Kong, Jia Ning Song, told The Banker that this buildout isn’t just a response to a temporary bull market.
“Nobody constructs vaulting capacity, clearing memberships and tokenization platforms — multiyear, capital-intensive commitments — to monetize a 12-month rally. The investments now being made in Hong Kong’s gold ecosystem are geared towards conviction in multi-decade demand.”
Song said nearshoring investments appeal to Asian investors. Setting up local clearing venues allows banks to quote and settle gold during Asian trading hours rather than routing transactions through London and dealing with significant time zone differences.
“As credit risks become more topical, gold’s minimal counterparty risk is proving especially attractive. We anticipate the trend of nearshoring gold holdings into Asia will intensify.”
Song called gold “a fiat hedge” as weakening faith in paper currencies, particularly the dollar, has driven Asian portfolio diversification. He specifically noted the growing levels of global debt, which reached a record of $353 trillion in Q1.
World Gold Council head of Asia-Pacific Shaokai Fan said Asia has the potential to become “a global gold hub.” He said he expects growing demand for vaulting, clearing and settlement in Singapore, Hong Kong, and Shanghai.
Asia already accounts for about 60 percent of global consumer gold demand. In fact, Western investors largely sat out the bull run last year, only jumping on the bandwagon last fall. When Western investors begin to understand the dynamics driving Asian investors, they may well join the party.
We're already seeing signs that Western investors are starting to follow Asia's lead. Last year, Morgan Stanley CIO Michael Wilson suggested a switch to a 60/20/20 strategy, swapping half of the bond portfolio for gold to serve as a “more resilient” inflation hedge.
Given that most Western investors have little to no exposure to gold, even a modest increase in gold allocation could send prices soaring higher.
To receive free commentary and analysis on the gold and silver markets, click here to be added to the Money Metals news service.
Gold Technical Forecast: XAU/USD Weekly Trade Levels Gold has broken decisively above a multi-week consolidation pattern with XAU/USD rallying more than 10% from the yearly low. The breakout has already cleared a major technical hurdle, shifting the focus to the yearly downtrend. Weekly momentum is beginning to improve, but buyers still need follow-through to reinforce the broader recovery. A hold above former range resistance would strengthen the bullish outlook with key resistance eyed at the yearly downtrend. Next week's U.S. CPI report could provide the catalyst for gold's next major directional move. Resistance 4319/19, 4493-4533 (key), 4855/94- Support 4175, 4002/17 (key), 3887 Gold has delivered its strongest weekly advance since January after breaking decisively above a multi-week consolidation pattern, marking the most significant technical development since the March decline began. The rally has already reclaimed a major resistance zone and shifted attention toward the broader yearly downtrend, but buyers still need confirmation that this week's breakout can develop into something more durable. With key inflation data due next week, traders will be watching closely to see whether gold can build on this recovery and validate a more significant low is finally in place. Battle lines drawn on the XAU/USD weekly technical chart.
Review my latest Weekly Strategy Webinar for an in-depth breakdown of this gold setup and more. Join live on Monday’s at 8:30am EST.
Gold Price Chart – XAU/USD Weekly
Chart Prepared by Michael Boutros, Sr. Technical Strategist; XAU/USD on TradingView
Technical Outlook: In my last Gold Technical Forecast we noted that XAU/USD was trading within, “a well-defined consolidation pattern just above the yearly lows heading into the August open and the focus is on a breakout in the weeks ahead for directional guidance.” The six-week range broke higher this week with the rally extending more than 10.8% off the yearly low. The breakout has already surpassed a major pivot zone and keeps the focus on a potential challenge of the yearly downtrend.
Our initial focus was on the 52-week moving average and the objective yearly open at 4319/30. Both the April channel line and the 25% parallel of the broader uptrend converge on this level and a weekly close keeps this constructive. While daily RSI has now extended to the highest levels since January (above 65), weekly momentum closed neutral (at 50) on Friday. We will want to see some follow through next week and the inflation report may be the catalyst.
Key resistance remains at 4493-4533- a region defined by the March low-week close (LWC), the 38.2% retracement of the March decline, and the 2025 high close. The upper parallel of the yearly downtrend converges on this zone over the next few weeks- look for a larger reaction there IF reached. Subsequent resistance objectives are eyed at the 61.8% retracement and the record high-week close (HWC) at 4855/94.
Initial weekly support now rests at the yearly low-week close (LWC) at 4175 backed by the late-October and July low-closes at 4002/17. A break / weekly close below this threshold would threaten resumption of the yearly downtrend towards the October swing low at 3887 and the lower parallels near ~3700.
Bottom line: Gold has broken out of a multi-week consolidation zone with the advance marking a close above the yearly moving average his week for the first time since June. From a trading standpoint, losses should be limited to 4175 IF gold is heading higher on this stretch – look for a larger reaction on rally towards the upper parallel near 4500.
Following last week's weaker-than-expected Non-Farm Payrolls report, attention now turns to Wednesday's CPI release as the next key test for the Fed's policy outlook. Markets have continued to pare expectations for additional tightening, with Fed funds futures now pricing a 58% probability the Committee remains on hold next month. A softer inflation reading would reinforce that repricing, easing pressure from higher Treasury yields and creating a more constructive environment for gold prices. Watch the weekly closes for guidance here and review my latest Gold Short-term Outlook for a closer look at the near-term XAU/USD technical trade levels.
Key US Economic Data Releases
Economic Calendar - latest economic developments and upcoming event risk.
Active Weekly Technical Charts Euro (EUR/USD) Swiss Franc (USD/CHF) US Dollar Index (DXY) Australian Dollar (AUD/USD) Canadian Dollar (USD/CAD) S&P 500, Nasdaq, Dow Bitcoin (BTC/USD) Japanese Yen (USD/JPY) British Pound (GBP/USD) --- Written by Michael Boutros, Senior Technical Strategist
Spot gold daily chart shows larger trend structure. Source: TradingView For now, the 100-day moving average presents key resistance that could lead to a pullback or consolidation. However, the next higher target is defined by the 200-day moving average, now near $4,496. It represents a more significant resistance zone given its long-term timeframe and therefore may be tested before the current advance reaches its conclusion. The path toward that higher target, however, may depend on how gold responds to the initial resistance near $4,392.
Trendline Recovery Strengthens the Bullish Case Friday’s extension of the rally confirmed a recovery above the long-term uptrend line that had shown signs of resistance over the past couple of days. A recovery above the trendline is another piece of bullish technical evidence for gold. It follows the recent reclaim of the 20-day and 50-day moving averages, a breakout above a downtrend line, and a trend reversal signal on a move above the lower swing high at $4,203. Together, these developments strengthen the case that the broader trend has shifted back in favor of the bulls.
Next Test: $4,382-$4,392 Near-term support is Friday’s low of $4,230, especially since it aligns closely near the uptrend line, followed by the lower swing high at $4,203. Key dynamic support is indicated by the 50-day moving average near $4,152. The magnitude of any pullback will assist in gauging demand, and it may determine whether the 200-day moving average is tested, if it doesn’t occur during this initial sharp advance.
Thus, Friday’s strong close not only reinforces the recent bullish reversal but also sets up the next test: whether buyers can push through the $4,382-$4,392 resistance zone without a meaningful pullback, keeping the higher $4,496 target in view.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Gold (XAU/USD) is gaining momentum on Friday, trading above $4,350 after the United States (US) Bureau of Labor Statistics (BLS) released the Nonfarm Payrolls (NFP) report. Bitcoin (BTC) shows signs of a steady recovery above $65,000, buoyed by growing risk-on sentiment.
US Nonfarm Payrolls fall by 23K in JulyThe US NFP dropped by 23,000 in July, falling short of consensus forecasts of an 80,000 gain. This drop comes after June’s modest increase of 20,000, revised from the initial 57,000, highlighting a significant loss of momentum in the labor market.
Additional data from the report revealed the Unemployment Rate ticked down to 4.1% from 4.2% in June, while the Labor Force Participation Rate slipped to 61.4% from 61.5%.
Meanwhile, annual wage growth, tracked by Average Hourly Earnings, moderated to 3.2% annually, down from 3.4%, signaling softer wage pressure.
The CME FedWatch Tool shows a subsequent shift in monetary policy expectations. Market participants are now pricing in a 55.9% chance that the Federal Reserve (Fed) leaves interest rates unchanged in the 3.50%-3.75% range in September. Rate hike bets have moderated to 44.1%.
FedWatch tool | Source: CME GroupMeanwhile, risk appetite has improved but only marginally, with sentiment currently in the Fear territory at 29, up from 25 in the Extreme Fear territory on Thursday, according to the Fear & Greed Index. If sustained, strong sentiment would mean risk assets are attractive to investors, thus raising the odds of a sustained recovery.
Crypto Fear & Greed Index | Source: AlternativeTechnical analysis: Bitcoin edges higher above $65,000Bitcoin holds above the 50-day Exponential Moving Average (EMA) at $64,669 and the upward-sloping trendline support near $62,921, which keeps the near-term bias moderately bullish despite the broader consolidation. The Parabolic SAR at $62,275 reinforces the underlying demand, while the Relative Strength Index (RSI) around 55 on the daily chart and a mildly positive Moving Average Convergence Divergence (MACD) reading hint that buyers still retain control, although upside momentum appears measured rather than impulsive.
BTC/USDT daily chartImmediate support lies at the recent pivot around $65,000, followed by the 50-day EMA at $64,669 and then the rising trendline near $62,921, ahead of the Parabolic SAR level at $62,275. On the flip side, initial resistance emerges at the 100-day EMA at $66,986, with a more significant barrier at the 200-day EMA around $73,382, where a sustained break would be needed to reopen a stronger bullish extension in the days ahead.
Technical outlook: Gold climbs as buyers tighten gripGold holds a constructive near-term bias as it remains above the 50-week, 100-week and 200-week EMAs at $4,215, respectively, and has broken above the prior downward resistance trendline now offering support near $4,060.
Still, upside progress is tempered by the Parabolic SAR at $4,441 acting as immediate resistance, while the Moving Average Convergence Divergence (MACD) remains below zero with a negative reading and the RSI hovering around the neutral 50 mark, hinting at a consolidative rather than impulsive bullish tone.
XAU/USD weekly chartOn the topside, initial resistance is defined by the Parabolic SAR at $4,441, where a sustained break would open the way for a more decisive advance. On the downside, the first layer of support lies at the broken trendline barrier turned floor around $4,060, followed by dynamic support at the 50-week EMA at $4,215 and deeper medium-term cushions at the 100-week EMA at $3,777, levels that collectively reinforce the broader bullish structure as long as they remain intact.
(The technical analysis of this story was written with the help of an AI tool. Know more.)
Bitcoin, altcoins, stablecoins FAQs Bitcoin is the largest cryptocurrency by market capitalization, a virtual currency designed to serve as money. This form of payment cannot be controlled by any one person, group, or entity, which eliminates the need for third-party participation during financial transactions.
Altcoins are any cryptocurrency apart from Bitcoin, but some also regard Ethereum as a non-altcoin because it is from these two cryptocurrencies that forking happens. If this is true, then Litecoin is the first altcoin, forked from the Bitcoin protocol and, therefore, an “improved” version of it.
Stablecoins are cryptocurrencies designed to have a stable price, with their value backed by a reserve of the asset it represents. To achieve this, the value of any one stablecoin is pegged to a commodity or financial instrument, such as the US Dollar (USD), with its supply regulated by an algorithm or demand. The main goal of stablecoins is to provide an on/off-ramp for investors willing to trade and invest in cryptocurrencies. Stablecoins also allow investors to store value since cryptocurrencies, in general, are subject to volatility.
Bitcoin dominance is the ratio of Bitcoin's market capitalization to the total market capitalization of all cryptocurrencies combined. It provides a clear picture of Bitcoin’s interest among investors. A high BTC dominance typically happens before and during a bull run, in which investors resort to investing in relatively stable and high market capitalization cryptocurrency like Bitcoin. A drop in BTC dominance usually means that investors are moving their capital and/or profits to altcoins in a quest for higher returns, which usually triggers an explosion of altcoin rallies.
Last week, gold posted a modest July gain, which has already given buyers a significant boost this week. With prices up 6.5% since the start of the week, gold has confirmed a major technical breakout, bringing to an end the downtrend that began in February. The price rebounded from the key psychological level of $4,000 – where the correction also ended last October – and from the 61.8% retracement of the 2022–2026 rally, reinforcing the significance of the reversal signal.
The bulls also have the strength with which gold broke through the 50-day moving average earlier this week in their favour; this average had served as support for the uptrend since the start of 2025, before turning into local resistance in March. If this is not a false breakout, this line could once again act as support for the medium-term bullish trend.
That said, on weekly timeframes, the bulls still need to do some groundwork. During the latest rally, the price approached but failed to break through the 50-week moving average – an important signal line for the long-term trend. It currently stands near $4,400, whilst at $4,500, there is another potential area of resistance that reversed the trend in December and March.
All things considered, we expect an interesting battle in gold this coming week, with the struggle intensifying following the release of US CPI and PPI data. The path to 4,500 may prove relatively easy, but beyond that, we should brace ourselves for a very significant tug-of-war.
