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Gold price (XAU/USD) tumbles to near a two-week low around $4,330 during the early Asian session on Wednesday. The precious metal faces some selling pressure on elevated Treasury yields and a stronger US Dollar (USD). 

US Treasury yields rose to their highest since January 2025 in the previous session as escalating tensions in the Middle East stoked inflation fears and triggered a global bond selloff. Bloomberg reported that the US and Iran traded a new round of attacks Tuesday, with American forces striking Iranian targets around the Strait of Hormuz and Tehran saying it had launched a retaliatory operation targeting US interests across the region.

It’s worth noting that rising interest rates and higher ‌yields on Treasuries typically weigh on gold as they raise ‌the opportunity cost of holding the non-yielding asset.

“We’re seeing some technical selling pressure... bond yields globally are at highs not seen in ‌years. So that’s all working to pressure the gold market,” said Jim Wyckoff, a market analyst at American Gold Exchange.

Additionally, hawkish remarks from Federal Reserve (Fed) Chair Kevin Warsh at the Jackson Hole symposium might contribute to the yellow metal’s downside. Warsh warned last week that policymakers may need to tighten again if inflation fails to move convincingly towards 2%. Traders raise their bets on a September rate hike after Warsh’s comments.

The attention will shift to the US jobs data for August, which will be released later on Friday. This report could offer some clues about whether the Fed raises interest rates in September. Any signs of weakening in the US labour market could drag the Greenback lower and underpin the USD-denominated commodity price in the near term. 

Gold positioning holds firm as Fed chair Warsh turns more hawkishAccording to TD Securities, Fed Chair Warsh "struck a more hawkish tone in his Jackson Hole speech as he acknowledged the inflation concerns." Analysts at the bank note that, despite this shift in rhetoric, positioning in Gold has remained resilient, with investors seemingly looking through the renewed focus on inflation and potential future policy tightening.

Technical Analysis: Gold remains capped under the 100-day SMAIn the daily chart, XAU/USD stays bearish as spot holds beneath the 100-day simple moving average (SMA) and the Bollinger Bands’ 20-day middle band, suggesting rallies are being capped by these overlapping dynamic barriers. The Relative Strength Index (RSI) at 46.28 hovers just below its neutral midpoint, hinting at waning downside momentum but not yet signaling a convincing recovery.

On the topside, initial resistance appears at the 100-day SMA around $4,365, followed by the Bollinger middle band near $4,445, while a stronger bullish extension would target the upper Bollinger band at $4,695. On the downside, the lower Bollinger band at $4,192 provides the next noteworthy support zone, and a daily close below it would open the door to a deeper corrective leg toward lower psychological levels.

(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.

Spot gold daily chart shows larger trend structure. Source: TradingView Failure Below $4,311 A decline below the recent higher swing low of $4,311 would signal a reversal of that advance and a failure of support at the trendline. That would increase the chance of a test of the prior lower swing high and the top of a consolidation bottom range at $4,203, along with the 50-day moving average near $4,216. Falling back below the uptrend line would put gold in a more vulnerable position, as it would begin to negate recent bullish price behavior that included the reclaim of key moving averages and a downtrend line two weeks ago.

Upside Case If Buyers Return If gold can continue to hold above support at $4,311 and then strengthen, another leg up toward the next higher target zone near $4,774 comes into play. Initial signs of strength would appear above the swing high of $4,450 and then the 200-day moving average, currently at $4,532. Given the decisive three-day decline in gold, however, support looks likely to be tested further before there are signs of buyers. Until they appear, Tuesday’s break below the moving averages still frames the near-term risk: the same confluence that absorbed the selloff must hold, or the August recovery begins to unwind.

If you’d like to know more about how to trade gold and silver, please visit our educational area.

Phase 1 initial reaction: Back in 2022 when the Federal Reserve initiated aggressive rate hikes—raising the target rate from 0.08% in Feb-22 to 3.08% in Oct-22 (a 3.00% absolute increase)—gold experienced immediate downside pressure.

Gold closed at $1,908 in Feb-22 (peaking around $1,937 in Mar-22 amid early geopolitical tensions) before dropping to a low of $1,633 in Oct-22.

This represents a decline of 14.4% ($275 drop), illustrating the traditional inverse reaction where higher opportunity costs and yields weigh down non-yielding bullion.

Phase 2: Delayed Real Reaction & Rally (Oct 2022 – Aug 2024)

Despite the Fed continuing to raise rates aggressively to 5.33% by Aug-23 and holding them at terminal levels through Aug-24 (an overall hike of 5.25 percentage points), gold reversed course and rallied sharply. From the Oct-22 bottom of $1,633, gold climbed to $2,503 by Aug-24. This marks a 53.3% rally (a $870 gain) during sustained rate hikes and elevated rates, accumulating a net gain of $607 (+32%) over the entire timeframe (Apr-22 to Aug-24 baseline).
​Key takeaway

While interest rate hikes create an immediate downward shock on gold, persistent high rates and yields eventually intensify fiscal pressure by inflating debt servicing costs and government deficits. Market expectations of long-term sovereign debt stress ultimate power a delayed, multi-year bull run in gold.

This dynamic starkly contrasts with the Volcker era of the early 1980s, when extreme interest rates near 20% effectively crushed gold prices long-term without triggering fiscal solvency concerns when government debt level was under control!

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Gold prices fell in Philippines on Tuesday, according to data compiled by FXStreet.

The price for Gold stood at 8,898.85 Philippine Pesos (PHP) per gram, down compared with the PHP 8,929.60 it cost on Monday.

The price for Gold decreased to PHP 103,794.30 per tola from PHP 104,153.00 per tola a day earlier.

Unit measure

Gold Price in PHP

1 Gram

8,898.85

10 Grams

88,988.37

Tola

103,794.30

Troy Ounce

276,787.20

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 United Arab Emirates on Tuesday, according to data compiled by FXStreet.

The price for Gold stood at 523.15 United Arab Emirates Dirhams (AED) per gram, down compared with the AED 525.16 it cost on Monday.

The price for Gold decreased to AED 6,101.90 per tola from AED 6,125.38 per tola a day earlier.

Unit measure

Gold Price in AED

1 Gram

523.15

10 Grams

5,231.48

Tola

6,101.90

Troy Ounce

16,272.15

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 fell in Malaysia on Tuesday, according to data compiled by FXStreet.

The price for Gold stood at 574.92 Malaysian Ringgits (MYR) per gram, down compared with the MYR 577.13 it cost on Monday.

The price for Gold decreased to MYR 6,705.82 per tola from MYR 6,731.49 per tola a day earlier.

Unit measure

Gold Price in MYR

1 Gram

574.92

10 Grams

5,749.26

Tola

6,705.82

Troy Ounce

17,881.98

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 is replicating negative trades seen in Asia on Monday, as sellers return early Tuesday to challenge critical support just above the $4,400 level once again.

Gold struggles ahead of key US dataGold is fading the previous recovery from eight-day lows of $4,397, as the US Dollar (USD) rebounds sharply amid a risk-off market environment and rising US Treasury bond yields across the curve.

The Greenback continues to draw support from increased bets around a September Federal Reserve (Fed) interest rate hike, following Chairman Kevin Warsh’s explicit signal on Friday that rate hikes may be needed to curb inflation.

Markets are pricing in a 66% chance of such a move, up from 41% a week ago, according to the CME Group’s FedWatch Tool.

Additionally, the renewed outbreak of hostilities in the Middle East revives the geopolitical risk premium among traders, underpinning the safe-haven appeal of the USD and acting as a headwind for the Greenback-denominated bullion.

US President Donald Trump threatened further strikes against Iran on Monday after the first exchange of direct attacks in a month, while the United Kingdom Maritime Trade Operations (UKMTO) said that a tanker was reportedly ‌struck by three projectiles while sailing out ‌of the ‌Strait of Hormuz, 

Gold traders now look forward to a slew of US labor market data slated for release this week for fresh hints on the Fed’s monetary policy outlook.

The key US jobs data releases include ADP Employment Change and US Nonfarm Payrolls (NFP) due on Wednesday and Friday, respectively.

Meanwhile, the US JOLTS Job Openings Survey and ISM Manufacturing Employment Index, due later on Tuesday, will offer some incentives to Gold traders.

Beyond data, Middle East geopolitical developments will also remain in play.

Analysts at ING highlight that gold is "likely to remain sensitive to incoming US inflation and labour market data," with the near-term outlook still closely tied to the macro data calendar. They note that "central bank buying and geopolitical risks should continue to provide underlying support," but caution that "a stronger Dollar and higher-for-longer rate expectations could limit near-term upside momentum," suggesting that any rallies may struggle to gain sustained traction while US policy remains restrictive.

Gold price technical analysis: Daily chart

In the daily chart, XAU/USD trades at $4,431.95. The metal holds a bullish near-term bias as it climbs above the 21-day simple moving average (SMA) at $4,430.38, while also trading comfortably over the 50-day SMA at $4,217.99 and the 100-day SMA at $4,366.40, which collectively underpin the broader uptrend. The Relative Strength Index (RSI) at 52.96 sits in neutral territory, hinting at steady rather than aggressive upside momentum after the latest advance.

On the downside, immediate support aligns with the 21-day SMA near $4,430, followed by the 100-day SMA at about $4,366 and the 50-day SMA around $4,218, where buyers would be expected to re-emerge on deeper pullbacks. On the topside, initial resistance is defined by the 200-day SMA at $4,530.78; a sustained break above this longer-term average would open the door for a continuation of the bullish sequence toward fresh record highs.

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

Economic Indicator JOLTS Job Openings JOLTS Job Openings is a survey done by the US Bureau of Labor Statistics to help measure job vacancies. It collects data from employers including retailers, manufacturers and different offices each month.

Read more.

XAU/USD Current Price: $4,434The US Dollar resumed its advance amid escalating Middle East tensions. Federal Reserve Chair Kevin Warsh opened the door for a September rate hike. XAU/USD is bearish in the near term; the next downside hurdle is at $4,400.Spot Gold trades in the $4,430 price zone on Monday, extending its slide at the start of the week as the US Dollar (USD) surges amid renewed tensions in the Middle East. Over the weekend, Iran and the United States (US) crossed fire around the Strait of Hormuz following a few weeks of tense calm.

Speculation that the conflict will escalate, and hence, result in higher energy prices driving inflation to uncomfortable levels, favored the Greenback, particularly after Federal Reserve (Fed) Chair Kevin Warsh's comments.

Fed Chair Warsh expressed concerns about elevated inflation while hinting that interest rates may need to rise further during his participation in the Jackson Hole Symposium on Friday. “We must be confident that underlying inflation is moving to our objective, clearly and at sufficient speed. Otherwise, we have work to do. That’s our job, our mandate and our charge to keep,” Warsh noted.

His words lifted the odds for a September rate hike, although some analysts speculate markets will have to wait until October to see it happening. The precious metal is then pressured, not only because of safety demand, but because the latter comes alongside mounting speculation the Fed will go for at least one interest rate hike before year-end.

XAU/USD Technical Outlook:In such a scenario, it is hard to imagine the Gold price returning to record levels. However, it does not necessarily mean XAU/USD will lose its reserve-currency status. Indeed, the near-term view favors lower lows, but there will always be buyers to take their chances on dips. The $4,000 psychological threshold, despite being pierced recently, should remain a strong long-term line in the sand. The bullish run has paused, and additional near-term slides are likely. XAU/USD needs to recover the $4,700 level to recover its bullish poise.

In the four-hour chart, XAU/USD turned bearish, as it holds below both the 100-period Simple Moving Average (SMA) at $4,478.95 and the 20-period SMA at $4,536.03. The metal still rests well above the 200-period SMA near $4,283.50, which provides strong support. Finally, the 14-period Momentum indicator heads firmly south below its midline, while the Relative Strength Index (RSI) index hovers near 32, reflecting sellers hold the grip.

In the daily chart, XAU/USD holds above both the 20-day SMA at $4,429.64 and the 100-day SMA at $4,370.36, suggesting a constructive near-term bias despite the broader consolidation. However, the 200-day SMA at $4,528.89 remains a key overhead barrier, while a mid-range Relative Strength Index (RSI) near 53 hints at price nearing an inflection point.

On the topside, initial resistance is seen at the 100-period SMA around $4,478.95, followed by a stronger cap at the 20-period SMA near $4,536.03, where sellers could reassert control if any rebound extends. On the downside, immediate support is located at the 20-day SMA at $4,429.64, with a deeper cushion at the 100-day SMA around $4,370.36.

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

In this week’s Live from the Vault, Andrew Maguire is joined by Bill Holter to examine whether Trump's repost of Jim Rickards' $10,000 gold call signals something far bigger than a market comment, and what it means for gold and the dollar system.

The two precious metals experts examine why credit markets are beginning to crack, and why Bill believes any gold price target being discussed today will ultimately prove laughably low — including the ones that sound outrageous right now.

Timestamps:

00:00 - Start.

01:29 - Is Bessant's yield push a policy error - or a gold revaluation trigger?

05:12 - Why Trump reposting Jim Rickards' $10,000 gold call is no coincidence.

09:07 - How a weekend gold revaluation would wipe out rehypothecation overnight.

14:08 - AI cannot be built without silver - and the silver simply does not exist.

19:24 - How Hong Kong's exchange made the yuan directly convertible to gold.

24:01 - Enbridge: the escape hatch from the dollar system explained.

30:14 - Credit is cracking - and the only exit is physical gold and silver.

38:44 - Why any gold price target you hear today will prove laughably low.

43:02 - Could gold miners be nationalised? Bill makes the case.

49:28 - Get out of the system, and make your plan while you still can.

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

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

3-D Structural sketch of the Las Brisas Target

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

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

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

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

Other Key Intercepts Reported in the Latest Drilling Results

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

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

Year

Target

Hole ID

Structure

From
(m)

To (m)

Length
(m)

Au (g/t)

Ag (g/t)

AuEq
(g/t)

2026

Las Brisas

ZM-200

Santa Catalina

128.30

130.30

2.00

1.77

46.6

2.35

Including

128.30

128.75

0.45

4.43

82.4

5.46

Santa Catalina Faulted Block

156.58

157.60

1.02

7.40

437.8

12.86

Including

156.58

156.90

0.32

20.70

1,388.8

38.04

ZM-201

Santa Catalina

96.15

97.20

1.05

3.04

23.6

3.33

Including

96.15

96.50

0.35

7.90

66.9

8.73

Unknown

106.20

106.80

0.60

2.78

7.6

2.87

Including

106.50

106.80

0.30

4.12

12.1

4.27

Manto Antiguo

143.25

145.55

2.30

7.85

167.0

9.90

Including

143.25

144.10

0.85

10.72

247.0

13.80

Including

144.45

145.55

1.10

7.20

137.9

8.90

ZM-202

Manto Antiguo Lower Faulted Block

219.90

221.40

1.50

3.69

11.6

3.83

Including

219.90

220.20

0.30

8.04

25.3

8.36

Including

220.90

221.40

0.50

5.39

13.9

5.56

ZM-204

Santa Catalina

95.53

96.53

1.00

2.10

64.0

2.90

Including

95.53

95.83

0.30

3.78

198.0

6.26

Manto Antiguo

154.41

155.56

1.15

3.60

55.0

4.21

Including

155.16

155.56

0.40

4.26

23.0

4.54

ZM-205

Unknown

33.17

34.17

1.00

41.82

36.1

42.27

Including

33.17

33.55

0.38

108.90

89.0

110.01

Manto Antiguo

154.39

155.40

1.01

3.75

4.0

3.80

Including

154.69

154.99

0.30

12.23

9.3

12.34

Manto Antiguo Lower

194.88

195.88

1.00

1.91

4.1

1.96

Including

194.88

195.18

0.30

6.34

12.1

6.49

ZM-206

Manto Antiguo Splay

132.80

134.15

1.35

15.23

38.4

15.67

Including

133.61

134.15

0.54

33.70

61.8

34.47

Manto Antiguo

137.40

140.10

2.70

4.42

21.7

4.69

Including

137.40

137.70

0.30

7.16

40.2

7.66

Including

139.80

140.10

0.30

16.65

48.0

17.25

Unknown

158.50

159.50

1.00

2.87

23.1

3.15

Including

158.50

159.05

0.55

5.17

41.2

5.68

ZM-210

Santa Catalina Zone

203.00

235.95

32.95

5.68

* (5)

* (5)

Santa Catalina Splay

Including

229.0

232.10

3.10

20.18

* (5)

* (5)

Santa Catalina

Including

233.45

235.95

2.50

26.35

* (5)

* (5)

Notes to Las Brisas table:

(1)

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

(2)

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

(3)

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

(4)

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

(5)

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

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

Manto Antiguo and Santa Catalina Structures

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

2026 Drilling Program

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

Qualified Person

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

Quality Assurance and Quality Control

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

About Denarius Metals

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

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

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

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

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

Cautionary Statement on Forward-Looking Information

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

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

Notes:

(1)

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

(2)

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

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

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

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

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

SOURCE Denarius Metals Corp.

 | Source: Sonoro Gold Corp.

VANCOUVER, Canada, Aug. 26, 2026 (GLOBE NEWSWIRE) -- Sonoro Gold Corp. (TSXV: SGO | OTCQB: SMOFF | FRA: 23SP) (“Sonoro” or the “Company”) is pleased to announce that its wholly owned Mexican subsidiary, Minera Mar de Plata (“MMP”), has completed the acquisition of additional mineral concessions located adjacent to the Company’s Cerro Caliche gold project in Sonora, Mexico.

As previously announced on May 12, 2026, the Company executed Letters of Intent to acquire a 100% interest in 23 mineral concessions and up to a 51% interest in five additional mineral concessions.

The completed acquisition is a strategic opportunity to potentially demonstrate the Cerro Caliche project as being part of a larger gold epithermal system, with wide-scale potential to host multiple mineralized zones. Historical data from multiple exploration programs conducted on and surrounding the newly acquired mineral concessions suggest geological, structural and mineralization characteristics similar to those identified at Cerro Caliche.

The map below illustrates the recently acquired concessions at Cerro Caliche.

Figure 1: Map of Cerro Caliche Mining Concessions

Click here to view image

Kenneth MacLeod, President and CEO of Sonoro Gold, commented, “The recent expansions at Cerro Caliche provide us with the potential to materially enhance the scope and scale of the project. Our current 50,000 metre drilling program is focused on potentially increasing the size, grade and classification of the project’s mineral resource, as well as investigating the expected continuation of the mineralized corridors into these new concessions.”

TRANSACTION SUMMARY

Vendors are at arm’s length to the Company, its associates and affiliates and the purchase consideration does not include the issuance of any securities, nor any grant of a royalty interest. 100% interest in 23 mineral concessions over 4,239.10 hectares (ha) for total consideration of USD $5.17 million to be paid in installments over 18 months. MMP assumes certain liabilities of outstanding mineral concession fees totaling approximately USD $990,000. 51% interest in five mineral concessions over 453.91 ha for a total commitment of up to USD $9M in exploration and development expenditures. Since January 2026, Cerro Caliche has been strategically expanded from 1,350-hectares to 8,215-hectares, plus a 51% interest in another 454 hectares.

The Cerro Caliche gold project is in the final permitting stage for a proposed initial open-pit, heap leach mining operation.

An updated 2026 PEA on the original 1,350 ha Cerro Caliche property demonstrates the potential viability for a ten-year open pit, heap leach mining operation at 16,000 tpd. Based on approximately 30% of the known mineralized zones identified on the original property and utilizing a gold price of USD $3,500 per ounce, the report highlights an after tax NPV8 of USD $224M and an IRR of 50%.

About Sonoro Gold Corp.

Sonoro Gold Corp. is a publicly listed exploration and development Company holding the development-stage Cerro Caliche project and the exploration-stage San Marcial project in Sonora State, Mexico. The Company has highly experienced operational and management teams with proven track records for the discovery and development of natural resource deposits.

To keep up-to-date on Sonoro’s developments, please join our online communities on X, Facebook, LinkedIn, Instagram, and YouTube and visit Sonoro’s website and subscribe to receive the latest news and updates delivered straight to your inbox.

On behalf of the Board of SONORO GOLD CORP.
Per:  “Kenneth MacLeod”
           Kenneth MacLeod
           President & CEO

For further information, please contact: 
Sonoro Gold Corp. - Tel: (604) 632-1764
Email: [email protected]

Forward-Looking Statement Cautions:
This press release may contain "forward-looking information" as defined in applicable Canadian securities legislation. All statements other than statements of historical fact, included in this release, including the potential for newly acquired mineral concessions to demonstrate the Cerro Caliche project as part of a larger gold epithermal system, with wide-scale potential to host multiple mineralized zones, the Company’s plan to complete extensive exploration campaigns on the newly acquired concessions, permitting for and viability of a proposed open-pit, heap leach mining operation at Cerro Caliche, all as part of the  future plans and objectives of the Company, constitute forward looking information that involve various risks and uncertainties, including statements regarding project permitting and the Company’s intention to develop and operate the proposed Cerro Caliche gold mine. Although the Company believes that such statements are reasonable based on current circumstances, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "aims", "potential", "goal", "objective", "prospective" and similar expressions, or that events or conditions "will", "would", "may", "can”, "could" or "should" occur, or are those statements, which, by their nature, refer to future events.  The Company cautions that forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties, including the possibility of unfavorable exploration and test results, the lack of sufficient future financing to carry out exploration and development plans and unanticipated changes in the legal, regulatory and permitting requirements for the Company’s exploration programs.  There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law or the policies of the TSX Venture Exchange. Readers are encouraged to review the Company’s complete public disclosure record on SEDAR at www.sedar.com.

This press release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States. The securities referred to herein have not been and will not be registered under the Securities Act of 1933, as amended (the “Securities Act”), or with any securities regulatory authority of any state or other jurisdiction in the United States, and may not be offered or sold, directly or indirectly, within the United States or to, or for the account or benefit of, U.S. persons, as such term is defined in Regulation S under the Securities Act (“Regulation S”), except pursuant to an exemption from or in a transaction not subject to the registration requirements of the Securities Act.”

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this release.

Gold (XAU/USD) shows marginal gains on Monday, with price action hovering around $4.450 at the time of writing yet unable to take off from last week’s lows in the $4,400 area after depreciating more than 4% late last week. Rising bets that the Federal Reserve (Fed) will hike interest rates in September, coupled with the resumption of hostilities in Iran, are buoying the US Dollar and weighing on precious metals.

Bullion tanked on Friday as Fed Chairman Kevin Warsh conveyed an unexpectedly hawkish message at the Jackson Hole summit. Warsh urged policymakers to focus on prices, and said that the central bank has “work to do” to bring inflation to the bank’s 2% target. Investors ramped up bets of a September hike to 61% from 36% the day before, according to the CME’s FedWatch Tool.

Apart from that, the US and Iran exchanged attacks on Sunday to put an end to about one month of a tense truce. The US military attacked the Iranian island of Larak on Sunday, where the Islamic Revolutionary Guard Corps (IRGC) were allegedly preparing missiles to place sea mines in the Strait of Hormuz. Tehran responded by targeting US airbases in Jordan and the United Arab Emirates. The risk-off reaction has underpinned support to the safe-haven US Dollar.

Technical Analysis: Bears gain confidence below the 200-day SMA

XAU/USD trades at $4,450 after an impulsive reversal on Friday that pushed price action below the 200-day simple moving average (SMA) at $4,528. This is a very popular indicator for traders, and Friday's clear move below it gives fresh hope for bears.

Momentum indicators in the bearish charts show a neutral-to-negative stance, with the Relative Strength Index (RSI) at 54.36 easing into a more neutral zone and the Moving Average Convergence Divergence (MACD) indicator drifting into negative territory, which hints at waning upside momentum and scope for further consolidation or downside probes.

Immediate support is seen at Friday's floor in the $4,400 area, followed by the August 14 low near $4,310 and the August 6 low, near $4,225. Bulls, on the other hand, are likely to be challenged at the mentioned 200-day SMA, at $4,528, and the August 27 low near $4,565 ahead of last week's highs, near $4,700.;

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

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

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

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

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

ING’s commodities team, led by Warren Patterson and Ewa Manthey, reports that Gold came under pressure after Federal Reserve Chair Kevin Warsh reinforced a higher-for-longer rates narrative, supporting the Dollar. They add that upcoming US inflation and labour data, central bank buying and geopolitics will shape Gold’s near-term performance, with upside seen as constrained by rate expectations.

Dollar strength weighs on bullion"Gold came under pressure on Friday after Federal Reserve Chair Kevin Warsh signalled that policymakers remain focused on returning inflation to the 2% target. This dampens expectations for an imminent easing in monetary policy. The comments supported the US dollar and weighed on gold prices."

"Warsh stressed that inflation progress remains insufficient and reiterated that interest rates remain the Fed's primary tool for achieving its objectives. Markets interpreted the remarks as reinforcing a higher-for-longer rates outlook, which tends to weigh on non-yielding assets such as gold."

"Gold is likely to remain sensitive to incoming US inflation and labour market data. While central bank buying and geopolitical risks should continue to provide underlying support, a stronger dollar and higher-for-longer rate expectations could limit near-term upside momentum."

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

Gold prices fell in Philippines on Monday, according to data compiled by FXStreet.

The price for Gold stood at 8,881.94 Philippine Pesos (PHP) per gram, down compared with the PHP 8,944.38 it cost on Friday.

The price for Gold decreased to PHP 103,599.20 per tola from PHP 104,325.50 per tola on Friday.

Unit measure

Gold Price in PHP

1 Gram

8,881.94

10 Grams

88,821.34

Tola

103,599.20

Troy Ounce

276,266.40

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 India on Monday, according to data compiled by FXStreet.

The price for Gold stood at 13,546.67 Indian Rupees (INR) per gram, down compared with the INR 13,671.07 it cost on Friday.

The price for Gold decreased to INR 157,995.90 per tola from INR 159,456.70 per tola on friday.

Unit measure

Gold Price in INR

1 Gram

13,546.67

10 Grams

135,459.30

Tola

157,995.90

Troy Ounce

421,372.20

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.)

Precious metals markets have been rattled by investors' concerns over higher inflationary readings and the likelihood of Federal Reserve monetary tightening. Yet, over the past month, gold prices have climbed from around $4,000 per ounce to nearly $4,700 in the latter half of August. Most analysts attribute this surge to the U.S. debt reaching the $40 trillion mark, but the bond market has also played a significant role in this price recovery.

The Federal Reserve Here are a few quotes from the Fed: "The Fed's price-stability objective of 2 percent, as measured by the personal consumption expenditures (PCE) price index, is a firm, fixed target. Let's be equally clear about another aspect of the objective: Price stability is not self-executing, nor is inflation necessarily mean-reverting. It is the Fed's job to deliver stable prices." Additionally, in an interview at Jackson Hole, Cleveland Federal Reserve Bank President Beth Hammack stated: "I don't want to prejudge anything. But I believe now is the time to act." She also added, "I believe that we've been in an inflationary situation for more than five years. It's been running well above our target. I don't see any restriction in policy when I look at financial conditions and when I talk to market participants." In other words, the Federal Reserve's primary focus is currently on inflation. Thus, it appears clear that the Fed's stance is hawkish, and it is likely to tighten monetary policies soon and decisively. The Fed's position will only shift if the U.S. economy encounters serious hardships.

However, the unemployment rate - another key economic indicator - is not low enough to signal robust economic growth.

The US unemployment rate

Source: Trading EconomicsThe U.S. unemployment rate remains substantially above the low reached in 2023, currently hovering above 4%.

Moreover, consumer spending is not expanding either, as evidenced by the retail sales data presented below; in fact, retail sales contracted in July of this year.

Retail sales

Source: Trading EconomicsAlso, both manufacturing and non-manufacturing Purchasing Managers' Indices (PMIs) indicate very modest economic growth.

Manufacturing PMI reported by the ISM

Source: Trading EconomicsServices PMI reported by the ISM

Source: Trading EconomicsShould monetary conditions tighten further, the growth rate is likely to decelerate or even turn negative.

If the Fed tightens too aggressively, the U.S. economy is likely to slip into a recession. Moreover, higher interest rates would make servicing the U.S. debt considerably more expensive, especially given that the national debt has reached the $40 trillion threshold.

Even though the monetary environment may seem contractionary, the U.S. government has recently reported an exceedingly high debt level. It is well known that high government debt leads to currency debasement due to the expanding money supply. At the same time, such a hefty government debt is costly to service. Therefore, if the Fed raises interest rates, interest expenses will escalate further, boosting government expenditures and widening budget deficits. To manage the debt, the Fed would likely have to print more dollars to buy back Treasuries, which would also push down government bond yields - a necessity given the current debt predicament. This is exactly what is unfolding in the U.S. bond market right now.

The bond market Additionally, as I have discussed in previous articles, demand for U.S. debt is declining rapidly. Recently, Japan sold off some of its U.S. Treasury holdings to support the yen. Consequently, bond yields are rising, which increases interest expenses - a problematic trend given the U.S. national debt's $40 trillion milestone. This is why Treasury Secretary Scott Bessent announced that the Treasury would buy U.S. bonds to curb rising yields. This approach closely resembles a quantitative easing (QE) program, which is currently taking place despite the Fed's hawkish rhetoric.

What does this mean for Gold? Despite the Fed's hawkish stance and its potential negative impact on precious metals prices, the U.S. debt is surging while Treasuries lose their appeal. This situation makes a quantitative easing program necessary to keep debt servicing manageable. Quantitative easing entails money printing, which exacerbates currency devaluation and makes precious metals more attractive to investors - a trend that is likely emerging now. Therefore, even if the Fed raises interest rates, gold prices are still likely to rise as long as the Fed buys back Treasuries.

The price of Gold’s 3% Warsh-driven selloff has put Crédit Agricole’s $5,000 year-end forecast to a tougher test, but the bank’s debasement thesis remains intact. The Gold price in US Dollars (XAU/USD) ended Friday around $4,457 after Fed Chair Kevin Warsh’s Jackson Hole speech triggered the sharpest setback of the recent rally.

Gold fell 2.99% on Friday and is now almost $240 below August’s $4,696 high, although bullion still gained more than 10% over the month.

Warsh warned that the Fed still had “work to do” unless inflation moved convincingly towards 2%, sending September rate-hike expectations sharply higher and pushing the Dollar up. Gold subsequently suffered a heavy rate-driven selloff.

That move cuts directly across the near-term argument behind Crédit Agricole’s bullish call, but not necessarily the structural one.

The bank says gold has become “one of the key beneficiaries” of efforts by Washington to restrain long-dated Treasury yields, which worsened “the risk-reward trade-off for UST investors” and increased bullion’s appeal as a safe haven.

Crédit Agricole argues that these policy moves have “fanned US inflation fears and lowered US real yields”, strengthening gold’s role as a currency-debasement hedge.

It also sees geopolitics feeding the same trend, with the weaponisation of the Dollar through sanctions encouraging renewed reserve diversification.

“We remain long XAU/USD as a trade idea,” the bank says, adding that it continues to forecast gold at $5,000 by year-end with further gains in 2027.

Image: Gold price in US Dollars one-month chart The chart shows gold rallied from around $4,025 to nearly $4,700 before Friday’s collapse took it back towards its rising 20-day moving average.

We recently highlighted the return of ETF and futures buyers to gold, while BofA’s separate $5,000 forecast sits on a longer 2027 horizon.

Crédit Agricole’s call is more demanding.

From $4,457, a year-end move to $5,000 requires roughly 12% upside.

Warsh has made that path harder, but the bank’s forecast was always built on fiscal, Treasury and de-dollarisation risks as much as Fed easing.

Exchange Rates UK Research Our currency coverage draws on live market data, official economic releases and published bank research.

Gold – Chart Despite pulling back to the upper boundary of a rising channel $4,633, gold is holding above the 50-EMA at $4,569 and the 100-EMA at $4,493 on the 2-hour chart. This shows that the correction does not threaten the overall bullish structure. Bears have been unable to push price below $4,619 and $4,567 thus far. This further supports the bullish structure. A rejection at the level of $4,696 signifies that the bears have returned, but this is likely to be a short-term setback as buyers defend the higher-low structure.

The RSI, currently sitting at 55, reflects that price momentum has shifted from being overbought and is now in a neutral range. Price may trade around support at $4,619 and below, at $4,567, $4,508 and $4,448. If previous support is broken price may continue to fall. Resistance levels may be found at $4,696 and above at $4,756, $4,812.

According to my analysis, there is a bullish trend as long as gold holds $4,619. A break above $4,696 may be followed by further buying up to the levels of $4,756 to $4,812. Conversely, if price breaks below $4,567, a deeper consolidation may happen around $4,508.

Gold prices fell in Philippines on Tuesday, according to data compiled by FXStreet.

The price for Gold stood at 9,177.82 Philippine Pesos (PHP) per gram, down compared with the PHP 9,229.52 it cost on Monday.

The price for Gold decreased to PHP 107,049.30 per tola from PHP 107,651.40 per tola a day earlier.

Unit measure

Gold Price in PHP

1 Gram

9,177.82

10 Grams

91,778.73

Tola

107,049.30

Troy Ounce

285,458.50

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 Malaysia on Tuesday, according to data compiled by FXStreet.

The price for Gold stood at 602.73 Malaysian Ringgits (MYR) per gram, down compared with the MYR 605.33 it cost on Monday.

The price for Gold decreased to MYR 7,029.83 per tola from MYR 7,060.45 per tola a day earlier.

Unit measure

Gold Price in MYR

1 Gram

602.73

10 Grams

6,026.89

Tola

7,029.83

Troy Ounce

18,746.96

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.)

The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price. Do they really matter, though?

Let's take a look at what these Wall Street heavyweights have to say about Gold.com (GOLD - Free Report) before we discuss the reliability of brokerage recommendations and how to use them to your advantage.

Gold.com currently has an average brokerage recommendation (ABR) of 1.33, on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by six brokerage firms. An ABR of 1.33 approximates between Strong Buy and Buy.

Of the six recommendations that derive the current ABR, five are Strong Buy, representing 83.3% of all recommendations.

Brokerage Recommendation Trends for GOLD

Check price target & stock forecast for Gold.com here>>>

While the ABR calls for buying Gold.com, it may not be wise to make an investment decision solely based on this information. Several studies have shown limited to no success of brokerage recommendations in guiding investors to pick stocks with the best price increase potential.

Do you wonder why? As a result of the vested interest of brokerage firms in a stock they cover, their analysts tend to rate it with a strong positive bias. According to our research, brokerage firms assign five "Strong Buy" recommendations for every "Strong Sell" recommendation.

This means that the interests of these institutions are not always aligned with those of retail investors, giving little insight into the direction of a stock's future price movement. It would therefore be best to use this information to validate your own analysis or a tool that has proven to be highly effective at predicting stock price movements.

With an impressive externally audited track record, our proprietary stock rating tool, the Zacks Rank, which classifies stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), is a reliable indicator of a stock's near-term price performance. So, validating the Zacks Rank with ABR could go a long way in making a profitable investment decision.

ABR Should Not Be Confused With Zacks RankIn spite of the fact that Zacks Rank and ABR both appear on a scale from 1 to 5, they are two completely different measures.

The ABR is calculated solely based on brokerage recommendations and is typically displayed with decimals (example: 1.28). In contrast, the Zacks Rank is a quantitative model allowing investors to harness the power of earnings estimate revisions. It is displayed in whole numbers -- 1 to 5.

Analysts employed by brokerage firms have been and continue to be overly optimistic with their recommendations. Since the ratings issued by these analysts are more favorable than their research would support because of the vested interest of their employers, they mislead investors far more often than they guide.

On the other hand, earnings estimate revisions are at the core of the Zacks Rank. And empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

Furthermore, the different grades of the Zacks Rank are applied proportionately across all stocks for which brokerage analysts provide earnings estimates for the current year. In other words, at all times, this tool maintains a balance among the five ranks it assigns.

There is also a key difference between the ABR and Zacks Rank when it comes to freshness. When you look at the ABR, it may not be up-to-date. Nonetheless, since brokerage analysts constantly revise their earnings estimates to reflect changing business trends, and their actions get reflected in the Zacks Rank quickly enough, it is always timely in predicting future stock prices.

Is GOLD Worth Investing In?Looking at the earnings estimate revisions for Gold.com, the Zacks Consensus Estimate for the current year has remained unchanged over the past month at $5.31.

Analysts' steady views regarding the company's earnings prospects, as indicated by an unchanged consensus estimate, could be a legitimate reason for the stock to perform in line with the broader market in the near term.

The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for Gold.com. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>

It may therefore be prudent to be a little cautious with the Buy-equivalent ABR for Goldcom.

That being said, though, not being already long on gold, it’s probably a bit of a conundrum for traders at the moment. I know that I certainly don’t feel like chasing the market, but any pullback at this point in time, one would have to assume that there will be some people out there looking to get involved.

Technical Outlook The $4,500 level looks to me, at least, as an area that might be a place to find value. Either way, I have no interest in shorting this market.

And despite the fact that interest rates are somewhat elevated, I think we’re starting to move on the principle that the Federal Reserve probably doesn’t raise rates this year. Although we are hearing from some of the members that they still think rates are on the table, which could, of course, cause a lot of volatility in this market.

Gold keeps firm tone and holds near four-month high on Monday, following almost 5% advance last week, with surprise US Treasury’s buyback being mainly behind the latest rally.

Traders also look for more cues about the US monetary policy outlook in coming months, with focus on Wednesday’s release of US PCE Index (Fed’s preferred inflation gauge) and speech of Fed Chair Warsh in the Jackson Hole symposium (starts on Thursday) as key economic events of the week.

Multiple MA bull-crosses and strong positive momentum contribute to increasingly bullish structure on daily chart, although overbought conditions warn that bulls may take a breather.

Limited dips should find ground above broken 200DMA ($4516, which reverted to solid support) to keep larger bulls intact and provide better buying levels.

Bulls pressure immediate target bat $4666 (Fibo 76.4% retracement of $4889/$3942), violation of which to open way towards $4773 (May 12 high) and unmask $4889 (Apr 17 peak).

Res: 4666; 4700; 4773; 4833
Sup: 4590; 4516; 4454; 4416

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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