Gold (XAU/USD) is edging lower on Friday after peaking at $3,409 earlier in the day, its highest level in two weeks amid a cautious market mood. At the time of writing, the metal is hovering near $3,395 at the start of the American session.
The precious metal remains underpinned by concerns over the economic impacts from US tariffs, persistent inflation worries, and growing speculation that the Federal Reserve (Fed) will lower the interest rate in September. However, a modest rebound in the US Dollar (USD) and relatively stable Treasury yields are capping further upside, as bulls struggle to decisively break above the key psychological barrier at $3,400.
While spot prices held steady with modest gains, Gold futures surged to fresh record highs after the Financial Times reported that the US has imposed new tariffs on 1-kg and 100-oz Gold bars. The December COMEX contract surged to an all-time high of $3,534.10 before paring gains slightly, fueled by concerns over potential supply chain disruptions and higher import costs.
The bullish momentum spilled over into the Indian market as well, where MCX October Gold futures climbed to a new record above 1,02,000 INR per 10 grams, driven by a weak Indian Rupee, tariff-led supply risks, and robust investment demand.
Source: FXstreet
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