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Gold rises after Chinese buyers return from holiday lull
Bullion was around $4,120 an ounce, and prices remain on track for a third straight weekly loss amid rate and energy price uncertainty.
Gold prices rebounded from a two-month low after Chinese buyers returned from a weeklong holiday that had kept activity muted in Asian markets, LiveMint Markets reported, citing Bloomberg.
The metal edged higher to trade near $4,120 an ounce, but it was still on course for a third weekly decline after dropping 1.3% on Wednesday following reporting that the White House is considering options to strike Iran.
The article said gold has fallen by about a fifth since the US-Iran war began in late February, as surging energy costs have fueled inflation expectations and encouraged central banks to tighten policy, which tends to weigh on non-yielding assets.
Buying from central banks has provided some support, with the People’s Bank of China adding about 23 tons in September, its biggest monthly purchase since 2023, while central bankers meeting in Italy highlighted gold’s role in diversifying reserves amid geopolitical uncertainty.
Latest closeGold $4,157.80 ▲0.4%