Gold prices held firm with upward momentum today, supported by ongoing safe-haven demand amid geopolitical tensions (U.S.-Iran developments) and robust structural buying, trading around $5,100–$5,120 per ounce in the global spot market.$XAU
Global Spot Price — Spot gold hovered at approximately $5,106–$5,122 per ounce (up ~2%+ in recent sessions from mid-February levels). This follows a volatile period with a January peak near $5,600, now consolidating higher on central bank and institutional flows despite some dollar strength.
Key Drivers — Escalating U.S.-Iran nuclear concerns, persistent central bank purchases (re-accelerating in 2026), ETF inflows, and diversification needs amid macro uncertainties. Analysts (e.g., Goldman Sachs, UBS) eye year-end targets of $5,400–$6,200, viewing gold as decoupled from traditional inverse-dollar dynamics. $XAU
China Focus — Demand remained supported pre- and post-Lunar New Year holiday influence, with Shanghai gold around CNY 35,200–35,280 per ounce (~CNY 1,134 per gram). Strong ETF inflows, speculative activity, low deposit rates, and "unruly" retail interest fueled buying on dips near key thresholds (e.g., RMB 1,000/gram support). Bar/coin demand outpaced jewellery amid safe-haven shifts.
India Focus — Domestic prices rallied, with 24K gold at ~INR 15,900–15,943 per gram (or ~INR 1,59,000–1,59,430 per 10 grams on MCX). Volatility tempered retail/jewellery demand during wedding season (widening discounts), but investment via ETFs stayed solid, offsetting subdued physical buying. Prices mirrored global gains, up significantly in recent days. $XAU
🟢Short-term View — Bullish bias persists with support near $5,000–$5,050 and potential to test $5,200+ on renewed catalysts. Volatility likely as markets digest data and holiday effects fade, but long-term outlook remains positive — driven by sovereign accumulation and layered demand from China and India once retail participation rebounds fully. Monitor geopolitical headlines and upcoming economic releases closely.
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