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4w ago

Dollar Strength Leaves Gold Near $4,676 and Silver Around $73

Investors await Fed minutes plus US inflation data to set the next move.

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TOPSHOT - A gold trader (R) checks the quality of a gold bar after it has been melted down at Primera Gold's laboratory in Bukavu, South Kivu Province, eastern Democratic Republic of Congo, May 12, 2023. According to numerous expert reports, the vast majority of gold from eastern DRC is illegally exported to neighboring countries, mainly Rwanda and Uganda, and feeds armed groups and traffickers. To curb this phenomenon, the DRC and the United Arab Emirates created in December 2022 a joint venture, Primera Gold, to regain control of the artisanal gold circuit in the eastern province of South Kivu. The Luhihi gold mine is one of Primera Gold's suppliers. (Photo by ALEXIS HUGUET / AFP) (Photo by ALEXIS HUGUET/AFP via Getty Images)
Gold yields no interest-rate income and typically moves in the opposite direction to benchmark borrowing costs. Photo: dpa

Overview

  • Gold sits near $4,676 an ounce on Monday with Indian 24K quotes around ₹1.49–1.51 lakh per 10 grams, while silver trades near $73 and about ₹2.50 lakh per kilogram.
  • Prices weakened after Friday’s stronger US jobs report lifted the dollar and Treasury yields, which reduces the appeal of metals that do not pay interest.
  • Indian retail markets show steady to slightly lower quotes, including Delhi gold near ₹1.49 lakh per 10 grams and Delhi silver edging to ₹2.499 lakh per kilogram.
  • Analysts see range‑bound trade in the days ahead, with key catalysts this week including Fed minutes on Wednesday, US CPI on Thursday, and RBI policy guidance mid‑week.
  • Several banks keep a longer‑term bullish view supported by ongoing central‑bank buying and potential policy easing, with some forecasts pointing near or above $5,000 per ounce in 2026.