Overview
- Spot gold slid toward the $4,500 per ounce area after a pullback from January record highs, trading around $4,500–$4,530 in the latest sessions.
- Comments from President Trump that talks with Iran were in their “final stages” and shipping data showing some Strait of Hormuz transits have lowered the war premium that helped push bullion to records.
- A stronger U.S. dollar, rising government yields and futures pricing of further Fed tightening have raised the opportunity cost of holding non‑yielding gold and pressured prices.
- Some major central banks that had been large buyers sold or swapped holdings to fund energy and support currencies, removing a key source of demand and underpinning near‑term downside views.
- India’s abrupt hike of import duty to 15% and tighter silver import rules have created sharp local volatility, widened premiums to Dubai and are likely to cut Indian physical demand in the near term.