Overview
- The price break above $4,200 on Wednesday pushed spot gold to roughly $4,300 and MCX to about ₹1.49 lakh, marking the highest levels in six to seven weeks.
- Traders say the move began with concentrated buying in Asian trading that triggered short covering and momentum-driven follow‑through.
- Dollar weakness after USD/JPY intervention and falling US Treasury yields helped boost demand for gold even as reports suggested easing US–Iran tensions and softer oil prices.
- Technically, analysts point to near‑term resistance at $4,333 (23.6% Fibonacci) and the 100‑day moving average near $4,393, with key support around ₹1,49,000/$4,200 for holders to keep the bullish case intact.
- Market advisers urge existing holders to stay long while recommending fresh buyers scale in gradually, and they note longer‑term structural support from official reserve and central bank buying.