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Gold edged up in early Asian trade after slipping in the wake of the Fed's first rate hike in over three years.
A fairly resilient economy, coupled with persistent inflation, has made higher interest rates in the second half of 2026 a foregone conclusion, which could weigh on gold prices in the near term; however, one market strategist suggests that lower prices could represent a long-term buying opportunity.
India's gold imports fell dramatically last month even as silver shipments surged, the Ministry of Commerce announced on Tuesday.Gold imports dropped by 57.75% to $2.3 billion in August, the data showed. However, silver imports actually rose by 127% to $1.02 billion during the month.
Gold tests its 200-day EMA as traders await the Fed for clues on the next directional move.
Gold was trading below $4,300 an ounce after oil prices and inflation fears drove another rise in bond yields overnight.
The latest Kitco News Weekly Gold Survey showed Wall Street returning to its bullish bias after gold's late-week rebound, while Main Street further pared back its bullish majority following another weekly decline.
The gold market is ending another week in negative territory as investors prepare for the Federal Reserve to raise interest rates next week.
Gold rebounds from key support before CPI as value buyers challenge a bearish trend, $100 oil and Treasury yields hovering near 5%.