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The latest Kitco News Weekly Gold Survey showed Wall Street unanimously bullish after gold's post-Fed gains, while Main Street bolstered its bullish majority following gold's solid weekly performance.
Silver and platinum have also gained strong upside momentum ahead of the weekend.
Central banks are just getting started with interest rate hikes, but despite this new tightening cycle, they are unlikely to get in front of the inflation curve, which means there is still a solid reason to own gold, according to one international investment bank.
Indian jewelry buying was resilient and physical investment demand remained steady despite August's gold price volatility, while ETF demand remained positive and gold futures volumes hit a five-month high, according to Kavita Chacko, Research Head for India at the World Gold Council (WGC).In the latest WGC India update, Chacko wrote that both international and domestic gold prices surged in August, while domestic discounts widened.
Gold is stabilizing around key moving averages as buyers return, with $4,500 remaining the next major resistance test.
Gold gained. The yellow metal likely climbed as the pullback in oil prices eased concerns around inflation and future rate hikes by the Federal Reserve, said ANZ.
Tidal Investments LLC lessened its holdings in shares of abrdn Physical Gold Shares ETF (NYSEARCA:SGOL) by 28.4% in the undefined quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 51,006 shares of the company's stock after selling 20,195 shares during the period.
Gold edged up in early Asian trade after slipping in the wake of the Fed's first rate hike in over three years.