Gold Extends Rebound
Gold prices rose toward $4,000 per ounce on Thursday, halting a four-day decline as strong central bank demand continued to support the market.
According to the World Gold Council, global central banks purchased about 220 tons in Q3, a 28% increase from the previous quarter, reversing an earlier slowdown. Kazakhstan remained the largest buyer, while Brazil purchased gold for the first time in over four years.
Limiting further gains, US and China agreed to a trade truce, under which President Trump announced a one-year agreement on rare earths and critical minerals and halved fentanyl tariffs to 10%, with Beijing agreeing to curb fentanyl production and resume purchases of US soybeans. Meanwhile, Chair Powell cautioned that another cut in December is not guaranteed, kept the dollar strong.
Meanwhile, the ECB left rates unchanged but signaled it would not begin easing until early 2026, adding a mildly hawkish contrast to the Fed and limiting bullion’s upside.
Soutce: Tradingeconomics.com
