Gold prices fell 4.5% to $4,528/oz last week, driven by rising US yields and a stronger dollar. A key development was India's decision to hike gold import duties to 15% to preserve foreign exchange reserves.
Key Takeaways
- 1.India raised its gold import duty from 6% to 15% to conserve foreign exchange reserves amid INR pressure.
- 2.Gold prices fell 4.5% last week to US$4,528/oz, marking the worst weekly performance since March.
- 3.Higher-than-expected US inflation and rising Treasury yields are the primary macroeconomic headwinds for gold.
Table of Contents
- What you need to know – India’s import duty reversal
- Highlights
- C.O.T.W: India's import duty reversal
- All about Gold
- The week in review
- The week ahead
- Market movement across global trading session
- Bloomberg consensus expectations
- Things to look out for...
- Gold technicals
- Market performance and positioning
- Key Resources
- Appendix 1
- COMEX positioning (tonnes)
- Gold Return Attribution Model (GRAM)
- Gold Drivers
- Key Technical data
- Last week's ECO data
- Recap of the week
- Weekly COMEX futures positioning data
- Weekly ETF Flows
- Gold market trading volumes
- Options market summary
- Gold options volatility overview
- Gold options delta skew
- ETF Options: OI notional by strike
- Future Options: OI notional by strike
- Glossary of Technical Analysis terms
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Securities
XAUGLDSPXUS 10-year Treasury yield
Themes
Central Bank Policy and Trade BarriersPersistent Inflation and Yield Pressures
Regions
North AmericaAsia PacificEuropeIndiaUnited StatesChina