Gold surged to a fresh record high of around $3,759. The rally is underpinned by growing expectations of further interest rate cuts from the Federal Reserve, following its first reduction last week, according to Vijay Valecha, Chief Investment Officer, Century Financial, on Crude Oil, US Dollar Index, and Gold updates.
With markets now pricing in nearly two more 25-basis-point cuts this year, the weakening labor market and dovish signals from the Fed have fueled bullish sentiment in precious metals.
Meanwhile, gold miners are catching up to bullion’s rally. Reflecting a shift in investor sentiment, as miners benefit from expanding margins, cash flow discipline, and valuation support.
The lag in miners’ performance over the past two years appears to be reversing, with equities now delivering the leveraged upside.
From a technical standpoint, gold’s price action on the 4-hour chart reveals a strong and sustained uptrend.
The pattern of higher highs and higher lows, along with consistent green candles, signals robust buying interest and minimal selling pressure. The current price hovering near $3,760 resistance suggests an imminent breakout with a second resistance near $3,790.
Gold prices in Oman UAE are as follows:
24 Carat – RO47.800 per gram
22 Carat – RO44.600 per gram
18 Carat – RO35.400 per gram
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