Gold price rebounds to weekly high as yields ease - Mining.com.au

AI desk brief

Gold rebounded to a one-week high, with spot up as much as 1.8% to US$4,207/oz and US futures around US$4,233/oz, after easing US Treasury yields and weaker oil prices relieved pressure on bullion. The move followed a two-month low earlier in the week, when higher yields, stronger USD and surging oil had weighed on sentiment.

Near term, the metal still faces headwinds from inflation concerns and possible further Fed tightening, with St. Louis Fed President Musalem flagging the need for higher rates over the next 6-9 months. But longer-term sentiment remains constructive: the LBMA survey in Sorrento pencilled in a 12-month average of US$5,013.30/oz, major banks still see US$5,400 in 2027, and central bank demand remains firm, including continued Chinese buying and a WGC survey showing 89% of central banks expect official gold holdings to rise.