ع
The Emirates News Agency reported that spot gold steadied after recent volatility, with the metal showing little change in early trading sessions as investors assessed the outlook for U.S. interest rates. U.S. gold futures mirrored the stability, remaining close to the spot price level while market participants awaited inflation figures that could influence Federal Reserve decisions. The report noted that the dollar climbed to levels not seen in weeks, exerting downward pressure on the non-yielding asset even as some traders positioned for potential policy shifts later in the year.
According to the Emirates News Agency, the metal was on track for a weekly decline of around 1 percent despite the intraday steadiness, reflecting broader profit-taking after earlier gains driven by geopolitical and economic uncertainties. A WAM assessment found that stronger-than-expected U.S. data had bolstered the dollar and tempered bets on aggressive rate cuts, keeping gold within a relatively narrow range. This dynamic comes after gold experienced significant swings earlier in 2026, including peaks above $5,000 per ounce in January before retreating in subsequent months.
World Gold Council figures show that total gold demand, including over-the-counter activity, held steady at 1,269 tonnes in the second quarter of 2026 compared with the same period a year earlier, taking first-half volumes to 2,522 tonnes. The council’s data places the first-half value at a record $380 billion, supported by elevated prices even as quarterly averages softened from first-quarter records. Investment demand is expected to lead growth in the second half of the year, the World Gold Council outlook stated, with central bank purchases remaining a key pillar though likely below 2025 peaks.
The Emirates News Agency added that spot silver posted modest gains of 0.2 percent to trade near $78 per ounce while platinum and palladium saw smaller increases in the same session. These movements in the wider precious metals complex reflected similar influences from currency strength and policy expectations filtering across the sector. Market analysts have pointed to the gold-silver ratio remaining elevated, underscoring gold’s relative safe-haven appeal in the current environment.
A Reuters compilation of trading data indicated that gold futures on major exchanges settled with minimal net change, consistent with the spot market’s stability amid thin holiday-related volumes in some Asian centers. The U.S. non-farm payrolls release later in the session was seen as pivotal for determining near-term direction, with economists projecting figures that could either reinforce or challenge the Federal Reserve’s current stance. Such releases have historically triggered sharp repricing in precious metals when outcomes diverge from consensus estimates.
World Gold Council analysis found that mine production edged higher in the first half of 2026 on the back of healthy margins at prevailing price levels, though recycling activity moderated as owners of old jewelry held back amid the elevated valuations. The council projected a measured supply response for the remainder of the year, with operational constraints at existing mines limiting the pace of any expansion. Central banks, meanwhile, continued net purchases in line with diversification strategies, though at a pace the council expects to ease slightly from prior-year records.
