Global Gold Prices Rise, Driven by US Dollar Weakness and Buying on Correction

Global gold prices strengthened during Thursday’s trading (30 April 2026), recovering from the one-month low reached in the previous session. According to Reuters, spot gold rose 0.6% to $4,566.73 per ounce at 01:05 GMT. Previously, gold prices had touched the lowest level since 31 March. Meanwhile, US gold futures for June delivery climbed 0.4% to $4,578.50 per ounce. The strengthening of gold prices came alongside the weakening of the US dollar, which made the precious metal cheaper for investors holding other currencies. This condition encouraged increased demand. On the other hand, the US central bank’s interest rate policy remains a primary concern. The US central bank decided to hold its benchmark interest rate, but the decision was coloured by sharp differences of opinion among policymakers. These differing stances reflect growing concerns about persistent high inflation. This situation could keep interest rates at high levels for longer, which generally pressures gold as it offers no yield. From an external perspective, global crude oil prices remain at high levels. The elevated energy prices further strengthen global inflationary pressures. This situation is one of the factors influencing gold’s movements, as expectations of higher interest rates could cap rises in the precious metal’s price. From a fundamental standpoint, global gold demand in the first quarter of 2026 was recorded to have increased. World Gold Council data shows demand rose 2% year-on-year to 1,230.9 metric tonnes. This increase was driven by higher purchases of gold bars and coins, as well as central bank accumulations that grew around 3%. The stronger demand offset the decline in jewellery consumption. In addition to gold, other precious metals also recorded gains. Silver prices rose to around $72 per ounce, while platinum and palladium also moved higher following the positive trend in the commodities market.