Good morning. Gold starts Saturday near $4,286 an ounce, up 0.3% on the day after bouncing off a $4,254 low. The metal is holding the $4,300 zone but remains down 1.1% on the week and 7.5% on the month, USA Today reported.
Two forces pulled in opposite directions overnight. Hopes for a phased Hormuz deal cooled crude off its highs and lifted metals, while the 10-year yield held near 5.17%, durable goods stayed resilient and consumer sentiment beat at 48.1, capping the bounce, Kitco reported.
Related reading: gold slides to $4,290 as yields and crude squeeze both sides; ringgit closes higher at 4.0743.
In ringgit terms: about RM561.50 a gram
At $4,286 with the ringgit at 4.0743, fine gold works out to roughly RM561.50 per gram before dealer premiums (approximate, from Friday closes). The soft currency keeps erasing most of the dollar-price dip for Malaysian buyers, which is why local retail prices feel stuck even as spot slides.
Levels that matter
- $4,254: Friday's low, first support if yields push higher
- $4,300: the pivot; closes above keep the bounce alive
- $4,390: the reclaim bulls need to flip momentum
Week ahead
- US data deluge: PCE inflation, GDP and nonfarm payrolls all land next week
- 71% October odds: any Fedspeak pushback sinks the dollar and lifts gold fast
- Weekend headlines: Hormuz talks continue; oil gaps would drag gold with them
The Gold Morning Brief lands every morning at 6am MYT: overnight price action, the ringgit price, and the day ahead in two minutes.