Now Reading: Gold hits $4,526, silver and financier stocks jump
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Gold hits $4,526, silver and financier stocks jump
Gold surged past $4,526 an ounce on Thursday, the highest since June 2, after the US Treasury announced it would double its buyback of long-dated government debt. The move pushed US bond…
Gold surged past $4,526 an ounce on Thursday, the highest since June 2, after the US Treasury announced it would double its buyback of long-dated government debt. The move pushed US bond yields lower and the dollar down, boosting bullion. On the MCX, gold futures for October delivery rose Rs 447 to Rs 1,58,443 per 10 grams, with December and February contracts trading above Rs 1.6 lakh and Rs 1.62 lakh respectively. Silver also rose, with spot silver advancing 4% to $65 an ounce. The Bloomberg Dollar Spot Index dropped 0.7%.
NDTV Profit reports the MCX gold September contract had rallied 2.32% or Rs 3,554 to Rs 1,56,637 per 10 grams on Wednesday. The Economic Times adds that shares of gold loan companies Muthoot Finance, Manappuram Finance, and IIFL Finance jumped up to 4% on Thursday as rising gold prices boost the collateral value for gold-backed loans. Analysts cited by The Economic Times say gold remains volatile with the Strait of Hormuz as a geopolitical trigger, and that markets will track FOMC minutes, US jobs data, and crude oil movements next.
Indian Opinion Analysis
Both NDTV Profit and The Economic Times frame this story as a straightforward commodities-and-equities move, with no government stake or political angle in play. NDTV Profit leads with the macro trigger (US Treasury buyback, dollar drop), giving the gold price move as a number in a global context. The Economic Times leads instead with the domestic stock-market impact on gold-financier shares, a narrower and more retail-investor-facing hook. The difference is one of emphasis rather than stance: NDTV Profit stays in the global macro lane while ET dives into Indian stock specifics. Neither source shows a slant toward or against any government. The measured takeaway is that both stories are neutral commodity-wire reporting, just with different lead subjects. The number to watch next is the spot gold's $4,526 an ounce level, and whether US 30-year bond yields hold their drop, which will determine if gold can sustain above Rs 1.6 lakh.
Coverage: 2 sources, 2 neutral
Sources (2): ndtvprofit.com (neutral report), economictimes.indiatimes.com (neutral report)
This story was synthesised by AI from the 2 sources linked above.
Updated: this story now draws on 2 sources.
