Key facts
- Gold prices rose nearly 1% overnight.
- Spot gold reached $4,526.36 per ounce.
- A softer dollar, lower yields, and declining oil prices supported gold buying.
- Technical factors are challenging gold's upward movement.
Gold prices saw an increase of nearly 1%, reaching $4,526.36 per ounce overnight. This rise was attributed to a combination of a weaker US dollar, declining Treasury yields, and a drop in oil prices, which collectively created favorable buying conditions. Despite these supportive macroeconomic factors, the upward momentum for gold is reportedly being constrained by technical resistance.