Gold extended gains for a fourth straight session on the MCX, rising nearly Rs 8,200 per 10 grams over four sessions as the dollar weakened, while spot gold climbed to $4,627.42 an ounce. Silver ended a three-day rise, falling 0.3% to $68.76 an ounce. Markets are now focused on upcoming US inflation data and a speech by Federal Reserve Chair Kevin Warsh.

Spot gold rose 0.7% to $4,636.34 an ounce, its highest level since May 15, after gaining more than 5% last week. Goldman Sachs said gold could rise beyond its $4,900 year-end forecast. Poland’s central bank reported its gold holdings increased to 20.6 million troy ounces in July.

HDFC Mutual Fund said it will resume subscriptions in the HDFC Gold ETF Fund of Fund from August 14, allowing lumpsum purchases and switch-ins without restrictions. Axis Mutual Fund said it will withdraw temporary limits on its gold ETF and gold fund, and will accept large-investor subscriptions above Rs 25 crores in Axis Gold ETF from August 18, 2026. Axis also said unrestricted lumpsum subscriptions and switch-ins in Axis Gold Fund will be accepted from August 18, 2026. Tata Mutual Fund and Aditya Birla Sun Life Mutual Fund have also moved to resume subscriptions in their gold-linked schemes.

International gold prices have jumped more than 16% in August, while MCX Gold Futures are up nearly 14%, supported by a weaker U.S. dollar, rising safe-haven demand and seasonal buying. Dollar softness reflects growing expectations that the Federal Reserve is nearing the end of its rate-hiking cycle. With inflation concerns easing, pressure on bond yields has moderated, improving the appeal of non-yielding assets such as gold. Longer-term factors including reserve diversification and dedollarisation continue to underpin a bullish outlook.

Spot gold steadied around $4,514, up 3.2% for the week and set for a third consecutive weekly gain. The U.S. Treasury said it will double buybacks of longer-dated securities next quarter to at least $4 billion per operation. Markets are pricing a 64% chance the Federal Reserve will keep rates unchanged in September. Elsewhere, silver was flat, platinum edged up and palladium was steady.

US stocks opened lower as government bond yields rose, weighing on sentiment. The Dow Jones Industrial Average fell 81.8 points to 53381.22, while the S&P 500 slipped 17.5 points to 7690.49. The Nasdaq Composite dropped 119.6 points to 26211.52.

Australia has passed the News Bargaining Incentive, imposing a 2.5% tax on advertising revenue for tech platforms that earn more than A$250 million in ad revenue in the country unless they reach paid agreements with news organisations. Deals with large publishers qualify for a 150% tax offset, while agreements with small and medium-sized outlets qualify for a 200% offset, with each single deal capped at 25% of the levy payable. The law applies to platforms including Meta, Google, TikTok and Microsoft’s LinkedIn.

BHP said its copper business was the group’s largest contributor to underlying EBITDA in fiscal 2026, accounting for 54%. The miner produced 1.95 million tonnes of copper for the year ended June, down 3% from the previous year. BHP forecast global copper demand growth of around 2.8% in 2026 and guided current-year copper output of 1.65 million to 1.80 million tonnes.

Spot gold jumped to $4,526 per ounce after a surprise liquidity support announcement by the US Treasury pushed yields and the dollar lower. Shares of Indian gold-loan lenders moved higher, with Muthoot Finance up more than 4% to Rs 2,985 and Manappuram Finance and IIFL Finance each up more than 3%. Gold’s rally also lifted collateral values for these lenders and improved sentiment even as Muthoot Finance remains down more than 22% in 2026 so far.