Gold Price Sees Volatility Amid Central Bank Buying and Geopolitical Tensions
The gold price has been volatile in recent times, affected by various news and geopolitical changes. According to SunCrypto's analysis, the gold price is currently trading near key moving averages and defending a support zone. This could potentially lead to a reversal from this zone.
On September 23, the international spot price of gold was around $4,344.51 per ounce, down 0.32% on the day. The MCX (India) futures also saw a rise in October gold prices by 0.05% to Rs 1,52,795 per 10 grams.
The World Gold Council's survey found that central banks remain positive on gold even at elevated prices. Central bank gold buying has seen a strong comeback in Q2 2026, with a total of 289 tonnes bought. This is five times the revised Q1 figure and 62% higher than the same quarter last year.
The RBI (India) has also been accumulating gold reserves, rising from 822.1 tonnes in FY24 to 880.52 tonnes in FY26. The PBoC (China) has been a leading buyer alongside Poland in recent quarters, continuing a multi-year reserve diversification push away from the US dollar.