Gold Soars to Nine-Week High Amid Renewed Chinese Demand and Forecast Optimism

Gold prices rose to their highest level in nine weeks on August 10, reaching $4,376.56 per ounce. This marks a significant gain of 0.8% from the previous day's closing price.

The increase in gold prices is attributed to renewed demand from China, which added 20 metric tons to its official reserves in July. The World Gold Council has identified $4,493 as the next major resistance level for gold.

According to a Reuters poll, the median forecast for the 2026 average stands at $4,509, representing a 3.0% increase from Monday's spot price. This highlights the significance of reaching the $4,500 target, which is now within reach with only a 2.8% difference.

Bob Haberkorn, senior market strategist at StoneX Group Inc., noted that traders are watching technical markers as the market approaches the release of U.S. inflation figures on Wednesday.