Gold held close to $4,700, with traders eyeing US PMI data and jobless claims ahead of the Fed’s decision coming up next week.
LONDON, April 23, 2026, 13:30 BST
Key points
- Spot gold hovered near $4,706 an ounce early Thursday, ticking higher after a three-day drop dragged prices down from recent peaks.
- Investors brace for a string of US data drops: initial jobless claims and the latest flash S&P Global PMIs, both landing just before the Federal Reserve’s April 28-29 policy meeting.
- Bullion remains up about 44% from a year ago, though it’s trading around 14% under its January peak of $5,595.42.
Gold held steady above $4,700 an ounce Thursday, the rally hemmed in by a stronger dollar and easing Middle East tensions. Traders are now eyeing US manufacturing and services data, as well as the Federal Reserve meeting set for next week.
Spot gold opened at $4,705.97 an ounce in early London hours, LiteFinance data showed. As of 8:55 a.m. ET Wednesday, Fortune listed the price at $4,746, slipping from Monday’s $4,763. This week’s trading band has stayed narrow by 2026’s measure—traders pointed to lighter positioning ahead of several potential catalysts.
Gold’s in a tricky spot ahead of the Fed, so markets are watching every release between now and next Wednesday. Each number could shift rate bets, and with them, the dollar and real yields — the same forces that have shaped bullion’s moves in 2026.
The Labor Department drops its latest weekly jobless claims at 8:30 a.m. ET. Economists surveyed by Investing.com expect 212,000 new claims—up from the prior week’s 207,000. After that, S&P Global posts its preliminary April PMIs for manufacturing and services. The University of Michigan wraps up the week with final April inflation expectations on Friday.
The Fed kept its key rate steady at 3.50%-3.75% in March, blaming uncertainty driven by higher energy prices linked to the US-Iran conflict. Odds of a repeat next week? CME Group’s FedWatch tool clocks it at roughly 99.5%.
Gold offers no yield, making it less attractive when policy rates stay elevated for longer periods. That’s put a lid on gains since late January, when bullion hit a record $5,595.42, Investing.com data show.
Some of the safe-haven demand has ebbed as tensions ease in the Middle East. Gold slipped, hitting $4,793 on Monday after the US Navy seized an Iranian-flagged cargo vessel in the Gulf of Oman, according to Finance Magnates. That drop didn’t last, however, with the move giving back ground as diplomatic signals took the edge off. President Donald Trump, reports from LiteFinance say, has signaled he’s open to dialing down the standoff with Iran, even if the Strait of Hormuz isn’t fully reopened.
Official sector buying, which has helped support prices into 2024 and 2025, is starting to look thinner. In January, central banks netted just 5 tonnes, according to the World Gold Council, compared with a 2025 monthly average of 27 tonnes. Uzbekistan topped the list of buyers, while Russia unloaded 9 tonnes, marking the biggest sale. China’s reserves grew again.
Gold prices in India, the world’s No. 2 consumer, hovered close to 154,740 rupees for 24-carat in big cities on Thursday, with 22-carat hitting 141,840 rupees, according to Latestly. MCX June futures added roughly 721 rupees, settling at 153,335 rupees per 10 grams.
Sell-side sentiment hasn’t shifted much. UBS sticks to a $5,000 average for 2026. JPMorgan clocks in at $4,753, while Standard Chartered lands at $4,800. Bank of America’s Michael Widmer is looking for a $4,538 average, topping out at $5,000, pointing to fiscal risk and what he calls ongoing safe-haven demand.
The near-term tape’s looking thin. Spot gold has bumped up against $4,800 resistance three times, according to Finance Magnates analyst Damian Chmiel this week. He points to the 200-day moving average around $4,346 as a stronger support level if $4,800 finally cracks.
The danger here? A more assertive Fed. Should Chair Jerome Powell strike a hawkish note at next week’s press conference, or if fresh inflation numbers heat up, especially with oil prices rising, expect the dollar to climb. Gold would probably take a hit. On the flip side, softer jobs numbers or any hint of dovishness could give gold another shot at that January peak.
Right now, investors aren’t making any big moves. Gold is wedged squarely in the middle of its 52-week spread — $3,120.52 to $5,595.46, according to Investing.com. That’s a surprisingly balanced spot for a commodity that’s seen anything but stability this year.
Sources “#6”: LiteFinance, Fortune, Investing.com, Finance Magnates, Latestly, CNBC
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