Gold springs back above $4,700, but macro pressures linger

Gold futures staged a sharp rebound, climbing nearly $100 to move back above the $4,700 per ounce mark, as bargain hunting and lingering geopolitical unease rekindled buying interest after recent steep losses. That said, the broader tone remains fragile. A resilient United States dollar and the Federal Reserve?s firm policy stance continue to cast a long shadow over bullion, with policymakers signaling that any pivot toward rate cuts remains contingent on a clearer moderation in inflation. Meanwhile, a synchronised pause from major central banks?including the European Central Bank, Bank of Japan, and Bank of England?has been accompanied by a subtly hawkish undertone, reinforcing the ?higher-for-longer? narrative. On the domestic front, MCX April gold futures mirrored the global recovery, advancing over 1.5% to Rs 1,47,170 per 10 grams, as volatility and cross-currents continue to define the near-term outlook for precious metals.

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