Gold PM Wrap: $2958 Close Caps Bullish Week

Session Summary

Gold (XAU/USD) settled the week at $2958.20, up $13.80 (+0.47%) on the day and $61 (+2.1%) on the week. After testing $2965 intraday resistance, profit-taking ahead of the weekend capped gains, but the metal held firmly above the $2950 pivot, confirming the bullish structure.

Weekly Scorecard

What Moved Gold This Week

1. Geopolitical premium: Escalating tensions in the Middle East and Eastern Europe kept safe-haven demand elevated throughout the week.
2. Weak US data: Michigan Consumer Sentiment (62.4 vs 65.0) and softer jobs data suggested economic momentum is fading, boosting rate cut expectations.
3. Central bank accumulation: China, India, and Turkey continued adding gold to reserves. The trend of de-dollarization remains a powerful structural tailwind.
4. Technical momentum: Gold held the 20-day moving average ($2920) on Monday's dip and never looked back, rallying $60+ through the week.

Global Market Recap

• India: Gold rate in Mumbai at Rs 8,920/gram. Akshaya Tritiya (Apr 30) pre-buying has begun. Jewellers reporting 15-20% higher advance bookings vs last year.
• Dubai/UAE: AED 291/gram. Gold Souq sees strong weekend traffic. 22K jewellery demand remains robust.
• China: Shanghai Gold Exchange premium over London remained at $12-15/oz, indicating solid domestic demand.
• South Korea: Seoul gold trading active as KRW weakens. Local gold ETFs seeing record inflows.
• Latin America: Buenos Aires and Sao Paulo gold prices hit all-time highs in local currency terms as ARS and BRL face pressure.

Monday Outlook (April 14)

Key events to watch:

• Asian open: China GDP (Q1) release could set the tone for risk sentiment and gold demand expectations.
• Levels: Bullish above $2950 (Friday pivot). Targets: $2985, then $3000. Invalidation below $2930.
• Options: $3000 call wall for April expiry creates a magnetic effect if gold approaches that level.
• Seasonal: Mid-April through May is historically a positive period for gold, supported by Indian wedding season and Akshaya Tritiya buying.

AURUM's weekly bias: Bullish. The $3000 test appears increasingly likely within the next 1-2 weeks if macro conditions persist. Set price alerts on the AURUM dashboard.