Gold still running hot
- Spot gold traded at $4,794.54 per ounce at 8:05 a.m. ET on April 21, up about 0.91% that morning. - Gold is roughly 42.94% higher year‑over‑year, and some outlets note an all‑time peak near $5,593 earlier in 2026. - Indian retail bullion rates listed 24K gold at about ₹15,529 per gram on April 21, keeping consumer demand and prices elevated. (usatoday.com) (litefinance.org) (english.mathrubhumi.com) (businesstoday.in)
Gold prices stayed near record territory on April 21, with spot gold trading at $4,794.54 an ounce in early U.S. trading after another morning gain. (usatoday.com) USA Today reported the metal was up about 0.91% at 8:05 a.m. Eastern on April 21, and one market forecast roundup cited an earlier 2026 peak near $5,593 an ounce. (usatoday.com) (litefinance.org) The move has stretched far beyond U.S. markets. Indian retail quotes on April 21 put 24-karat gold at about ₹15,529 a gram, with city-by-city listings staying elevated in Delhi, Mumbai, Chennai and Kolkata. (english.mathrubhumi.com) (businesstoday.in) Gold’s rise has been running alongside lower U.S. policy rates than a year ago and a market still fixated on inflation, energy costs and geopolitical shocks. The Federal Reserve’s daily rates release showed the effective federal funds rate at 3.64% on April 20, while the Fed’s April Beige Book said prices were rising moderately and higher energy costs were a main driver. (federalreserve.gov 1) (federalreserve.gov 2) Federal Reserve Governor Christopher Waller said on April 17 that the conflict with Iran had disrupted Middle East energy production and transportation and sent global energy prices higher before the March policy meeting. He also said a cease-fire was in place at the time of his speech, but warned that reopening the Strait of Hormuz was not assured. (federalreserve.gov) Central banks have kept adding support underneath the market. The World Gold Council said central banks bought 863 tonnes in 2025, then added a net 27 tonnes in February 2026 after a slower January. (gold.org 1) (gold.org 2) That buying has not stopped consumers from paying up. The World Gold Council said 2025 jewelry demand volumes fell as prices hit repeated records, but the value of global jewelry demand still climbed 18% to a record $172 billion. (gold.org) The next test is whether gold can hold these levels if energy markets calm and rate expectations shift again. For now, the metal is still trading close to the highs that turned a defensive asset into one of 2026’s hottest price stories. (usatoday.com) (litefinance.org)
