Gold Rises Slightly Driven by US Dollar Weakness

Focus on Gold:

US dollar weakness as the main driver of gold appreciation
Geopolitical uncertainty & US inflation expectations ahead of CPI release
Friday, April 10, 2026 – Gold prices rose to $4,772 per troy ounce at the start of today’s trading session, driven by the weakening of the US dollar index, which increased the appeal of gold. On the other hand, market participants are still monitoring developments in the fragile ceasefire between the United States and Iran, amid unclear prospects for opening the Strait of Hormuz and renewed military activity in the Lebanon region.

On the fundamental side, the market is also in a wait-and-see mode ahead of the US inflation data release (CPI) for March, which is expected to be the main indicator of the Federal Reserve’s monetary policy direction. Potential inflation increases due to energy supply disruptions, amid the risk of escalation in Middle East conflicts, could prompt the Fed to keep interest rates high longer. This condition could act as a restraint on gold’s gains, given its characteristic as a non-yielding asset. Additionally, the recovery of US bond yields may also limit short-term gold price gains.

Looking ahead, gold movements are expected to remain volatile with limited upside potential, supported by US dollar weakness and geopolitical uncertainties, but constrained by high interest rate expectations. The market’s next focus will be on the US CPI data release, dollar movements, and geopolitical negotiation developments as the main catalysts for short-term gold price trends.

Technically, the nearest support levels for gold are around $4,708 to $4,652, while the nearest resistance is at $4,811 to $4,858. If selling pressure increases, deeper support can be seen at $4,549, while medium-term resistance is around $4,961.

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