Gold prices in Pakistan were broadly unchanged on Thursday, based on figures compiled by FXStreet. Gold was priced at PKR 42,347.61 per gram, compared with PKR 42,343.80 on Wednesday.

Per tola, gold stood at PKR 493,934.20, up from PKR 493,889.80 a day earlier. FXStreet also listed PKR 423,476.10 for 10 grams and PKR 1,317,159.00 per troy ounce.

How FXStreet Calculates Local Gold Prices

FXStreet estimates local gold prices by converting international rates using USD/PKR and local measurement units. The figures are updated daily using market rates at the time of publication, and local prices may vary slightly.

Central banks are the largest holders of gold. World Gold Council data shows central banks added 1,136 tonnes worth about $70 billion in 2022, the highest annual total since records began.

Gold often moves inversely to the US Dollar and US Treasuries, and can also move opposite to risk assets such as equities. Its price can be affected by geopolitical events, recession risks, interest rates, and shifts in the US Dollar, as it is priced in dollars (XAU/USD).

While local gold prices are showing stability, we are focused on the global price, which is reacting to conflicting economic signals. The inverse correlation between gold and the US Dollar remains the most critical factor, with the Dollar Index recently strengthening on renewed interest rate concerns. This dynamic is creating tension in the market that derivative traders can position for.

Central Bank Buying And Strategy Implications

We look at the massive central bank purchases seen in recent years, such as the record 1,037 tonnes added in 2023, as a continuation of the trend that started back in 2022. This persistent buying, particularly from emerging economies which we saw continue throughout 2025, provides a strong floor under the gold price. This suggests that selling out-of-the-money puts or implementing bull put spreads could be a viable strategy to capitalize on this underlying support.

The primary driver for the coming weeks will be US inflation data and its effect on interest rate policy, as gold is a yield-less asset. After the Federal Reserve enacted several rate cuts in 2025, the most recent March 2026 inflation report came in higher than expected at 3.1%, surprising markets. This has pushed expectations for further rate cuts back, creating significant uncertainty and making long volatility plays like straddles on gold ETFs an interesting proposition.

Gold’s role as a safe-haven asset continues to be relevant due to lingering geopolitical instability in several parts of the world. This consistent background risk provides a buffer against sharp sell-offs, even when interest rate expectations turn against the precious metal. We see this as a reason to avoid overly bearish positions, as any escalation in global tensions could trigger a rapid flight to safety.

Considering these factors, the market appears caught between strong central bank support and hawkish interest rate pressure. This environment is ideal for strategies that profit from a defined price range, such as selling an iron condor, to collect premium as long as gold does not make a significant breakout. The key will be to watch if the price breaks decisively in response to the next major economic data release.

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Gold prices in India were broadly unchanged on Thursday, based on FXStreet data. Gold was priced at INR 14,172.22 per gram, compared with INR 14,170.15 on Wednesday.

Gold was listed at INR 165,302.00 per tola, up from INR 165,277.80 a day earlier. Other reference prices were INR 141,722.20 for 10 grams and INR 440,803.30 per troy ounce.

Indian Gold Price Reference Levels

FXStreet derives Indian gold prices by converting international prices using USD/INR and applying local measurement units. The figures are updated daily using market rates at the time of publication, and local rates may vary slightly.

Central banks are the largest holders of gold. According to the World Gold Council, central banks added 1,136 tonnes of gold worth around $70 billion in 2022, the highest annual purchase since records began.

The current stability in gold prices around ₹14,170 per gram presents a period of consolidation. For derivative traders, this sideways movement could be the calm before a more significant price swing. This suggests that now is a critical time to evaluate underlying market drivers for the next move.

We continue to see strong underlying support from central banks, a trend that accelerated after the record buying of 2022 and persisted through 2025. Central banks globally added another 1,037 tonnes in 2023 and maintained a strong pace of purchases throughout 2024 and 2025, providing a solid floor under the market. This consistent demand should limit the potential downside for traders considering selling futures or buying put options.

Key Macro Drivers To Watch

The market is still pricing in the effects of the monetary policy shift we saw from the US Federal Reserve back in 2025. With expectations for further rate cuts later this year to support a slowing economy, the appeal of a non-yielding asset like gold increases. This macroeconomic backdrop suggests that buying call options or long futures contracts could be a favorable strategy in the coming weeks.

Lingering inflation concerns, stemming from the stubborn price pressures of 2025, also bolster gold’s appeal as a store of value. The inverse correlation with a weakening US Dollar, which has been softening since the Fed signaled its policy pivot, provides another tailwind. This environment suggests that any price dips should be seen as potential entry points for bullish positions.

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NZD/USD rose to about 0.5830 in early European trading on Thursday, moving above 0.5800. The New Zealand dollar strengthened after a hawkish hold by the Reserve Bank of New Zealand (RBNZ).

The RBNZ kept the Official Cash Rate unchanged at 2.25% at its April meeting on Wednesday. Governor Anna Breman said higher oil prices are cutting household purchasing power and squeezing business profit margins, supporting a “wait and see” approach.

Rbnz Signals Stronger Growth Potential

Breman said on Thursday that New Zealand could see stronger growth this year if the Middle East conflict ends soon. She also said earlier rate cuts are still adding stimulus to the economy.

Middle East tensions may support the US dollar as a safe-haven. Iran’s parliamentary speaker, Mohammad Bagher Ghalibaf, said the US had breached the ceasefire terms, after Israel launched a large-scale campaign across Lebanon that killed over 250 people.

US President Donald Trump and Israeli Prime Minister Benjamin Netanyahu said the ceasefire between the US and Iran does not cover operations against Hezbollah in Lebanon.

As we look at the situation today, April 9, 2026, it is useful to remember a similar setup around this time last year. In April 2025, we saw the Reserve Bank of New Zealand deliver a hawkish hold on its cash rate, which was then only 2.25%. That move was undermined by Middle East tensions, which provided a safe-haven bid for the US Dollar.

Volatility Becomes The Core Trade

The context now is vastly different and highlights the challenges from last year. The RBNZ’s Official Cash Rate is currently sitting at a much more restrictive 5.50%, a level it has maintained for over a year to combat stubborn inflation. Statistics New Zealand reported earlier this year that quarterly inflation, while easing, remains at 4.0%, still double the bank’s target midpoint.

This ongoing conflict between a hawkish RBNZ and global risk-off sentiment creates significant volatility. Looking back, after the events of April 2025, the NZD/USD pair saw a sharp increase in price swings over the following weeks. We are seeing similar conditions now, with 3-month implied volatility for the pair ticking up to over 11%, suggesting traders are pricing in larger future movements.

The geopolitical risks we saw in 2025 have since evolved but continue to support the US Dollar. Persistent disruptions to global shipping and ongoing strategic competition in the Indo-Pacific are weighing on risk sentiment. This provides a steady, underlying demand for the greenback that caps any significant strength in the New Zealand dollar.

For derivative traders, this environment signals an opportunity in volatility rather than direction. With the NZD/USD exchange rate having already fallen by nearly 3% in the first quarter of 2026, betting on a clear upward trend is risky. A better approach may be to use options strategies like long straddles or strangles, which profit from a large price move in either direction without needing to predict which way it will go.

Given that the RBNZ is committed to its high rates and geopolitical uncertainty is unlikely to fade, the key drivers from last year remain in play but are now magnified. Therefore, traders should position for continued choppiness and the potential for sharp, sudden moves. Selling options further out of the money to collect premium could also be considered, but only with strict risk management for sudden geopolitical flare-ups.

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USD/CAD rose after three days of falls, trading near 1.3860 in Asian hours on Thursday. The move followed renewed safe-haven demand for the US Dollar amid uncertainty over a ceasefire between the United States and Iran.

Minutes from the Federal Reserve’s March meeting, released on Wednesday, showed a wait-and-see approach. Policymakers broadly supported keeping rates unchanged, with nearly all participants backing no change and many judging policy near a neutral range.

Oil Prices And Cad Support

The pair’s rise may be limited if the Canadian Dollar gains support from higher oil prices. West Texas Intermediate was trading around $91.50, after Iranian media reported a halt in tanker traffic through the Strait of Hormuz following fresh Israeli strikes in Lebanon.

Iranian officials said recent events breached the terms of the less-than-day-old ceasefire. Parliament Speaker Mohammad Bagher Ghalibaf said the US breached three clauses of Iran’s 10-point proposal and said it was “unreasonable” to continue talks for a permanent deal.

US Vice President JD Vance said the strait could start reopening. He is leading a US delegation to Islamabad for direct talks with Iran this weekend.

Looking back at this period in 2025, we saw USD/CAD caught between two powerful forces. The US Dollar was finding a bid from geopolitical uncertainty surrounding the US-Iran ceasefire talks. At the same time, that same tension was driving up oil prices, which in turn supported the commodity-linked Canadian Dollar.

Volatility Strategy For Usdcad

This dynamic created significant volatility, which is a derivative trader’s best friend. We saw West Texas Intermediate crude briefly spike to over $95 per barrel in mid-2025 following those Strait of Hormuz fears, which ultimately capped the upside in USD/CAD and pushed it back toward 1.3700. This serves as a reminder of how quickly commodity strength can override simple safe-haven currency flows.

In the coming weeks, we should be looking to buy volatility rather than picking a firm direction. The situation last year showed that geopolitical headlines can cause sharp, unpredictable swings in both directions. Purchasing options, such as straddles or strangles on USD/CAD, allows us to profit from a large move regardless of whether it’s up or down.

Current implied volatility for at-the-money USD/CAD options is trading near a one-year low of 6.8%, which seems too cheap given the lessons from 2025. With the Bank of Canada and the Federal Reserve both expected to diverge on interest rate policy later this year, a catalyst for a breakout is building. We should consider buying options now before the market starts pricing in this potential for sharp moves.

We must also pay close attention to the oil market, as WTI crude is a primary driver for the Canadian Dollar. The strong positive correlation between oil prices and the CAD, which reached over 0.75 during the tensions last year, remains a key relationship to monitor. Any renewed instability in the Middle East suggests that buying call options on oil futures could be an effective proxy trade for Canadian Dollar strength.

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RBNZ Governor Anna Breman said New Zealand could see stronger domestic growth this year if the conflict in the Middle East is resolved quickly. She said earlier interest rate cuts are still supporting activity.

She said it is unclear how long the conflict will last and what the effects will be, including supply disruptions. At the time reported, NZD/USD was up 0.13% at 0.5830.

Key Drivers Of The New Zealand Dollar

The New Zealand Dollar (NZD) is influenced by New Zealand’s economic health and RBNZ policy settings. China’s economic performance can affect NZD because China is New Zealand’s biggest trading partner, and weaker Chinese demand can reduce New Zealand exports.

Dairy prices also affect NZD because dairy is New Zealand’s main export. Higher dairy prices can lift export income and support the economy.

The RBNZ targets inflation of 1% to 3% over the medium term, aiming near 2%. Higher interest rates can support NZD, while lower rates can weaken it, and differences versus US Federal Reserve rates can move NZD/USD.

New Zealand data such as growth, unemployment, and confidence can shift NZD. NZD often rises when risk appetite is higher and falls during market stress.

Scenario Outlook For The Kiwi Dollar

The Reserve Bank of New Zealand Governor’s comments present a clear fork in the road for the kiwi dollar. We see potential for stronger growth if geopolitical tensions in the Middle East ease, but the uncertainty surrounding the conflict’s duration is a major headwind. This creates a binary setup for traders, with the NZD/USD currently hovering at a low 0.5830.

For those anticipating a swift resolution, positioning for a stronger NZD seems logical. This would trigger a risk-on sentiment, which historically benefits the kiwi, and could push the RBNZ towards a more hawkish stance later in the year. Recent data from Stats NZ showed a slight uptick in business confidence for March 2026, suggesting some domestic optimism is ready to be unlocked.

Conversely, if the conflict drags on, the impact on global supply chains will likely dampen New Zealand’s export-reliant economy. We remember the disruptions in 2025 that led to a sharp economic slowdown, and the latest Port of Tauranga shipping volume data for Q1 2026 already shows a 4% decline year-over-year. In this scenario, further downside for the NZD is probable as investors seek safe havens like the US dollar.

We must also watch New Zealand’s key trading partners, especially China. Any slowdown in the Chinese economy due to higher energy prices or global uncertainty will directly impact demand for New Zealand’s exports. The Global Dairy Trade (GDT) index, a crucial barometer, showed a 1.2% dip in the first auction of April 2026, reflecting this nervousness.

Given the governor’s explicit mention of uncertainty, focusing on volatility may be the most prudent approach. The implied volatility on 3-month NZD/USD options has risen to 11.5%, up from an average of 9% during the fourth quarter of 2025. This indicates the market is pricing in a significant move, and strategies that profit from a large swing in either direction could be effective.

The rate differential between the RBNZ and the US Federal Reserve remains a critical factor. While the RBNZ has signaled a pause, persistent inflation in the United States could limit the Fed’s ability to cut rates. US Core PCE for February 2026 came in slightly above expectations at 2.9%, complicating the global monetary policy outlook and potentially capping NZD strength.

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Silver (XAG/USD) fell during the Asian session on Thursday, extending the prior day’s modest pullback from the weekly high. It traded just below the mid-$73.00s, down 2.0% on the day.

Price action failed overnight near the 200-period Exponential Moving Average (EMA) on the 4-hour chart. It also moved below the 38.2% Fibonacci retracement of the March decline.

Momentum Signals Turning Lower

The Relative Strength Index (RSI) was 48.18, near neutral. The Moving Average Convergence Divergence (MACD) slipped slightly below zero and its histogram weakened.

Resistance sits at the 38.2% Fibonacci level at $74.53. Further resistance is seen at the 200-period EMA at $76.76, ahead of the 50.0% retracement at $78.68.

On the downside, the 23.6% Fibonacci retracement at $69.41 is the first support area. Lower down, support is noted near the cycle low at $61.12.

The technical analysis in the original report was produced with the help of an AI tool.

Macro Drivers And Trade Positioning

Given the current weakness in silver, we see that the upside momentum is fading. The failure to break above the 200-period moving average suggests that sellers are still in control for now. This technical setup points towards a potential further slide in the near term.

This view is strengthened by the latest March 2026 inflation report, which came in at 3.1%, slightly above expectations and tempering bets for an early Fed rate cut. A strong dollar typically weighs on precious metals, and the Dollar Index (DXY) has subsequently climbed to a three-month high of 106.50. This macroeconomic pressure supports the bearish technical indicators we are observing on the charts.

For the coming weeks, traders could consider buying put options to capitalize on a potential move down towards the $69.41 support level. Alternatively, selling call credit spreads with a ceiling around the $74.53 resistance offers a strategy to profit if the price remains stagnant or drifts lower. Defining risk for any short futures positions near that same $74.53 level would be a prudent measure.

We must also consider the recent slowdown in manufacturing, as China’s March 2026 Caixin Manufacturing PMI dipped to 49.8, indicating a slight contraction. While long-term industrial demand for silver in solar and EVs remains a powerful narrative, this short-term dip in industrial activity could remove a key pillar of support for prices. This aligns with the potential for silver to test lower structural floors, possibly near the cycle low of $61.12 if bearish momentum accelerates.

Looking back, we saw how sensitive silver was to geopolitical news during the sharp rally in the second half of 2025. This means that while our current bias is bearish, any unexpected escalation in global tensions could cause a rapid reversal. Therefore, maintaining disciplined stop-losses on bearish positions is essential to manage the risk of a sudden sentiment shift.

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EUR/USD slipped to about 1.1655 in early Asian trade on Thursday, with the Euro weaker against the US Dollar. The move followed uncertainty over a two-week US–Iran ceasefire.

Reuters reported sporadic fighting in the Middle East, including in Lebanon. Iranian officials said this breached the less than day-old truce and called it “unreasonable” to continue talks on a lasting deal with the US.

Us Inflation Outlook

The US Consumer Price Index report for March is due on Friday. Headline CPI is expected at 3.3% year on year, up from 2.4%, linked to higher oil prices during the war.

In the euro area, European Central Bank officials said a rate rise in April remains possible, though June is seen as more likely. Markets are now priced for two rate rises and over a 50% chance of a third by December, according to Reuters.

The Euro is used by 20 EU countries in the Eurozone and, in 2022, accounted for 31% of global FX transactions. Average daily FX turnover was over $2.2 trillion; EUR/USD makes up about 30% of all trades, followed by EUR/JPY (4%), EUR/GBP (3%) and EUR/AUD (2%).

Looking back to 2025, we saw the EUR/USD trading near 1.1650 amid a hawkish European Central Bank and new geopolitical tensions. Today, on April 9, 2026, the situation has evolved, with the pair now trading much lower around 1.0820. The policy divergence between the central banks has become the primary driver, moving beyond the initial shock of the Middle East conflict.

Policy Divergence Drivers

The persistent, low-level conflict in the Middle East continues to provide a subtle, underlying bid for the safe-haven US Dollar. More importantly, US inflation remains sticky, with the latest March 2026 CPI data showing a 2.8% annual rate, preventing the Federal Reserve from signaling any rate cuts. This contrasts sharply with the outlook from a year ago and keeps the dollar strong against its peers.

Conversely, the ECB’s hawkish stance from 2025 has softened considerably as the Eurozone economy has slowed. Recent data shows German manufacturing PMI has contracted for six straight months, and March’s HICP inflation for the bloc fell to 2.2%, much closer to the target than in the US. We now see markets pricing in the possibility of an ECB rate cut by the third quarter of this year.

For derivative traders, this environment suggests continued weakness in EUR/USD. Buying puts with strike prices around 1.0700 or 1.0650 for the coming weeks offers a defined-risk way to position for a further downturn. Implied volatility has been moderate, suggesting these options may be reasonably priced for a potential move lower.

The key risk to this view is a sudden shift in central bank rhetoric or a surprisingly weak US jobs report. Therefore, we should pay close attention to the upcoming Non-Farm Payrolls data and the ECB’s next policy statement. These events are the most likely catalysts to alter the pair’s current downward trajectory.

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Foreign buying of Japanese shares was ¥2 billion on 3 April. This compares with ¥-4 billion previously.

The latest reading shows a swing of ¥6 billion. It moved from net selling to net buying.

Foreign Flows Turn Positive

We are seeing a notable shift in sentiment as of April 3rd, with foreign investors turning into net buyers of Japanese stocks. This ¥2 billion inflow marks a reversal from the previous period’s ¥4 billion outflow. This could be an early signal that foreign capital is starting to rotate back into the market.

This inflow comes as the yen continues to show weakness, with the USD/JPY rate hovering around the 162 level. A cheaper yen makes Japanese equities more attractive for overseas buyers and boosts the earnings of Japan’s large exporters. The Bank of Japan has also signaled it will remain accommodative, creating a supportive environment for stocks.

The Nikkei 225 has been consolidating near the 44,500 mark after its strong performance last year. We saw foreign inflows precede major rallies throughout 2025, suggesting this could be a catalyst for the next move higher. Ongoing corporate governance reforms continue to be a major long-term incentive for investment.

Given this, we should consider positioning for a potential upside breakout. Buying Nikkei 225 call options offers a defined-risk way to capture gains if the index climbs in the coming weeks. Implied volatility has been relatively subdued during this consolidation, making option premiums more affordable.

For those looking at a more direct play, long positions in Nikkei futures could be initiated. To manage the currency exposure, this could be paired with a long USD/JPY position through futures or options. This strategy benefits from both a rising stock market and a weakening yen.

Trade Setup Considerations

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Sporadic fighting continued in the Middle East, including in Lebanon, killing hundreds of people, Reuters reported on Thursday. Iranian officials said this breached the terms of a ceasefire that was less than a day old.

Iran’s lead negotiator and parliament speaker, Mohammed Bager Qalibaf, said it would be “unreasonable” to continue talks with the United States on a permanent peace deal under these conditions. Iran’s Islamic Revolutionary Guard Corps said shipping through the Strait of Hormuz stopped after Israel expanded strikes in Lebanon.

Ceasefire Negotiations Breakdown

The White House said the United States would still hold direct talks with Iran despite the ongoing clashes. US Vice President JD Vance is due to lead a US delegation to Islamabad, with the first round of talks set for Saturday morning local time.

CNN reported that Israel struck more than 100 sites across Lebanon on Wednesday. The Israel Defense Forces said it was the largest coordinated set of strikes on Lebanon since the war began.

West Texas Intermediate rose 0.53% to $91.40 at the time of writing.

We recall the significant tensions in late 2025 when sporadic fighting drew threats from Iran and intensified Israeli strikes on Lebanon. WTI crude oil was trading at $91.40, and markets were on edge over a potential shutdown of the Strait of Hormuz. The planned US-Iran talks in Islamabad, led by Vice President Vance, created a highly uncertain environment for energy prices.

Oil Market Volatility Outlook

Following those events, oil prices experienced extreme volatility, with WTI briefly spiking to over $115 per barrel in early 2026 before settling back down. The CBOE Crude Oil Volatility Index (OVX) hit multi-year highs, reflecting the market’s fear, which shows how quickly risk premiums can be priced in. Those weeks taught us that even the threat of disruption is enough to cause significant price swings.

The IRGC’s claim to have stopped shipping never materialized into a full-scale, prolonged closure of the Strait of Hormuz. However, the threats alone were enough to cause war risk insurance premiums for oil tankers to surge, adding a tangible cost to every barrel transiting the critical waterway. About 21% of the world’s daily oil consumption, or roughly 21 million barrels, passes through the strait, making its security non-negotiable for stable prices.

The talks in Islamabad eventually led to a fragile de-escalation, which is why we see prices today hovering in the mid-$80s instead of triple digits. That calm appears to be fraying, with compliance to the temporary agreement now being questioned. This brings the memory of late 2025’s volatility back into sharp focus for traders.

Given the potential for another flare-up, traders should consider buying long-dated call options to hedge against a sudden price spike in the coming weeks. Bull call spreads could be used to lower the upfront cost of positioning for this upside risk. The market demonstrated last year how quickly it can react, and being unprepared for a repeat could be a costly mistake.

The key takeaway from the 2025 events is that the geopolitical risk premium is now more sensitive than it has been in years. Small escalations in the Middle East can now have an outsized impact on oil prices. We should therefore expect volatility to remain elevated and plan our strategies accordingly.

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Gold (XAU/USD) traded around $4,705 in early Asian trading on Thursday, after posting modest gains near $4,720 earlier in the session. Prices edged lower as markets reacted to a temporary two-week ceasefire between the US and Iran.

US President Donald Trump said on Tuesday he agreed to suspend bombing and attacks on Iran for two weeks, if Iran re-opens the Strait of Hormuz. Fighting continued in the region, including Israel-Hezbollah clashes in Lebanon, and Iranian officials said this breached the ceasefire terms.

Geopolitical Risk And Gold Pricing

Gold had faced selling pressure in recent weeks on concerns that higher oil prices from the conflict could lift inflation and limit interest-rate cuts. Gold is often sought during geopolitical uncertainty, but it offers no yield, which can weigh on demand when rates are high.

Federal Reserve minutes released on Wednesday said officials at the March meeting still expected to cut rates this year, despite uncertainty from the Iran war and tariffs. Policymakers said they must stay “nimble” as inflation remained above the Fed’s target, while hiring had been mostly flat over the past year.

Central banks added 1,136 tonnes of gold worth about $70 billion in 2022, the highest annual purchase since records began. The World Gold Council reported emerging economies including China, India and Turkey increased reserves.

We remember how the fragile ceasefire between the US and Iran in 2025 caused gold to dip below $4,750, creating a period of market uncertainty. That temporary calm provided a false sense of security, as underlying conflicts continued to simmer. The market dynamics have shifted significantly since then, and we must adapt our strategies accordingly.

Rate Cuts Back On The Table

The breakdown of that ceasefire last year led to sustained inflationary pressures that prevented the Federal Reserve from cutting rates as we had hoped. This kept a lid on gold prices throughout the second half of 2025, even as geopolitical risk remained high. Looking back, the Fed’s need to remain “nimble,” as stated in their March 2025 minutes, translated into a prolonged period of high interest rates.

Now, in April 2026, the picture is changing, as recent data shows inflation is finally beginning to cool. The latest Consumer Price Index (CPI) report for March 2026 showed a decline to 3.1%, the lowest reading in over a year. This has firmly put Fed rate cuts back on the table for later this year.

This shift in monetary policy outlook is a primary catalyst for gold. The CME FedWatch Tool is currently indicating a 65% probability of a rate cut by the September 2026 FOMC meeting. As a non-yielding asset, gold becomes significantly more attractive as interest rates are poised to fall.

For derivative traders, this environment suggests that positioning for upside in gold is prudent. Buying long-dated call options, such as those expiring in December 2026 with strike prices around $5,000, offers a way to capitalize on a potential rally driven by Fed easing. This strategy provides exposure to significant gains while capping the initial risk to the premium paid.

This bullish outlook is further supported by relentless demand from central banks, which has continued unabated. Recent World Gold Council data for the first quarter of 2026 shows global central banks added another 290 tonnes to their reserves. This consistent buying creates a strong floor for the gold price and signals confidence from major institutional players.

While the primary trend appears bullish, implied volatility remains elevated due to lingering geopolitical tensions. Therefore, using strategies like a bull call spread can be effective. This involves buying a call option at a lower strike price and selling one at a higher strike, which lowers the initial cost and defines the risk.

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