New Delhi, Sept. 5 -- A strong rally into the month-end saw gold reach USD 3,429/oz, up by 4 per cent, and as of the end of August, gold was up 31 per cent for the year. As per the Gold Market Commentary report by the World Gold Council, Gold gained in all major currencies, despite a much weaker US dollar, and the positive momentum has carried on in early September.

Citing the Gold Return Attribution Model (GRAM), the report suggests major contributors to August price performance were a drop in the US dollar early in the month, continued geopolitical tensions, and strong global gold ETF (Exchange-Traded Fund) flows. More recently, a higher chance of a September rate cut has also played a role.

Gold ETF flows provided plenty of support, ...