Gold prices in Jordan stay subdued on Aug. 30

For investors, the more important signal is that gold has lost momentum even after a powerful run. GLD, the SPDR Gold Shares ETF, fell to $408.89 on Aug. 28 from $422.60 the day before, while iShares Gold Trust, or IAU, dropped to $83.82 from $86.62. The VanEck Gold Miners ETF, GDX, also slid to $99.65 from $103.69, showing that the pullback is extending beyond spot gold into mining shares.

Technical readings now look less stretched. GLD’s RSI has eased to 54.2 from above 68 earlier in the week, while IAU’s RSI is also back to 54.2, suggesting the recent surge has cooled. GDX remains elevated relative to its 50-day moving average, but the sharp increase in trading volume on Aug. 28 suggests profit-taking rather than a fresh breakout.

Sentiment data from Adalytica.com also shows the mood has turned noticeably less aggressive. Its Gold Fear & Greed Index fell to 36, a neutral reading, from 70 the previous day, while the U.S. dollar signal remains weak at 16. That mix argues for chop rather than a clean trend, with gold still supported by a soft dollar but no longer propelled by the same urgency that drove July and early-August buying.

In Jordan, where retail gold demand is sensitive to both global bullion moves and local risk appetite, that means traders are likely to see steadier pricing unless the dollar weakens further or Treasury yields retreat again. The next catalyst is likely to come from U.S. data and Federal Reserve expectations, which will decide whether the current calm gives way to another move higher or a deeper correction.