Overview
- Spot gold briefly topped $4,600 an ounce for the first time and silver set a new high above $84, extending this year’s rapid gains, according to LSEG and exchange data.
- Jerome Powell said the Fed received grand jury subpoenas tied to a headquarters renovation and faces threat of indictment, stoking concerns over the central bank’s independence and the policy path.
- Weak U.S. jobs data kept expectations for additional rate cuts intact, and several banks and strategists projected further upside with targets near $4,800 to above $5,000.
- Local markets mirrored the surge as India’s MCX gold futures hit Rs 1,41,250 per 10g, Dubai’s 24K price reached Dh550 per gram, and Pakistan crossed Rs480,000 per tola, with UAE retailers reporting shifts to flexible payment plans.
- Analysts cited intensifying Iran unrest and recent U.S. action in Venezuela among key catalysts, while sustained central‑bank buying and ETF inflows reinforced structural demand even as volatility risks remain elevated.