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1h ago

Gold Futures Break $4,000 as Spot Sets Record and India Logs Fresh Highs

Safe-haven demand is swelling as the US shutdown drags on.

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Gold bullion is displayed at Hatton Garden Metals precious metal dealers in London, Britain July 21, 2015. REUTERS/Neil Hall
FILE - A collection of gold coins is displayed at a shop in the St. Vincent Jewelry Center in the Jewelry District of Los Angeles, April 30, 2025. (AP Photo/Jae C. Hong, file)
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Overview

  • Comex gold futures pierced $4,000 for the first time and international spot prices closed around $3,976–$3,977 per ounce, leaving 2025 gains near 50%.
  • Indian benchmarks hit records, including Delhi spot at Rs 1,30,300 per 10 grams per the All India Sarafa Association, while MCX gold futures climbed to a lifetime high near Rs 1,20,900.
  • Traders cite the prolonged US government shutdown, a weaker dollar and rising expectations of Federal Reserve rate cuts as the immediate catalysts.
  • Structural support includes sustained central bank accumulation and strong gold ETF inflows, with World Gold Council data showing renewed reserve buying and the PBOC extending purchases for an 11th month.
  • Silver rallied alongside gold to about $48.75 an ounce and new domestic peaks, even as analysts warn the move looks overextended and could see a near-term pullback around the $4,000 level; markets are watching FOMC minutes and a Powell speech for policy cues.