Overview

• Spot bullion set new records this week with futures north of $3,620 per ounce and spot near $3,546, extending a months‑long rally tied to expectations of Federal Reserve easing.
• Indian benchmarks briefly topped Rs 1,07,000 per 10 grams on Thursday, with IBJA quoting Rs 1,07,550, before prices eased roughly Rs 1,000 on profit‑taking, according to the All India Sarafa Association.
• Markets price roughly a 90% chance of a 25 bps Fed cut in September, and traders are watching US labor data after softer job‑openings figures, which earlier boosted rate‑cut bets.
• Analysts cite sustained official‑sector buying and ETF inflows as key supports; a widely cited dataset suggests foreign central banks now hold more gold than US Treasurys for the first time since 1996.
• Forecasts remain constructive, with JPMorgan guiding to about $3,675 by year‑end and scenarios up to $4,000 in 2026, while silver also punched to 14‑year highs above $41 and near-record levels in India.