Overview

• Spot bullion set fresh records around $3,524–$3,532 and futures touched $3,578, taking year-to-date gains to roughly 33%–36% and outpacing major assets.
• A federal appeals court ruled most of President Trump’s global tariffs unlawful but kept them in place until Oct. 14 during appeals, stoking safe-haven demand and policy uncertainty.
• Investors cite rising concerns over Federal Reserve independence following the firing of Governor Lisa Cook, alongside a weaker dollar, as additional supports for gold.
• Structural demand remains strong, with ongoing central-bank accumulation and renewed inflows into gold-backed ETFs, including a 12% year-to-date rise in SPDR Gold Trust holdings to the highest since 2022.
• Traders put the probability of a 25-basis-point cut this month near 90%, and see the US jobs report as the next catalyst that could reinforce or temper the rally; gold miners climbed on the move.