Overview

• Spot gold spiked to an intraday record near $3,708/oz around the Fed decision before slipping roughly 1% as traders took profits.
• The Federal Reserve cut rates by 25 basis points to 4%–4.25% and signaled more easing this year, with Chair Jerome Powell stressing a meeting-by-meeting approach; Governor Stephen Miran dissented in favor of a larger cut.
• A rebound in the dollar pressured prices, with analysts noting the rally’s sensitivity to currency moves despite support from central-bank buying and safe-haven flows.
• In India, benchmark prices eased after record highs, with the India Bullion Association quoting about Rs 1,10,330 per 10 grams on Thursday.
• Major banks lifted long-term views, with Deutsche Bank forecasting a $4,000/oz average in 2026 and BofA projecting a $4,000 quarterly average in Q2 2026, even as some warn of correction risks after a ~40% year-to-date surge.