Overview

• Spot gold climbed to about $3,373–$3,378 an ounce and U.S. futures neared $3,421, marking the highest levels since August 11 as the dollar eased.
• In India, gold rose by Rs 600 to Rs 1,00,770 per 10 grams, while silver jumped Rs 3,000 to Rs 1,18,000, according to the All India Sarafa Association.
• Market participants linked the move to President Trump’s action against Fed Governor Lisa Cook, which heightened uncertainty around Fed independence, and to Powell’s Jackson Hole signal that a September rate cut is possible.
• Traders are turning to U.S. PCE inflation and Q2 GDP readings this week to refine expectations for the September 16–17 FOMC decision.
• Analysts flagged additional drivers including a weaker rupee, proposed U.S. tariffs on Indian goods from August 27, steady central-bank and ETF buying, and the potential for near-term consolidation.