Overview

• Spot bullion hovered just above $4,000 after touching a record $4,059 on Wednesday, while silver pressed toward its own peak after hitting $49.57 this week.
• Profit-taking set in after the milestone, with traders pointing to tentative easing in Israel–Gaza risks even as the U.S. government shutdown and political strains sustained haven interest.
• Minutes from the Federal Reserve’s September meeting bolstered expectations for two more 25-basis-point cuts this year, a setup that historically favors non-yielding gold.
• Robust official-sector purchases and record inflows into gold-backed ETFs supported a roughly 53–54% year-to-date rise, and retail benchmarks in India and Pakistan reached new highs.
• Banks raised medium-term targets—including Goldman Sachs at $4,900 by December 2026—yet several analysts cautioned the market looks overbought and prone to sharp corrections.