Overview

• Prices eased to near $4,020 after a fresh record around $4,059 on Wednesday, as traders booked profits following reports of a phase-one Israel–Hamas ceasefire and hostage deal.
• Spot and futures remain above the threshold after Federal Reserve minutes underscored labor-market risks, with markets pricing 25-basis-point cuts in October and December at roughly 94% and 79%, respectively.
• Persistent official-sector demand and swelling institutional flows continue to underpin the rally, with central banks adding reserves and gold-backed ETFs attracting about $64 billion year to date, according to the World Gold Council.
• Record international benchmarks translated into fresh local highs, including roughly ₹1.23 lakh per 10 grams in India and Rs425,178 per tola in Pakistan, reflecting strong retail demand and currency effects.
• Silver has surged alongside gold, touching or nearing record territory around $49–$51 and outperforming year to date, even as several analysts warn the precious-metals trade looks crowded and vulnerable to a pullback.