Overview

• Spot prices hovered near $4,020–$4,040 on Thursday after touching an all‑time high around $4,059 the day before, with traders booking gains as geopolitical headlines eased.
• Fed minutes reinforced bets on two more 25 bps cuts this year, with markets pricing October and December moves, while a U.S. government shutdown has curtailed official data and clouded the outlook.
• Central‑bank buying and record inflows to gold‑backed ETFs have tightened supply, with global ETF inflows reported around $64 billion this year and GLD alone taking in more than $35 billion.
• Silver approached the $50 mark after setting fresh records this week, outpacing gold on a percentage basis in 2025, while platinum and palladium also advanced.
• Analysts caution the market looks overbought after a ~53–54% year‑to‑date surge, warning that a stronger dollar, policy shifts or fading geopolitical risk could trigger a sharp pullback.