Overview

• Spot bullion steadied near $4,038 on Thursday after setting an all-time high around $4,059 a day earlier, with December futures trading slightly lower.
• Federal Reserve minutes reinforced expectations for two more cuts this year, with markets pricing a 25-basis-point move in October at about 94% and another in December near 79%.
• Analysts cite persistent central-bank buying and surging inflows to gold-backed ETFs—about $64 billion year-to-date per World Gold Council data—as key pillars of demand.
• Safe-haven interest has been fueled by the U.S. government shutdown and political uncertainty in Japan and France, though a reported Israel–Hamas ceasefire phase prompted some profit-taking.
• Silver outpaced gold this year and briefly set a fresh high near $49.57, with platinum and palladium also advancing alongside the broader precious-metals rally.