Overview

• Spot gold set a record near $3,895 per ounce this week and is trading roughly $3,840 to $3,865 after brief pullbacks.
• India’s 24-carat prices remain elevated above Rs 117,000 per 10 grams, with some city rates near Rs 118,700 after earlier record prints and light profit-taking.
• Pakistan hit a new peak at Rs 410,278 per tola on Wednesday before easing to Rs 407,778 as international prices slipped by about $25.
• Central banks and ETFs continue to add to holdings, with Chinese gold ETFs totaling about 150 billion yuan and surveys pointing to sustained official-sector buying.
• Major banks and wealth managers project further gains toward roughly $3,900 to $4,300 over the next 12–18 months, as physical demand strengthens from Australia to the Gulf where investors are reallocating from equities.