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17h ago

Gold Near Record High on Fed Cut Bets as India Prices Set New Peaks

Cooling US data plus strong official purchases sustain the rally into key inflation reports.

Twenty four karat gold bars are seen at the United States West Point Mint facility in West Point, New York June 5, 2013. REUTERS/Shannon Stapleton/File Photo
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A goldsmith weighs gold jewellery inside a showroom in Ahmedabad, India, July 31, 2025. REUTERS/Amit Dave/File Photo

Overview

  • Spot bullion hovered near $3,650–$3,700 an ounce after setting a record $3,673.95 on Tuesday, extending a roughly 38–40% year-to-date gain.
  • India Bullion data showed a fresh high of Rs 1,09,440 per 10 grams on Wednesday, while MCX gold futures slipped below Rs 1.09 lakh on profit-taking after touching records a day earlier.
  • Traders largely expect a September Federal Reserve rate cut, with CME FedWatch showing about a 92% probability for 25 basis points, and a surprise drop in US producer prices strengthening easing bets.
  • Central-bank buying and ETF inflows continue to underpin prices, with China extending purchases for a 10th month and SPDR Gold Trust holdings at their highest since 2022.
  • ANZ lifted its year-end forecast to $3,800 and sees a potential peak near $4,000 by next June, while markets brace for US CPI after the latest PPI reading and ongoing geopolitical and policy risks; silver has rallied to multi-year highs as well.