Overview

• Global spot gold rallied to around $3,400 per ounce in early August, marking a near 30% gain this year and hovering close to its April peak.
• July U.S. nonfarm payrolls rose by only 73,000 jobs, well below forecasts, reinforcing strong market expectations for a September Federal Reserve rate cut.
• President Trump imposed steep tariffs on imports from about 70 countries—including a 25% levy on Indian goods—fanning trade-war concerns and sending copper prices nearly 2% lower.
• Citigroup lifted its three-month gold forecast to a $3,300–$3,600 range, citing a weaker U.S. outlook, tariff-driven inflation risks and robust central bank buying at a 30-year high.
• Domestic Indian gold prices fluctuated between Rs 97,000 and Rs 102,000 per 10 grams as stockists booked profits on rupee swings and strong wedding-plus-festive demand kept consumption buoyant.