Overview
- Spot gold traded around $4,600 per ounce on Thursday after climbing more than 17% earlier in August and briefly touching roughly $4,700 per ounce.
- Markets reacted to U.S. inflation data that strengthened the dollar and pushed Treasury yields higher, which raised the opportunity cost of holding non‑yielding bullion and caused a roughly 1–1.4% near‑term drop in prices.
- Morgan Stanley continues to project a possible move above $5,000 an ounce in 2027 but says that path depends on future inflation prints and Federal Reserve policy signals.
- Local markets moved in step with international spot changes: Pakistan's All‑Pakistan Gems and Jewellers Sarafa Association reported a Rs3,500 per tola fall to Rs483,036 and Indian retail rates slipped while MCX futures traded a touch higher in early trade.
- Structural support for gold remains from central bank buying and safe‑haven demand tied to geopolitical tensions, while day‑to‑day direction will likely hinge on upcoming U.S. economic data and Fed communications.