Overview
- Spot gold traded around $4,390–$4,400 per ounce on Monday as weaker U.S. data reduced market odds of a September Fed rate hike and pushed the dollar lower.
- Bank of America signaled a public 'long gold' stance and its data showed about $6.3 billion of inflows into gold funds in the latest week, the largest weekly net intake since January.
- Analysts and flow data point to active central bank and institutional buying, with evidence including renewed premiums in Asian markets and large-bar demand that supports a structural bid for bullion.
- Global moves translated into sharp local price jumps with MCX futures in India trading around ₹1.55–1.56 lakh per 10 grams and Pakistan tola rates rising to roughly Rs461,936.
- Traders are watching the Fed July‑minutes and upcoming U.S. data for direction while major houses have diverged on year‑end targets, reflecting uncertainty over whether flows and geopolitics will sustain the rally.