Overview

• Spot prices climbed past $3,740 per ounce and futures neared $3,780 on Sept. 22, pushing year‑to‑date gains to roughly 40%–43%.
• Central‑bank accumulation and safe‑haven demand are propelling the move, with a World Gold Council survey showing 95% expect global reserves to rise and 43% planning to add to their own holdings.
• The Federal Reserve’s Sept. 17 rate cut and guidance for further easing have lowered real‑yield support for the dollar and boosted bullion’s appeal, though strong data could force a hawkish repricing.
• Major houses including Goldman Sachs, UBS and Deutsche Bank flag a path toward roughly $4,000 per ounce, and Jeffrey Gundlach projects $4,000 before year‑end.
• Cross‑asset moves underscore shifting flows as bitcoin fell about 3% to roughly $112,000 while silver approached $44 per ounce with gains of more than 50% this year.