Overview

• Spot and futures prices set successive all-time highs on Sept. 23, with spot trading around $3,760–$3,790 and prints reported as high as roughly $3,818 per ounce.
• Market pricing for additional Federal Reserve cuts and a softer dollar supported the rally, with traders watching Powell’s speech today after last week’s 25 bp move.
• Holdings in SPDR Gold Trust climbed to about 1,000.6 tonnes, underscoring robust ETF inflows alongside year-to-date price gains exceeding 40%.
• Central banks remain significant net buyers, with World Gold Council surveys indicating most officials expect global reserves to increase further this year.
• Record levels also showed up in local markets, with India near Rs 1.14 lakh per 10g and Pakistan around Rs 398,800 per tola, while silver hovered near a 14-year high around $44 an ounce.