Overview

• Spot gold touched $3,977.44 early Tuesday, topping Monday’s $3,963.96 peak on an intraday basis, with December futures near $3,979.80.
• The metal is up about 50% this year on expectations of further Federal Reserve cuts, dollar softness, safe-haven flows linked to a U.S. government shutdown and French political strains, and sustained official-sector buying.
• CME FedWatch indicates investors are pricing a 25 basis-point Fed cut this month and another in December, reinforcing the easing outlook.
• Central banks purchased more than 800 tonnes in the first half of 2025, according to the World Gold Council, with buying led by China, Turkey and India.
• Silver traded near $48.55, the highest since 2011, as the Silver Institute projects a 2025 supply deficit of roughly 117.6 million ounces.