Overview

• Gold futures climbed to roughly $3,805 and spot traded near $3,780 on Tuesday, notching a fresh intraday high above $3,800.
• Traders are pricing additional U.S. rate cuts after last week’s 25 bp move, with Powell due to speak later Tuesday, and SPDR Gold Trust holdings rose to about 1,000.6 tonnes.
• Wall Street projects further gains, with Goldman Sachs targeting $4,000 and UBS $3,900 by mid‑2026, alongside bullish calls from Deutsche Bank and Jeffrey Gundlach.
• Central banks continue to add to reserves and investors have poured substantial sums into physically backed funds, with Bank of America citing about $85 billion in gold fund inflows this year.
• Local prices also hit records, with India above Rs 1.14 lakh per 10 grams and Pakistan near Rs 398,800 per tola, while silver hovered around $44 an ounce.