Overview
- Spot gold steadied around $4,590 per ounce after Monday’s record near $4,630, while silver traded around $85 following a new peak above $86.
- India logged fresh rupee records, with silver at Rs 2,71,000 per kg and gold at Rs 1,45,000 per 10 grams, according to the All India Sarafa Association.
- Powell said the Justice Department served grand jury subpoenas and threatened a criminal indictment tied to his June Senate testimony, stoking concerns over Fed independence.
- Safe-haven flows were reinforced by unrest in Iran and related US rhetoric, alongside earlier soft US jobs data that strengthened expectations for 2026 rate cuts.
- After the spike, some profit-taking set in, and major brokerages flagged scope for further gains—some citing $5,000 gold—while traders await the latest US CPI reading.