Overview

• Spot gold touched an all-time high of $3,798.32 before trading near $3,789, while U.S. futures edged higher and spot silver rose to about $46.5 per ounce.
• On India’s MCX, gold futures hit a record Rs 1,14,627 per 10 grams and silver climbed to Rs 1,43,968 per kg, with IBJA quoting domestic gold near Rs 1,14,940 as festive buying and a weak rupee supported prices.
• Markets priced roughly a 90% chance of a Fed cut in October and about 65% in December after a benign U.S. PCE print, while the dollar index eased around 0.2%.
• SPDR Gold Trust holdings rose to 1,005.72 tonnes and analysts cited sustained central-bank demand, with IMF-cited data showing gold’s share of global reserves rising in early 2025.
• Silver has gained more than 60% this year versus roughly 45% for gold, helped by industrial demand and supply constraints, though analysts caution that profit-taking or firmer policy signals could prompt a pullback.