Overview

• U.S. futures traded near $3,805 and spot touched a record around $3,791 on Tuesday, extending year‑to‑date gains to more than 40%.
• Goldman Sachs and UBS project prices near $3,900–$4,000 within months, citing falling real rates, a softer dollar and persistent geopolitical risk.
• Official and institutional demand remains elevated, with central banks adding reserves and SPDR Gold Trust holdings rising to about 1,000.6 tons.
• Local benchmarks also hit highs, with India above Rs 1.14 lakh per 10 grams and Pakistan at Rs 398,800 per tola, while silver hovered near a 14‑year peak.
• Following Jerome Powell’s cautious remarks, prices eased slightly on Wednesday on profit‑taking, though markets still price two more 25‑bp cuts this year.