Overview

• Spot bullion traded near $3,780 and futures crossed $3,805 on Tuesday, extending year‑to‑date gains beyond 40% after fresh intraday records.
• Markets priced more Federal Reserve cuts following last week’s 25 bp move, with a softer dollar reinforcing the bid as investors awaited Jerome Powell’s remarks.
• Official and institutional demand stayed firm, with central banks adding reserves and SPDR Gold Trust holdings rising to 1,000.57 tonnes.
• Domestic prices hit new highs in India and Pakistan, while silver hovered near $44 at a 14‑year peak alongside broad precious‑metals strength.
• Wall Street projected further upside, with Goldman Sachs targeting $4,000 and UBS $3,900, as Deutsche Bank highlighted gold’s rise alongside record equities as a sign of risk hedging.