Overview

• Spot prices climbed to roughly $4,006 and U.S. futures traded above $4,025 early Wednesday, capping a year-to-date gain of about 50% to 53%.
• Markets priced Federal Reserve rate cuts for October and December after the U.S. government shutdown delayed key data releases, lifting haven demand.
• Official-sector buying remained firm, with China’s central bank extending an 11‑month accumulation streak alongside strong global central-bank purchases.
• Physically backed gold ETFs recorded record monthly and quarterly inflows, with about $26 billion added in the third quarter as Western funds led the move; silver neared 1980 highs and bitcoin notched fresh records.
• Prominent investors urged bigger allocations to bullion, with Ray Dalio recommending around 15% as a hedge, while some analysts cautioned the rapid rally could see pullbacks.