Overview
- Spot gold set a new peak above $4,600 an ounce and silver exceeded $84, with both metals notching record intraday highs before paring gains, according to multiple market feeds including LSEG.
- Jerome Powell said the Justice Department served the Federal Reserve with subpoenas tied to his testimony on headquarters renovations, stoking concern over Fed independence and reinforcing expectations for rate cuts.
- Prices steadied to slightly lower on Tuesday as traders took profits and awaited U.S. inflation data after Monday’s surge driven by Iran unrest, U.S. policy actions in Venezuela, and a softer U.S. jobs report.
- The global rally translated into lifetime local highs, including Delhi gold at Rs 1,44,600 per 10g and silver at Rs 2,65,000 per kg, Pakistan’s per‑tola gold record, and Dubai’s 24K rate near Dh550 per gram.
- Central‑bank demand remains a key pillar, with the World Gold Council reporting 1,045 tonnes bought in 2024, while banks such as HSBC, Morgan Stanley and JPMorgan highlight scope for further upside alongside elevated volatility.