Overview
- Spot gold briefly moved above $4,600 an ounce and silver touched record levels near $84.60, with futures on COMEX printing fresh peaks, according to LSEG and exchange data.
- Weaker U.S. jobs growth reinforced expectations for further rate cuts, while deadly protests in Iran and recent U.S. action in Venezuela strengthened demand for perceived havens.
- Domestic benchmarks hit new highs, including MCX gold at Rs 1,41,250 per 10 grams, Dubai 24K at about Dh556 per gram, and Pakistan’s per tola price above Rs 480,000.
- Major forecasters lifted outlooks, with HSBC saying momentum could carry gold toward $5,000 in early 2026 and banks such as Morgan Stanley and JPMorgan flagging targets near or above that range.
- Supportive underpinnings include heavy central‑bank buying in 2024 (1,045 tonnes, per WGC), strong ETF interest, tight silver inventories and tariff concerns, with upcoming U.S. inflation data seen as a potential volatility trigger.