Overview
- Spot gold climbed to about $4,265–$4,295 per ounce and US futures were near $4,324–$4,329 after Thursday's weaker ADP private payrolls report reduced the chance of a Fed rate increase in September.
- Iran and Oman reported progress on a temporary shipping route through the Strait of Hormuz that remains in final drafting but not yet formalised, and that news helped push Brent below $80 a barrel.
- Traders said buying that began in Asia, a technical breakout from a five-week base near $4,000 and short-covering accelerated the rally in international bullion.
- The international move fed quickly into local markets, producing large single-day jumps in domestic prices such as a roughly Rs10,000 per tola rise in Pakistan and higher MCX levels in India near ₹1.44–1.49 lakh per 10 grams.
- Near-term risks remain because the Hormuz arrangement is unconfirmed and Fed officials have warned they will tighten policy again if inflation fails to slow, so markets are watching US jobs data and central-bank comments for the next direction.