Overview
- Gold surged roughly 7% last week after weaker-than-expected U.S. jobs data and falling Treasury yields reduced the chance of a September Fed rate increase, driving the metal to multi-week highs near $4,300–$4,450 per ounce.
- Central banks bought a record 289 tonnes in Q2 2026, a structural source of demand that market participants say underpins prices regardless of short-term trading flows.
- Chinese and broader Asian demand has returned, with Chinese ETFs taking money for multiple consecutive sessions and adding about $1.2 billion, which has reinforced the rally started by official buying and macro shifts.
- Traders say gold’s near-term path now depends on this week’s U.S. CPI and PPI prints because hotter inflation would likely revive rate-hike bets and pressure gold while softer readings would extend the advance.
- Technically, analysts cite near-term support around $4,000 and a key upside hurdle at the 200-day moving average near $4,500, and consumers in markets such as India are already seeing higher retail prices as local currency moves raise import costs.