Overview
- Spot gold recovered to roughly $4,400 per ounce on Wednesday as traders positioned for the U.S. Consumer Price Index report that could shape Federal Reserve policy.
- Central banks continued steady accumulation with China adding to reserves for a 21st straight month, providing durable, structural demand under the market.
- Global gold‑backed ETFs moved back into inflows in July, drawing about $3 billion and lifting holdings by roughly 23 tonnes, a sign Western investor demand is starting to broaden.
- Large nontraditional buyers have become material: Tether bought more than 27 tonnes in H1 2026 and analysts say that private demand has likely supported the summer rebound.
- Near‑term upside is capped by technical resistance around $4,460–$4,495 and by the Fed’s path on rates, while Middle East shipping and energy tensions present an upside risk to inflation and gold.