Precious Metals

Indian dealers offered discounts up to $19/oz this week as spot prices slipped and retail buying slowed to mostly jewelry exchanges. China's central bank added 480,000 ounces in June, its largest monthly increase since October 2023, extending purchases to 20 straight months and lifting reserves to 75.44 million ounces. The counter-cyclical buying helps stabilize prices while Hong Kong launched a gold central-clearing system to become a regional reserve hub. Read →

China's central bank increased reserves by 14.93 tonnes in June, the largest single-month purchase since 2023 and a 50% jump from May's 9.95 tonnes. The move extended the 20-month buying streak to 2,346 tonnes total despite gold's quarterly decline. This official accumulation contrasts with investor selling and supports price stabilization through counter-cyclical demand. Read →

The People’s Bank of China added 14.93 tonnes of gold in June, extending its buying streak to 20 consecutive months and lifting reserves to 2,346 tonnes. This marks the largest monthly purchase since October 2023, executed as prices fell below key technical levels. Persistent official-sector demand provides structural support for gold even as investor flows weaken. Read →

Physically backed gold ETFs recorded $8.9 billion in net outflows in June across all regions, with North America leading the decline, trimming global AUM to $526 billion and holdings to 4,047 tonnes. Despite the monthly setback, first-half inflows remained positive at $8 billion, driven by Asia’s record $12 billion addition. The data highlights diverging behavior between retail and institutional investors amid policy uncertainty. Read →

The June FOMC minutes, released July 8, revealed a 9-8 split among Fed officials on prospects for a 2026 rate hike, prompting immediate selling in precious metals. Spot gold dropped 0.75% to around $4,075 and silver fell 2.83% to $58.27, deepening corrections from January highs. Markets now await the July 14 CPI release for further clarity on policy direction. Read →

The People’s Bank of China reported its largest monthly gold reserve increase in over 2.5 years, adding 480,000 troy ounces (about 15 tonnes) to reach 75.44 million ounces. This marks the 20th consecutive month of purchases despite gold prices falling sharply in June. The move underscores ongoing central bank demand as a key structural support for the metal amid price weakness. Read →

Spot gold rose 0.4% to $4,123.55 per ounce after hitting a near one-week low, supported by anticipation of the Federal Reserve's June meeting minutes. Fresh U.S. strikes on Iran and resulting oil price jumps above 3% introduced inflation concerns that capped gains and boosted rate-hike bets. Silver gained 1.1% while platinum and palladium declined. Read →

Hong Kong launched a central gold clearing system and revived gold futures trading as part of efforts to establish itself as a major regional bullion trading and storage hub. The initiative, backed by major banks, aims to create a comprehensive trading ecosystem in Asia. It coincides with ongoing central bank buying and market volatility in precious metals. Read →

The Huaan Yifu Gold ETF became China’s biggest ETF with 90 billion yuan in assets, surpassing the Huatai-PineBridge CSI 300 equity fund. This shift signals domestic investors preferring gold for hedging amid capital controls and weak equities. It aligns with central bank purchases, underscoring structural demand rotation toward the metal. Read →

World Gold Council data showed central banks added a net 41 tonnes in May, led by Poland (18t) and China (10t, 20th straight month). Purchases occurred despite price declines, with 89% of central banks expecting further reserve growth. This contrasts with heavy Bitcoin ETF outflows, highlighting gold’s unique sovereign bid. Read →

Spot gold eased 0.6% to $4,138.32/oz as investors await FOMC June minutes for signals on new Chair Warsh’s policy. Weaker jobs data last week dialed back September rate-hike odds to 56%. Hong Kong launched a gold clearing system to become a regional hub, while silver and platinum also eased. Read →

World Gold Council data show official gold reserves rose a net 41 tonnes in May, the second-highest monthly total this year. Poland bought 18t and China added 10t, their largest purchase since December 2024. Persistent sovereign buying underpins prices despite recent volatility. Read →

JPMorgan lowered its year-end gold target to $4,500/oz from a prior $6,000 view, citing softer demand from key sectors. Spot gold traded around $4,174/oz after a 1.3% daily gain. The bank sees a rebound only in late 2026. Read →

Spot gold rose over 2% for the week after weak US June jobs data cooled immediate rate-hike expectations. Prices steadied near $4,174/oz. The move follows earlier pressure from firmer Treasury yields and stronger employment reports. Read →

Gold extended two days of gains, rising as much as 1.8% to around $4,195 an ounce after US hiring slowed sharply in June. The data reduced chances of the Federal Reserve raising interest rates this year, easing pressure on bullion prices. Spot gold has now advanced for a third consecutive session. Read →

Agnico Eagle Mines reported a rock mass movement at the Barnat open pit of its Canadian Malartic complex in Quebec, prompting a temporary suspension of mining operations with no injuries or damage. The incident could reduce production by up to 150,000 ounces of gold per year in 2027 and 2028. Processing continues using stockpiled ore, with full-year 2026 output expected toward the lower end of the 3.3-3.5 million ounce guidance range. Read →

Official gold reserves rose by a net 41 tonnes in May, with Poland adding 18t and China 10t for its 20th straight month of purchases. Year-to-date, Poland leads with 64t accumulated. The World Gold Council’s 2026 survey shows 89% of central banks expect global reserves to rise over the next 12 months, with a record 45% expecting their own holdings to increase. Read →

Gold prices jumped more than 2% and silver rose around 3% following softer-than-expected US jobs data and comments from Fed Chair Warsh. The moves reflect shifting rate expectations that reduce pressure on non-yielding metals. This driver supports near-term price action across precious metals. Read →

Gold traded higher Wednesday after closing its worst quarter in 13 years, down 16% in Q2 amid higher real yields and firmer dollar views. Spot prices reached $4,025.89 while futures held near $4,041. Central bank diversification and debt concerns provide structural support despite near-term consolidation. Read →

OMFIF's 2026 Global Public Investor survey of 74 central banks found 82% hold physical gold (up from 71%), with a net 30% planning higher allocations over 1-2 years. 61% expect prices between $5,000-$6,000/oz by June 2027; only 28% say highs deter buys. Geopolitical risks and diversification drive the shift, now a global trend beyond emerging markets. Read →

OMFIF survey of 90 central banks and funds showed more plan to cut dollar allocations than increase them over the decade, the first such result. 79% of central banks see a shift to a multipolar monetary system; gold, held by 82%, is the top asset for near-term allocation increases (net 30%). Geopolitical risks and U.S. policy uncertainty accelerate the move. Read →

Goldman Sachs' Samantha Dart said central-bank diversification remains the anchor for a $4,900/oz end-2026 forecast, citing a record 45% of World Gold Council survey respondents planning more reserves. Near-term headwinds from hawkish Fed and ETF outflows expected to ease; medium-term risks skewed higher on fiscal and diversification themes. Read →

Gold futures settled at $4,022.30/oz, extending Q2 losses to a record $625.30 or about 12% in June alone. Silver fell 22% this quarter on pace for its worst since 2013. Investors shed risk assets amid shifting rate expectations. Read →

Gold stayed below $4,000 after nearly 2% prior-session losses. Conflicting U.S.-Iran statements on talks to end conflict that had boosted oil and inflation fears kept pressure on prices despite limited safe-haven buying. Read →

Gold fell about 15% from its February peak and silver/platinum about 25% from January highs by June. Prices declined in Q2 after strong prior gains as U.S. interest-rate hike expectations strengthened and the dollar rose. Central bank purchases are expected to continue supporting gold while industrial demand and tight supply underpin silver and platinum. Read →

Spot gold fell 3.3% to $3,973.79/oz, its lowest since November 2025. Silver dropped below $60/oz. Firmer U.S. dollar and growing expectations of interest-rate hikes pressured prices ahead of PCE data. Read →

Front-month gold futures closed down 1.2% to $4,129.90/oz and silver down 5.4% to $62.02/oz. Risk-off sentiment and hopes for resolution in U.S.-Iran tensions weighed on prices for a third straight session. Read →

ICE Benchmark Administration (IBA) begins administering LBMA platinum and palladium price auctions and benchmarks on July 1, 2026, replacing the London Metal Exchange. The shift aligns PGM pricing with gold and silver under a single transparent administrator. It improves market reference prices used for contracts, risk management, and trading in platinum and palladium. Read →

Russia's Norilsk Nickel projects a 300,000-ounce global palladium surplus for 2026. The outlook follows expected production levels and points to easing supply tightness after years of deficits. A surplus could weigh on palladium prices amid softer auto and investment demand. Read →

The World Platinum Investment Council notes a hawkish US Federal Reserve under Chair Kevin Warsh adds downward pressure via stronger dollar and higher yields. Platinum prices have fallen 17% year-to-date with ETF holdings down. Fundamentals remain resilient with potential investor re-engagement by late 2026 after geopolitical easing. Read →

Spot gold fell below $4,000/oz to $3,988.60 (down 4%) and silver to $58.44 (down 6%), the lowest since November 2025. The drop stems from a stronger U.S. dollar (DXY up to 101.77) and rising odds of Fed rate hikes this year after the latest FOMC signals. This follows a sharp weekly decline amid tech selloffs and repricing of monetary policy. Read →

Spot gold traded around $3,980/oz (down 0.5%) and silver below $60, with YTD declines of 8% for gold and over 20% for silver. Pressure persists from expectations of tighter Fed policy and inflation concerns, with analysts seeing limited near-term rebound potential. The metals failed to act as typical safe havens during recent equity volatility. Read →

Gold-backed ETFs recorded $1.1 billion in net inflows last week (strongest since mid-April), reversing prior outflows. China imported 163 tonnes of gold in May (highest since March 2024), while central banks and banks like Standard Chartered maintain bullish targets of $4,600, $5,100/oz. The physical and official-sector demand contrasts with paper-market weakness driven by dollar and rate factors. Read →

Spot gold slipped below $4,000/oz for the first time since November 2025. A firmer U.S. dollar and bets on higher interest rates weighed on the metal, which offers no yield when rates rise. ING cut its Q3 and Q4 2026 gold forecasts. Read →

Gold fell below $4,000/oz for the first time since November amid a tech-led selloff and stronger dollar. Prices dropped as much as 2.9% to $3,999.90/oz in a second straight session of losses. The three-year bull market that more than doubled prices has halted. Read →

Bullion-backed ETFs risk renewed outflows if investors bet on U.S. rate hikes. Gold's drop below $4,000/oz and 29% retreat from January's peak add pressure. Analysts link potential selling to the hawkish Fed outlook and stronger dollar. Read →

Heraeus analysts said precious metals face medium-term downside as the US-Iran conflict de-escalates and the Fed shifts hawkish, removing its easing bias. Silver imports to India plunged 63% year-on-year in May after higher duties. Spot gold traded near $4,190/oz Monday. Read →

President Mamadi Doumbouya banned raw gold exports effective immediately, requiring all gold to be refined and certified domestically. Operators exporting raw gold face license suspensions and contract terminations. Guinea is Africa’s sixth-largest gold producer. Read →

Spot gold rose 1.2% to $4,209.03/oz after Iran reported progress in U.S. peace talks in Switzerland, sending Brent crude lower. Lower oil prices reduced expectations for sustained high inflation and Fed rate hikes. Silver, platinum and palladium also gained. Read →

Goldman Sachs estimates central banks purchased 59 tonnes of gold in April, including 24 tonnes by China. The bank forecasts sustained buying of 50 tonnes per month through 2026, easing to 40 tonnes in 2027, viewing the trend as structural. A WGC survey of 76 central banks showed a record 45% plan to increase their own reserves. Read →

The WGC's 2026 CBGR survey of 76 central banks found 89% expect global official gold holdings to increase over the next year. A record 45% plan to add to their own reserves, up from prior years, amid geopolitical uncertainty. Central banks have averaged 1,000 tonnes annual buying over the past four years. Read →

Spot gold fell 2.1% to $4,121.95/oz on Friday, heading for a 3.8% weekly drop. Hawkish Fed signals lifted the dollar to a one-year high and boosted December rate-hike odds to 87%. Goldman Sachs cut its December gold target to $4,900/oz from $5,400 as no Fed cuts are now expected this year. Silver, platinum and palladium also fell sharply and face weekly losses. Read →

Spot gold fell 0.8% to $4,225.39/oz on Thursday after the Fed's hawkish tilt. Nine of 19 policymakers now see a need for a rate hike this year. The U.S.-Iran interim deal eased some inflation fears but could not offset dollar strength. Silver, platinum and palladium also declined. Read →

The World Gold Council’s 2026 Central Bank Gold Reserves Survey found a record 45% of respondents expect their institutions to increase gold holdings over the next 12 months, up from 43% last year, while 89% anticipate global reserves will rise. This official-sector demand continues at an average of 1,000 tonnes annually over the past four years, providing structural support amid recent price volatility. Geopolitical risks and diversification away from the dollar remain key drivers for reserve managers. Read →

Singapore plans to establish an over-the-counter gold clearing system for physical gold stored locally by the end of 2026, with inter-bank trading expected to ramp up next year. The Singapore Exchange will handle the mechanism, with clearing members including DBS, Deutsche Bank, ICBC Standard Bank, J.P. Morgan, OCBC and UOB. The move aims to position the city-state as a major precious metals trading center alongside London, New York and Switzerland, alongside new central bank gold-vaulting services. Read →

More central banks are storing gold domestically rather than overseas due to heightened geopolitical tensions and sanctions risks, according to the World Gold Council survey. Reserve managers expect to buy 750-1,000 tonnes this year, providing a stable foundation that offsets softer jewellery and investment demand. This repatriation trend and sustained buying reinforce gold’s role as a strategic reserve asset. Read →

The World Gold Council’s 2026 Central Bank Gold Reserves Survey found 89% of respondents expect global central bank gold holdings to rise over the next year and a record 45% plan to increase their own reserves. Central banks bought an average 1,000 tonnes annually over the past four years, double the prior decade’s pace. Diversification, crisis performance and store-of-value attributes drive the buying, broadening participation beyond emerging markets. Read →

Spot gold held near $4,335 an ounce after advancing more than 6% over four sessions. An interim U.S.-Iran peace deal is expected to ease inflationary pressures from higher energy prices. Bullion remains supported amid the evolving geopolitical backdrop. Read →

Central banks bought a net 19 tonnes of gold in April, rebounding from March net sales. Poland led with 14 tonnes and China added its highest monthly purchase since December 2024. The buying streak for several banks extends amid lower prices. Read →

Spot gold climbed 2.6% to $4,327.82/oz after US and Iran officials announced a preliminary agreement to end hostilities, signed by President Trump and others. Oil prices fell and the dollar weakened, reducing expectations for higher US interest rates ahead of the June 16-17 FOMC meeting. Silver, platinum and palladium also gained around 3%. Read →

Gold and silver advanced after the US-Iran ceasefire confirmation on June 14, with silver reclaiming above $70/oz. Analysts at Heraeus note persistent high CPI at 4.2% supports views of higher-for-longer rates, tempering gains ahead of the Fed's June 17 dot plot release. Read →

The World Gold Council's 2026 Central Bank Gold Reserves Survey, released June 16, shows central banks accumulated an average 1,000 tonnes annually over four years. A record number of respondents expect global reserves to rise further, underscoring sustained official buying as a structural demand driver for gold. Read →

Singapore Exchange will set up an OTC clearing system for Loco Singapore physical gold by end-2026 with six major banks including JPMorgan and Deutsche Bank as founding members. The Monetary Authority of Singapore will offer central bank gold-vaulting services by October. The moves aim to position Singapore as an Asian gold trading hub with better liquidity and secure storage for sovereign reserves during Asian hours. Read →

Gold climbed about 2% to near $4,340/oz Monday on tentative US-Iran agreement news that would reopen the Strait of Hormuz. Traders hope Friday's expected peace deal signing sparks a recovery after months of heavy selling tied to the conflict and other factors. SpaceX IPO excitement has added to market distraction for the metal. Read →

China’s central bank added gold in May, extending its buying streak to 19 consecutive months. Purchases continued even as spot gold prices stayed under pressure near recent lows. This sustained sovereign demand provides structural support to the gold market amid broader selling pressure. Read →