The morning briefing from Chapman Gold: what moved the gold market and why it matters. Prices in the banner above are live.
Gold holds above 4,600 dollars with the Fed chair's remarks in view
Spot gold was quoted at 4,608 dollars an ounce on our own markets feed this morning, having traded around 4,594 to 4,610 overnight. Analysts expect the metal to consolidate in a 4,576.74 to 4,698.44 dollar band, with 4,700 dollars the level that would open the way higher and 4,568 dollars the level that would not. Support is coming from a softer dollar, concern over United States debt and steady demand for the metal as insurance. (Chapman Gold markets feed, JM Bullion, LiteFinance)
In sterling that is about 109 pounds a gram
At this morning's rate the pound buys roughly 0.00917 grams of fine gold, which puts pure gold near 109 pounds a gram. For a jeweller that is the number that matters: it sets the melt value under every piece on the shelf, and at this level a plain 9ct chain of 20 grams carries roughly 820 pounds of metal before any workmanship is counted. (Chapman Gold markets feed)
A hotter inflation print took some heat out of the complex
Precious metals slipped on Wednesday after a stronger than expected reading of the Federal Reserve's preferred inflation gauge, with firmer Treasury yields and a steadier dollar forcing profit taking across the board. Silver closed at 68.00 dollars, down 0.78 per cent, and platinum settled near 1,836 dollars, down about 0.6 per cent. Attention has since turned to Fed chair Kevin Warsh, whose remarks the market is treating as the next real catalyst. (CNBC, Yahoo Finance, Guardian Gold)
Central banks bought a record second quarter
Central banks took 288.9 tonnes of gold in the second quarter of 2026, the strongest second quarter in the World Gold Council's records and 62 per cent above the 177.9 tonnes of a year earlier. Goldman Sachs has said official sector buying is running ahead of its own expectations and should increase further through 2026. This is the slow, unglamorous bid that has sat under the price for four years. (World Gold Council, Goldman Sachs via Kitco News)
China is buying metal, not jewellery
The People's Bank of China added 20 tonnes to official reserves in July, its largest monthly increase since October 2023, and the country imported 764 tonnes over the first half of 2026, 138 per cent up on the same period last year. Investment demand outweighed jewellery buying by two and a half times by weight in the first half. When the price runs, the Chinese buyer moves from the shop counter to the bar and the fund. (World Gold Council, BullionVault)
India's jewellery trade is feeling the price
Indian jewellery demand fell 17.1 per cent by weight to 141.2 tonnes in the first half of 2026, the clearest sign anywhere of what a high price does to a working jewellery market. Import values still rose about 5 per cent year on year in July, so the money going in has held up even as the tonnage has not. The festival and wedding season ahead is the test of whether volume returns. (World Gold Council)
Supply is rising, but scrap is not coming out of the drawer
Global mine production reached 3,817 tonnes in 2025, up 2.0 per cent, and is forecast to rise a further 2.4 per cent to 3,907 tonnes this year. Recycling reached a thirteen year high of 1,404 tonnes but grew only 2.8 per cent, and is forecast up 5.1 per cent in 2026. Record prices are not prising old gold out of households at anything like the rate the price alone would suggest, which tells you what people now think they are holding. (Metals Focus)
Sources: Chapman Gold markets feed, World Gold Council, Metals Focus, Kitco News, CNBC, Yahoo Finance, BullionVault, JM Bullion, LiteFinance, Guardian Gold. Compiled 28 August 2026. Nothing here is investment advice; it is the news, read with a jeweller's eye. For what the market means in real terms, see The Gold Price, where the world is priced in gold.