The morning briefing from Chapman Gold: what moved the gold market and why it matters. Prices in the banner above are live.
Gold reclaims $4,400 as softer US inflation calms the rate worry
Spot gold pushed back above the $4,400 an ounce mark after cooler than feared US inflation data, holding near two month highs into Asian trade. Quotes on Wednesday reached as high as $4,434, up around 1.5% on the day, with Kitco showing the metal about $37 an ounce above the previous session. (Markets.com, FXStreet, Kitco)
July CPI eases and the Fed hike bet unwinds
Headline US consumer price inflation slowed to 3.4% in July, with core CPI easing to 2.5%, both in line with expectations. The reading trimmed Treasury yields and shifted market pricing towards the Federal Reserve holding rates steady in September rather than raising them, with roughly 60% odds now on no change. The Fed has left the funds rate at 3.50% to 3.75% for five consecutive meetings. (Kitco, KuCoin, Trading Economics)
China extends its buying streak to 21 straight months
The People's Bank of China added about 640,000 ounces, roughly 20 tonnes, to its gold reserves in July. That is the twenty first consecutive month of accumulation and the largest single month addition since October 2023. Official buying at this pace is a steady, price insensitive bid underneath the market. (Bloomberg)
Central bank demand hit a record second quarter
Net central bank gold demand reached 289 tonnes in Q2 2026, a fivefold increase on the revised 57 tonnes of Q1 and a record for a second quarter. The National Bank of Poland led with 51 tonnes, taking its holdings to 632 tonnes against a stated 700 tonne target, with Uzbekistan, Kazakhstan, Jordan and the Czech Republic also reported as buyers. (World Gold Council)
India: duty rise bites imports, but the counters are busier again
Indian gold demand softened to 131 tonnes in Q2, down 6% year on year, although spending hit a Q2 record of INR1,979 billion. Imports for 2026 are projected to fall towards 400 tonnes after import duty on gold and silver rose from 6% to 15%, against 721 tonnes in FY26. Consumer buying has picked up again in recent weeks, led by jewellery. (World Gold Council, GJEPC reporting)
Investment flows turn positive again
Gold flows into exchange traded funds flipped positive globally in July after two months of outflows, with US listed funds taking in a net $44 million. Chinese gold ETFs recorded 14 consecutive sessions of inflows worth $1.2 billion, the longest run since March. Silver continues its multi year run of supply deficits. (State Street monthly gold monitor, World Gold Council)
Sources: Bloomberg, Kitco, FXStreet, Markets.com, KuCoin, World Gold Council, State Street, Trading Economics. Compiled Thursday 13 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.