The morning briefing from Chapman Gold: what moved the gold market and why it matters. Prices in the banner above are live.
Gold clears $4,550 and silver tops $67 as the dollar softens
Gold opened Thursday higher at around $4,552 an ounce, up roughly $7 on the session, with silver at about $67.30, up $1.47. The move was attributed to a weaker dollar and easing global bond yields, the pace of bond selling having slowed after yields touched multi-decade highs. In India, MCX gold traded near Rs 1,58,540 per 10 grams. (Business Standard, Goodreturns)
The July Fed minutes showed a committee split three ways on a hike
Minutes of the 29 July FOMC meeting, released on Wednesday afternoon, confirmed a 9 to 3 vote to hold rates, with Beth Hammack, Neel Kashkari and Lorie Logan all dissenting in favour of an increase. That is the most hawkish split the committee has produced in years. Markets now put the probability of no change at the September meeting at roughly 67 per cent. (GoldSilver, Business Standard)
Three weeks of recovery has put more than $320 back on the price
From a post-FOMC low near $4,072, spot gold has climbed steadily through August. Analysts reading the move attribute most of it to paper markets repricing rate expectations rather than to any change in the physical metal's structural case. Fed Chair Warsh's first Jackson Hole keynote on 28 August is the next scheduled test. (GoldSilver, Yahoo Finance)
China's central bank extends its buying streak to 21 months
The People's Bank of China added about 20 tonnes to reserves in July, its 21st consecutive month of accumulation and the largest single monthly addition since October 2023. Uzbekistan, Kazakhstan, Jordan and the Czech Republic also added material amounts to their reserves over the same period. (Bloomberg, World Gold Council)
Official sector buying ran at a record pace in the second quarter
Central banks bought a net 288.9 tonnes in Q2 2026, up 62 per cent on the 177.9 tonnes of Q2 2025, taking first-half purchases to 345 tonnes. It is the fastest second quarter the World Gold Council has on record, and it continues despite, rather than because of, the price. Official demand is expected to average around 60 tonnes a month through the rest of the year. (World Gold Council, Kitco)
Asian consumer demand is thinning while Asian investment demand holds
Chinese wholesale gold withdrawals fell 8 per cent month on month to 80 tonnes in July, and were down 15 per cent year on year, with the jewellery trade seasonally quiet. Investment told a different story: Chinese gold ETFs took in RMB 5 billion, about US$744 million, lifting holdings 5 tonnes to 282 tonnes. In India, jewellery demand by weight has fallen sharply against last year even as import values rose around 5 per cent in July. This is the pattern of a market where gold is being bought to hold rather than to wear. (World Gold Council, The Hans India)
Sources: Business Standard, Goodreturns, GoldSilver, Yahoo Finance, Bloomberg, World Gold Council, Kitco, The Hans India. Compiled Thursday 20 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.