The morning briefing from Chapman Gold: what moved the gold market and why it matters. Prices in the banner above are live.
Gold holds either side of 4,600 dollars after a softer Wednesday
Gold gave back ground in Wednesday's session, with Trading Economics recording 4,593.74 dollars per troy ounce, down 1.38 per cent on the day, while Forbes Advisor's late quote had the metal at 4,647.60 dollars. The gap between the two is the ordinary spread between data feeds taken at different minutes, not a disagreement about direction. What it tells a jeweller is that the metal is ranging rather than trending this week. (Trading Economics, Forbes Advisor)
Analysts look for consolidation, not a breakout, into the weekend
LiteFinance expects gold to keep consolidating within a 4,576.74 to 4,698.44 dollar band, with moderate volatility as the week's US data lands. On the calendar: ADP employment, the Conference Board consumer confidence index for August, preliminary second quarter GDP, initial jobless claims and the University of Michigan inflation expectations reading. That is a forecast rather than a fact, and it is worth reading as a shape rather than a number. (LiteFinance)
China extends its buying streak to twenty one months
The People's Bank of China added roughly 640,000 ounces, about 20 tonnes, to reserves in July, its twenty first consecutive month of accumulation and the largest single monthly addition since October 2023. Sovereign buying at this cadence puts a floor of sorts under the market that has nothing to do with retail sentiment. It is the least glamorous driver in gold and consistently one of the most durable. (Bloomberg)
Central bank demand ran at 288.9 tonnes in the second quarter
Central banks bought a net 288.9 tonnes in the second quarter of 2026, up 62 per cent on the 177.9 tonnes recorded in the second quarter of 2025, taking the first half total to around 345 tonnes. The striking part is the timing: official buyers were accumulating through a stretch when many private investors were selling into strength. Two sets of hands, two entirely different reasons for holding the same metal. (World Gold Council)
Indian demand falls in tonnes but hits a record in rupees
Indian gold demand softened to 131 tonnes in the second quarter, down 6 per cent year on year, yet spending reached a second quarter record of 1,979 billion rupees, about 21 billion US dollars, a rise of 50 per cent. Net bullion imports fell to 98 tonnes, down 22 per cent year on year, with the higher import duty biting from May. Fewer grams, far more money: the same pattern we see across the counter here when the metal runs. (World Gold Council)
The year to date picture: roughly 11 per cent higher
Gold has added around 11 per cent over the recent run, attributed to cooling expectations for tighter US policy, heavy central bank purchases and continuing Middle East uncertainty. Indian retail benchmarks tracked the move on Thursday, with MCX September gold futures at 159,154 rupees per 10 grams, up 0.31 per cent, and silver at 241,648 rupees per kilogram, up 0.84 per cent. Delhi's retail 24 carat rate stood at 16,389 rupees per gram. (eToro, Upstox)
Sources: Trading Economics, Forbes Advisor, LiteFinance, Bloomberg, World Gold Council, eToro, Upstox. Compiled 27 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.