The morning briefing from Chapman Gold: what moved the gold market and why it matters. Prices in the banner above are live.
Gold climbs towards $4,300 in a fourth straight session of gains
Gold traded around $4,278 an ounce on Thursday morning, up roughly 0.7% on the day and rising for a fourth consecutive session. That puts the metal up close to 6% across the week, having opened Monday in a holding pattern above $4,100. It is the strongest run since the June lows, and the highest gold has stood since mid June. (Trading Economics, Yahoo Finance)
Hormuz reopening talk pulls oil down and gold up
The rally has been driven by the prospect of the Strait of Hormuz reopening, with Iran discussing terms directly with Oman and European states assisting with mine clearance. Oil has fallen about 10% on the week on the expectation of restored Middle Eastern energy flows. Ordinarily easing tension weighs on gold, but here the cheaper oil has cooled inflation fears and, with them, expectations of further Federal Reserve tightening. (Yahoo Finance, Reuters)
Weak US jobs data trims the odds of a September rate rise
The ADP employment report showed the American economy added just 44,000 private sector jobs in July, the weakest reading since January and well short of the 70,000 forecast. Traders now put the chance of a September Federal Reserve rate rise at about 57%, down from 67% a day earlier, and price only one increase by year end against two a week ago. The official July employment report lands on Friday and is the week's last real test. (ADP, Yahoo Finance, CNBC)
Central banks bought 289 tonnes in the second quarter
Official sector buying reached 289 tonnes in the second quarter, the largest quarterly addition since the fourth quarter of 2024, taking purchases to 345 tonnes so far this year. Poland leads with 82 tonnes bought and a record 632 tonnes held, ahead of Uzbekistan on 41 tonnes and China on 40. Goldman Sachs expects central banks to average around 60 tonnes a month through the rest of 2026. Russia and Turkey are the notable net sellers. (World Gold Council, Kitco News, Goldman Sachs)
Miners hit a record quarter, and a record cost per ounce
Global mine production reached 966 tonnes in the second quarter, an all time high for a June quarter and 2% above the previous record. Canada added 29%, Chile 24% and Burkina Faso 17% as new operations reached full output. Yet total supply was flat at 1,269 tonnes, because recycling fell 6% despite the higher price, and industry all in sustaining costs hit $1,785 an ounce in the first quarter, up 16% on the year. Record output at record cost is not the same thing as cheap gold. (World Gold Council, Mining.com)
India spends more on less metal ahead of the festive season
Indian demand softened to 131 tonnes in the second quarter, down 6% on the year, but the amount spent set a Q2 record at about 1,979 billion rupees, roughly $21 billion, a rise of 50% year on year. Jewellery demand recovered 14% quarter on quarter to 75 tonnes, with India leading global jewellery demand. Trade bodies project full year imports falling towards 400 tonnes following the increase in import duty, while manufacturers report retailers booking orders for the festive season now beginning. (World Gold Council)
Sources: World Gold Council, Reuters, Yahoo Finance, CNBC, Kitco News, Trading Economics, Mining.com, ADP. Compiled Thursday 6 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.