The morning briefing from Chapman Gold: what moved the gold market and why it matters. Prices in the banner above are live.
Gold slips as a firm dollar weighs, all eyes on the Fed
Spot gold eased about 0.7% to around 4,044 dollars an ounce, pressured by a stronger dollar that held near a one-month high and made bullion dearer for holders of other currencies. Traders trimmed positions ahead of the Federal Reserve decision rather than chase the recent rally. [CNBC]
Fed verdict due Wednesday, a hold is already priced in
The Federal Reserve announces its policy decision on 29 July, with markets strongly expecting rates to stay on hold, an outcome that rarely moves metal on its own. The bigger test may come on 30 July with June PCE inflation data, the Fed's preferred gauge, where any sign of cooling would soften the dollar and lend gold support. [FX Leaders, GoldSilver]
China's central bank posts its biggest gold buy since 2023
Bullion held by the People's Bank of China rose by 480,000 troy ounces to 75.44 million ounces in June, the largest monthly purchase since October 2023. The move extends Beijing's buying streak to 20 straight months, a steady signal of official diversification away from the dollar. [Bloomberg]
Central bank appetite stays broad and persistent
Central banks bought a net 244 tonnes of gold in the first quarter of 2026, with fresh names such as Guatemala, Indonesia, Malaysia, Cambodia, Uganda and Kenya joining the buyer list for the first time. Poland has been the standout accumulator this year, adding more than 20 tonnes as part of a plan to build reserves towards 700 tonnes. [World Gold Council, Visual Capitalist]
Asia demand mixed as India waits and China firms
Indian discounts widened to a seven-week high as the price rebound kept retail buyers on the sidelines, waiting for a meaningful correction before committing. Chinese demand improved into late July, with bullion changing hands at a premium of 3 to 6 dollars an ounce over the international benchmark. [Kitco, Business Standard]
Market coils in a narrow range
Prices are oscillating between roughly 3,950 and 4,200 dollars an ounce as investors wait for a clear steer from the Fed. Structural support from official buying remains intact even where near-term price action looks soft, keeping the longer-term case for gold on the table. [GoldSilver, CNBC]
Sources: CNBC, Bloomberg, World Gold Council, Kitco, Business Standard, FX Leaders, GoldSilver, Visual Capitalist. Compiled 28 July 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.