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 the Middle East flares up again
Gold opened Tuesday at $4,451.60 per troy ounce, down 0.6% on Friday's close, and was trading near $4,407 to $4,411 by mid morning New York time. Fresh escalations with Iran pushed oil back towards $100 a barrel, which lifts energy costs and complicates the inflation picture. (Yahoo Finance, CNBC Select, Fortune)
The month still looks strong even after the dip
Despite Tuesday's fall, gold is holding a gain of roughly 4.1% over the past month. A one day move of half a percent is noise against that; it is the monthly and quarterly trend that sets what a scrap counter or a dealer will actually pay. (Yahoo Finance)
A Federal Reserve meeting is one week away
The Fed is scheduled to meet next week with rates back in play. Gold has no yield, so it competes directly with what cash pays, and traders tend to trim positions ahead of a decision rather than after it. Expect thin conviction in the price until the announcement lands. (Yahoo Finance)
China buys the most gold since 2023
The People's Bank of China added 650,000 ounces to its reserves in August, according to data released on Monday, the largest monthly addition since 2023 and a twenty second consecutive month of buying. Notably it accelerated its purchases while prices were rising, which is not the behaviour of a price sensitive buyer. (Bloomberg)
Central banks are not finished
The World Gold Council's 2026 survey found 89% of central bankers expect global official gold reserves to rise over the next twelve months, with a record 45% planning to add to their own holdings. Poland leads the year to date at 64 tonnes, ahead of Uzbekistan on 33 tonnes and China on 25 tonnes. (World Gold Council)
India's jewellery buyers step back, investors step in
Indian gold supply fell to 120 tonnes in the second quarter, the lowest in six years, with net bullion imports down 22% year on year at 98 tonnes. Underneath that, investment demand rose 54% year on year to 82 tonnes and now accounts for close to 70% of net demand. High prices are pricing out the jewellery buyer and pulling in the saver, which is a pattern we see in our own trade too. (World Gold Council)
Mine supply is at a record and close to its ceiling
Miners produced 3,672 tonnes in 2025, up about 1% and the highest in the World Gold Council's series, but the gain was only around 11 tonnes. The Council expects output to peak around 2027 and then plateau, held back by falling reserves and capital costs rather than by price. New supply does not arrive quickly whatever the price does. (World Gold Council via Kitco)
Sources: Yahoo Finance, CNBC Select, Fortune, Bloomberg, the World Gold Council and Kitco. Compiled 8 September 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.