Central banks in focus: Buying gold again?

GOLD

4,142.40

$/oz

▲ +108.70 (+2.69%)

SILVER

59.91

$/oz

▲ +2.24 (+3.89%)

PLATINUM

1,754.40

$/oz

▲ +136.40 (+8.43%)

PALLADIUM

1,351.00

$/oz

▲ +100.10 (+8.00%)

COPPER

6.65

$/lb

▲ +0.13 (+2.03%)

GOLD MINERS INDEX

652.15

pts

▲ +18.34 (+2.89%)

SPDR GOLD ETF

374.81

$/sh

▲ +3.10 (+0.83%)

SILVER ETF

53.98

$/sh

▲ +1.52 (+2.89%)

Gold Market Context: Macro Drivers

Key macro instruments that drive gold price movements: dollar, yields, risk appetite

DXY

US Dollar Index

99.89 pts

▼ 0.12 (-0.12%)

tailwind for gold

Gold inverse — rising dollar pressures gold

US10Y

10-Yr Treasury

4.63 %

▲ 0.01 (+0.15%)

headwind for gold

Real yield pressure — higher yields weigh on gold

SPX

S&P 500

7,715.36 pts

▲ 286.58 (+3.86%)

headwind for gold

Risk appetite — equity rallies reduce safe-haven demand

BTC

Bitcoin

64,001.99 USD

▲ 1188.24 (+1.89%)

positive for gold

Alt safe haven — moves with gold in risk-off

WTI

Crude Oil (WTI)

76.12 $/bbl

▼ 7.47 (-8.94%)

negative for gold

Inflation proxy — rising oil can lift gold

EURUSD

EUR / USD

1.15

▲ 0.01 (+1.21%)

positive for gold

Dollar strength gauge — inverse to DXY

▲ Rising DXY or yields typically pressure gold | ▲ Falling yields or geopolitical risk support gold | Live data — fetched at send time

Market Commentary

Bank of Korea Just Bought Gold After 13 Years: Is a New Rally Coming?

The Bank of Korea has resumed gold purchases after a 13-year hiatus, signaling a renewed interest in gold as a strategic asset. This move aligns with a broader trend, as central banks globally have acquired a record 289 tonnes of gold recently, reflecting a shift towards gold amid economic uncertainties. Such significant central bank buying typically supports gold prices, as it indicates confidence in gold as a hedge against inflation and currency fluctuations. With the market currently quiet, there is potential for upward price movement as demand from central banks could create a tighter supply dynamic. Investors should note that central bank purchases often lead to increased interest from private investors, further bolstering demand. The resumption of buying by the Bank of Korea could also influence other central banks to follow suit, reinforcing the bullish sentiment in the gold market. As geopolitical tensions and inflationary pressures persist, gold remains an attractive asset for diversification. The combination of central bank demand and a potentially rising retail interest could set the stage for a new rally in gold prices. Overall, the recent actions by the Bank of Korea and other central banks underscore the enduring appeal of gold in uncertain economic times.

Why the Gold Bull Market is Far From Over

Gold has experienced months of sideways trading, yet the underlying fundamentals suggest that the bull market remains intact. Frank E. Holmes emphasizes that the current environment, characterized by persistent inflation and geopolitical tensions, continues to support gold's appeal as a safe-haven asset. Central banks are still accumulating gold, which indicates a strong institutional demand that underpins prices. Additionally, the ongoing uncertainty in global markets, driven by fluctuating interest rates and a volatile dollar, creates a favorable backdrop for gold. Investors should note that as inflation persists, the real yield on bonds remains low, making gold more attractive in comparison. ETF flows have also shown resilience, reflecting sustained interest from retail and institutional investors alike. The combination of these factors suggests that any price corrections may be temporary, as the long-term outlook for gold remains bullish. As we navigate through these economic challenges, gold's role as a hedge against currency devaluation and market instability is likely to strengthen. Therefore, we should remain vigilant and consider the potential for gold to reclaim upward momentum in the coming months.

Yen Spark, Fed Confusion, Reactive Energy

Recent market dynamics suggest a potential upward movement for gold, silver, and gold miners, driven by positive divergences that are emerging. The interplay between the yen's performance and Federal Reserve policy confusion is creating a reactive energy in the markets that could favor precious metals. As the yen strengthens, it often leads to increased demand for gold as a safe haven, particularly among Japanese investors. Additionally, any uncertainty surrounding Fed interest rate decisions tends to bolster gold's appeal, as lower rates diminish the opportunity cost of holding non-yielding assets like gold. Investors should note that these factors are aligning in a way that historically precedes price increases in gold and silver. The current environment of geopolitical tensions and inflationary pressures further supports the case for higher gold prices, as investors seek refuge from volatility. Central bank demand remains robust, with many institutions continuing to add gold to their reserves, reinforcing its status as a hedge against economic uncertainty. ETF flows have also shown signs of recovery, indicating renewed interest from institutional investors. Collectively, these elements suggest that we may be on the cusp of a significant rally in the gold market, warranting close attention from sophisticated investors.

Sixty North Gold Mining | CSE: SXTY

• Restarting the past-producing Mon Mine near Yellowknife, the only gold project permitted for production in the NWT at 100 tpd, with 15,000 oz historical production.

• Mill mobilisation underway, mine and mill targeted to be fully operational Q3 2026.

Find out more →

Today's Interesting Company News

Southern Cross Gold Updates Exploration Target at Sunday Creek Gold-Antimony Project, Victoria, Australia

(TSX: SXGC) (ASX: SX2) (OTCQX: SXGCF) Southern Cross Gold Consolidated Ltd announced an updated Exploration Target for its 100%-owned Sunday Creek Gold-Antimony Project in Victoria, Australia, estimating 10.4 – 11.9 million tonnes grading from 8.9 g/t AuEq to 12.1 g/t AuEq, for 3.0 Moz AuEq to 4.6 Moz AuEq. The Exploration Target is based on 125 vein set shapes constrained to diamond drilling data across five prospects Christina, Golden Dyke, Rising Sun, Apollo, and Apollo East along 1,500 m of strike. Nine rigs are currently operating on site, with two more testing regional targets up to 8 km away, and a total of 130.6 km of drilling has been reported, with 35 km of core awaiting results and another 135 km expected to be completed through Q1 2027. Stage 2 metallurgical test work reported in August 2025 on 144 samples demonstrated overall gold recovery of 92.3% to 95.6% and antimony recovery of 83.2% to 92.7%. The company owns 1,392 hectares of freehold land enclosing the crown land and is fully permitted under an existing work plan to construct a 1.2 km exploration decline that remains under construction. The Exploration Target has been completed in accordance with National Instrument 43-101 and the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves, 2012 Edition (JORC). The company projects to complete another 135 km of drilling through to Q1 2027 and is aiming to uncover the potential extent of the mineralized system with ongoing step-out drilling.

Grande Portage Resources Announces Acceptance of the New Amalga Gold Project to the Covered Projects FAST-41 Program

(TSXV:GPG, OTCQX:GPTRF) Grande Portage Resources Ltd. announced the acceptance of the New Amalga Gold Project as a "Covered Project" in the Federal Permitting Improvement Steering Council's FAST-41 program on July 30, 2026. The company holds a 100% interest in the New Amalga property, which is situated approximately 25 km north of Juneau, Alaska. The updated NI#43-101 Mineral Resource Estimate (MRE) reports an Indicated Resource of 1,438,500 ounces of gold at an average grade of 9.47 g/t Au (4,726,000 tonnes) and an Inferred Resource of 515,700 ounces of gold at an average grade of 8.85 g/t Au (1,813,000 tonnes). The MRE also includes an Indicated Resource of 891,600 ounces of silver at an average grade of 5.86 g/t Ag (4,726,000 tonnes) and an Inferred Resource of 390,600 ounces of silver at an average grade of 7.33 g/t silver (1,813,000 tonnes). The MRE was prepared by Dr. David R. Webb, Ph.D., P.Geol., P.Eng. (DRW Geological Consultants Ltd.) with an effective date of July 17, 2024. The project lies within the 160km long Juneau Gold Belt, which has produced over eight million ounces of gold. The company projects advancement of the Project, including the proposed path to production timeline, economics and timing of the Environmental Impact Statement.

Fairchild Gold Announces Update to Private Placement Financing and Early Warning Report

(TSXV: FAIR) Fairchild Gold Corp. announced a revision to its non-brokered private placement financing, with Sprinter LLC directly acquiring 9,600,000 Units under the Offering for total consideration of $576,000, rather than 10,000,000 Units as previously disclosed. Immediately prior to the closing, Sprinter owned 12,000,000 Common Shares and 12,000,000 Warrants, representing approximately 6.68% of the then issued and outstanding Common Shares on a non-diluted basis and 12.53% on a partially diluted basis. Following the Offering, Sprinter beneficially owns 21,600,000 Common Shares and 21,600,000 Warrants, representing approximately 9.96% of the issued and outstanding Common Shares on a non-diluted basis and 18.11% on a partially diluted basis. Only two insiders of the Company participated in the Offering, directly or indirectly subscribing for an aggregate of 2,400,000 Units. The Company is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as the fair market value of the Offering, insofar as it involves the insider, is not more than 25% of the Company's market capitalization. Fairchild Gold Corp. is engaged in the exploration and development of copper, gold and silver assets in North America, with a portfolio of three Nevada properties including Nevada Titan, Golden Arrow, and Carlin Queen. The Company intends to leverage Nevada's established mining infrastructure, technical expertise and supportive operating environment as it advances its portfolio of properties.

Sankamap Metals | CSE: SCU

• Drilling resumed at Kuma with first assays pending.

• Two 100%-owned, fully permitted copper-gold properties in the Solomon Islands.

• Positioned along the same prolific geological trend that hosts the world-class 71.9 Moz Lihir Gold Mine.

• District-scale prospecting program launched across the Oceania Project. Canada-listed, Pacific-focused.

Check it out →

For informational purposes only.

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