International gold prices have returned above $4300 per ounce, reaching a new high since early July. In July, ADP employment in the United States increased by 44000 people, and the market lowered expectations for the Federal Reserve to tighten policy. As a result, US bond yields and the US dollar fell. The Bank of Korea has resumed gold purchases after a 13 year hiatus, with World Gold Council data showing a net global central bank gold purchase of 288.9 tons in the second quarter of 2026. China's gold ETF has seen a net inflow for 14 consecutive trading days, with gold prices on the Shanghai Gold Exchange showing a premium over London gold. Deutsche Bank maintains its target price of $4600 by the end of 2026, UBS expects it to rise to $4600 by the end of the year and challenge $5000 in 2027, and Citigroup and State Street Investment expect gold to have upward potential in the medium to long term.
