On the first trading day of August 2026, the international precious metals market received a key fundamental signal. According to the latest data from the World Gold Council (WGC), global central banks' net gold purchases reached a record 289 tonnes in the second quarter, up 46% year-on-year, with emerging market central banks as the absolute main force. China, India, Poland, and Singapore continued to increase their holdings.
Boosted by this, spot gold prices rose steadily during the Asian trading session. As of 14:00 Beijing time on August 1, international spot gold was quoted at $2,684.50 per ounce, up 0.32% on the day; spot silver was at $31.18 per ounce, up 0.58%, reclaiming the $31 round level. The main COMEX gold futures contract traded near $2,692, as risk appetite and safe-haven demand intermingled.
Central Bank Gold Buying Hits Record High, Structural Trend Strengthens
The WGC report noted that global central bank net gold purchases exceeded 200 tonnes for the second consecutive quarter in Q2, showing that central banks' long-term strategy of diversifying foreign exchange reserves remains intact. Geopolitical tensions, diminished confidence in the U.S. dollar, and inflation concerns prompted central banks to accelerate the shift of reserve assets into gold.
The report specifically noted that emerging market central banks accounted for over 70%, with the People's Bank of China increasing gold reserves for nine consecutive months, adding more than 180 tonnes cumulatively. The Reserve Bank of India bought 36 tonnes during the quarter, its largest quarterly increase since 2019. In addition, the National Bank of Poland and the Monetary Authority of Singapore also made notable moves.
Analysts believe that central bank buying has become the most important structural support for the gold market. Unlike short-term speculative funds such as ETFs and futures, central bank accumulation is long-term and strategic, providing solid downside support for gold prices.
Live Market Analysis: Asia Trading Steady to Higher
From a real-time price perspective, precious metals saw little disruption during the early Asian session today. Last Friday's U.S. Personal Consumption Expenditures (PCE) price index matched expectations, easing market concerns over Fed rate hikes. The U.S. dollar index edged lower to 103.2, providing room for a gold rebound. Meanwhile, physical gold demand in China and India picked up seasonally during the quarter, with active buying in the spot market.
On the technical side, spot gold found strong support around $2,660, with short-term moving averages in a bullish alignment. The momentum indicator points higher, but the $2,700 round level remains a key near-term resistance. For silver, the gold-silver ratio is currently around 86, still high relative to historical averages. If industrial demand recovers, silver may have stronger catch-up potential.
Market Outlook: Focus on Nonfarm Payrolls and Central Bank Symposium
This week, the market will face the U.S. July nonfarm payrolls report, which will directly affect the Fed's September rate decision. If employment data weaken, gold may break above $2,700 and challenge record highs; conversely, strong data could trigger short-term profit-taking.
In addition, the market is also looking to the Jackson Hole global central bank symposium in late August. If the Fed chair signals a dovish stance, it would further strengthen the bullish sentiment for gold.
Overall, with the dual support of global central bank gold buying and safe-haven demand, the long-term allocation value of precious metals remains prominent. Short-term investors may closely monitor real-time price and technical indicator changes to seize swing opportunities; medium- and long-term investors can build positions in batches to cope with potential market volatility.
Precious Metals Real-Time Quotes
- Spot Gold: $2,684.50/oz (+0.32%)
- Spot Silver: $31.18/oz (+0.58%)
- COMEX Gold (Aug): $2,692.10/oz
- COMEX Silver (Sep): $31.26/oz
- U.S. Dollar Index: 103.18 (-0.15%)
The above quotes are Asian session market data for reference only. Please refer to real-time quotes for actual trading.
