Gold futures remained steady in Asia, recovering from earlier losses, after surging nearly 4% last week to a record $3655 per ounce. The metal continues to rally amid expectations of a Fed rate cut following weak US jobs data and rising geopolitical tensions. MCX gold futures traded higher at ₹107899 per 10 grams. China's central bank increased its gold reserves for the 10th consecutive month, adding 60,000 ounces in August to bring total holdings to 74.02 million ounces. This steady accumulation reflects China's ongoing strategy to diversify its foreign reserves and reduce reliance on the US dollar amid global financial uncertainty. Market focus now shifts to the upcoming US Producer Price Index (PPI) data, which will offer fresh insight into inflation trends and could significantly influence expectations for future Fed policy moves. With gold up nearly 40% this year, further volatility is expected as traders watch for clues on the inflation trajectory.

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