Reservas de ouro da Índia superam US$ 100 bilhões pela primeira vez com disparada dos preços globais
Ouro indiano atinge marco histórico enquanto metal brilha nos mercados internacionais
FORTALEZA DOURADA
As reservas do banco central indiano ultrapassam a barreira psicológica dos US$ 100 bilhões - marco nunca antes alcançado na história do país.IMPULSO DOS PREÇOS
Valorização global do ouro impulsiona patrimônio reservado, com metal atingindo patamares recordes nos mercados internacionais.CONTEXTO MACRO
Movimento ocorre enquanto investidores buscam ativos seguros em meio à volatilidade dos mercados - porque quem confia em moedas fiduciárias mesmo, né?PERSPECTIVAS
Trajetória ascendente do ouro sugere que o tradicional safe haven continua atraindo capital institucional em escala global.RBI slows purchases while price does the heavy lifting
India barely touched the buy button in 2025. The RBI added gold in just four out of the first nine months of the year, based on World Gold Council records. That’s a sharp slowdown compared to 2024, when buying happened almost every month.
From January through September this year, India bought only 4 metric tons, while it had picked up 50 tons during the same stretch in 2024.
Kavita Chacko, head of India research at the World Gold Council, said the rising gold share is “largely driven by valuation gains from the rising gold price.” It’s not about stacking more; it’s also about the price going nuts.
And nuts it has gone. Gold futures (GC=F) dropped more than 1% on Friday, settling near $4,250 an ounce, but that was after touching an intraday high above $4,380 earlier in the session. Even with that dip, the week still ended as the metal’s best weekly gain since 2020.
Wall Street and fund managers move as miners bleed
The gold craze didn’t just stop at central banks. This week, Bank of America’s Fund Managers Survey showed that gold is now the most crowded trade of October, beating even the “long Magnificent Seven” tech trade. Yet when fund managers were asked about their allocations, 39% had zero exposure, 19% were at 2%, and 16% said they had 4% exposure to the metal. The split positions have traders and funds on edge.
On Friday morning, Bank of America analysts doubled down on their position, repeating a “long gold” recommendation and predicting the metal could peak at $6,000 an ounce by mid-2026. Goldman Sachs lifted its end-of-2025 target to $4,900 per ounce, up from $4,300, and JPMorgan expects the metal to reach $6,000 by 2029.
But not everyone’s smiling. Gold miners, which had been riding the rally hard, saw a serious reversal. The NYSE Arca Gold Miners Index took a 6.4% dive on Friday, the biggest drop since May. Newmont Corp. tanked by 7.4%, Agnico Eagle Mines Ltd. by 7.2%, and Barrick Mining Corp. lost 7%.
And all three of those had already logged over 100% gains this year, while gold itself climbed just over 60%.
Meanwhile, the pullback has traders at a crossroads. Jay Kaeppel, senior research analyst at SentimenTrader, said in a Friday note, “Traders who have been holding a long position in SPDR Gold Trust ETF are now faced with a decision — take profits or let it ride?”
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