Market diagnosis: Gold is consolidating within a secular bull market — declined 24.7% from the January 29 ATH of $5,595 to $4,212.90 — but the structural demand apparatus is intact. Central banks bought 244 tonnes in Q1 2026 (above 5-year average). ETF holdings at 4,121 tonnes near record peaks. Three catalysts frame the forward view: the September FOMC decision (55% probability of a rate hike by October weighing on the near term), China's demand surge (207t in Q1, +67% y/y), and institutional portfolio allocation rebalancing (2-3% to 5-6% underway). The consolidation band of $4,100-$4,600 has held for three months with no breakdown. This report provides procurement-specific guidance with quantified scenario analysis and forward contract recommendations.