Gold and Silver Rebound After Sharp Sell-Off

Overview

• MCX December gold futures rose by Rs 817 to Rs 1,42,841 per 10 grams on Monday as traders built fresh positions and spot demand firmed.
• MCX silver futures for December gained Rs 931 to Rs 1,96,650 per kilogram, while COMEX December gold traded above $4,000 per ounce, reflecting parallel strength in overseas markets.
• Market participants said the bounce was a relief rally after last week’s steep sell‑off and was driven largely by short‑term speculator buying rather than a clear shift in trend.
• Analysts warned that near‑term direction depends on the US Federal Reserve’s Oct 27–28 remarks, the Oct 29 PCE inflation read, crude oil moves, and rising Treasury yields that affect rate expectations.
• Local markets mirrored the rebound, with Pakistan rates rising to about Rs 423,436 per tola, a move that may tighten supply and raise costs for jewellers and consumers if higher prices persist.