Overview
- Indian gold has corrected sharply from a January peak near ₹1.95 lakh per 10 grams to about ₹1.43–1.44 lakh by early November, changing market psychology for festive buyers.
- International bullion staged a strong midweek rally this week that left Comex roughly 4.5% higher for the week before late selling.
- Stronger-than-expected US nonfarm payrolls on Friday lifted the dollar and Treasury yields, which triggered the late-week pullback and raised near-term uncertainty for gold prices.
- Retail demand in India is split: some local jewellers such as those in Ludhiana reported about a 40% fall in Dhanteras sales, while Mumbai's Zaveri Bazaar and major chains reported footfall up roughly 25–40% driven by festival and wedding buying.
- Buyers are shifting toward lightweight jewellery, small coins and exchanges of old gold, and analysts say near-term volatility will be set by US–Iran developments, upcoming global inflation prints, crude oil moves and Fed commentary.