Overview
- Spot gold traded near $4,000 on Friday after an October peak around $4,381, putting it on course for a second straight weekly loss even as the month stays positive.
- After a 25-basis-point Fed cut this week, CME FedWatch odds for a December cut fell to about 74.8% from 91.1% a week earlier, and the stronger dollar pressured prices.
- The World Gold Council reported record quarterly demand of 1,313 tonnes in Q3, driven by a record $26 billion of ETF inflows and a 47% jump in investment, while jewellery demand fell.
- India’s post-festival demand cooled with dealers offering discounts up to $12 per ounce and domestic prices near ₹121,500 per 10 grams, as MCX December futures slipped to ₹1,21,290.
- Local dynamics diverged as Delhi quotations climbed to ₹1,25,600 per 10 grams on fresh stockist buying, while Pakistan’s 24-karat price rose by Rs5,300 per tola to Rs424,162.