Overview
- Spot prices hovered around $3,940–$3,970 after a sharp Tuesday drop, with the dollar near a three‑month high and bullion rebounding modestly on bargain hunting.
- Pakistan’s local bullion rate fell by roughly Rs3,500 per tola on Nov 4 and eased again on Nov 5, reflecting the global retreat.
- Market-implied odds of a December Federal Reserve cut have slipped to about 69%–71% after Chair Jerome Powell’s cautious tone, putting ADP and ISM readings in focus.
- China reduced the VAT exemption on exchange‑traded gold to 6% from 13% effective Nov 1, a move traders say could temper retail demand in the world’s largest market.
- SBI Research reports India consumed 802.8 tonnes in 2024 and RBI gold reserves are about 880 tonnes, while elevated prices have swelled Sovereign Gold Bond redemption costs and softened 2025 jewellery demand.