Overview
- Gold futures settled near $4,240 per ounce, closing a fourth straight monthly gain and moving back within range of October’s $4,336 record after a roughly 60% rise this year.
- Markets are pricing an 80%–87% chance of a 25 basis point Federal Reserve cut in December after dovish remarks and softer data, boosting non‑yielding bullion as the dollar eases.
- Silver outperformed, touching about $56.5 an ounce and approaching an all‑time high, with London supply tightness and strong ETF and industrial demand cited for the surge.
- In India, 24‑carat prices hovered around Rs 1.26–1.30 lakh per 10 grams with IBJA data showing a weekly rise, as wedding‑season buying supports demand and the RBI policy meeting looms.
- Major banks lifted medium‑term targets, with Goldman Sachs pointing to $4,900 by end‑2026 and UBS at $4,500 by mid‑2026, while other forecasts suggest potential moves toward $5,000.