Overview

• Spot bullion climbed to about $3,920 in early Asian trade after last week’s records, with quotes reaching roughly $3,939 in the UAE and US futures peaking near $3,923.
• Pakistan’s benchmark rate opened at a record Rs409,878 per tola after a Rs2,100 jump on Saturday, tracking the global surge, according to the APGJSA and Saraffa Association.
• Indian benchmarks hovered near recent peaks with IBJA’s 24‑carat price hitting Rs1,17,332 last week and MCX December futures closing at Rs1,18,113, while Dubai retail rates opened at fresh highs (24K at Dh474.5; 22K at Dh439.5).
• Analysts cite the US shutdown’s data delays, growing rate‑cut expectations, a softer dollar, strong central‑bank purchases and heavy ETF inflows, with gold up roughly 46–49% year to date and WGC logging 200+ tonnes of official buying in seven months.
• Volatility is expected to stay elevated as markets track the US funding fight, FOMC minutes and Powell’s speech; silver continues to outperform, touching lifetime highs near $48 on Comex and about Rs1.47 lakh/kg on MCX.