Overview
- Spot prices traded under the $4,000 mark on Nov. 4 after slipping below that level a day earlier, extending the retreat from October’s record near $4,381 while remaining more than 50% higher year to date.
- Fed Governor Lisa Cook and other officials stopped short of backing a December cut after Chair Jerome Powell said another reduction was not a foregone conclusion, with market odds easing to roughly two-thirds as the dollar hovered near a three‑month high.
- Beijing ended a long‑standing VAT rebate for some gold retailers, a confirmed policy change expected to raise costs and curb Chinese retail demand, adding to the recent pullback in global prices.
- In India, December MCX gold futures fluctuated around Rs 1.20–1.21 lakh per 10 gm as citywise retail rates moved in a narrow range, while silver tracked lower with spot quotes near $48 per ounce.
- Local markets showed sharp swings, with Pakistan’s 24‑carat rate jumping by Rs1,300 per tola to Rs423,862 on Nov. 3 before easing to Rs420,362 on Nov. 4 in step with global bullion moves.