Overview
- Spot bullion stabilized around $3,950–$3,970 on Oct 29 after a three‑day slide that briefly drove prices below $4,000 and marked the steepest rout in years.
- Signals of a US–China trade framework and a planned Trump–Xi meeting reduced haven flows, reversing part of October’s record rally.
- Markets widely expect a 25‑basis‑point Fed cut today, with traders focused on Chair Jerome Powell’s guidance for clues on further easing.
- Citigroup lowered its three‑month gold target to $3,800 and flagged near‑term downside on profit‑taking, with gold ETFs seeing outflows including about $1 billion from SPDR Gold Shares on Monday.
- Local prices tracked the global pullback, with sharp declines reported across Indian cities and in Pakistan, although gold remains up roughly 50% year to date.