Overview
- Spot bullion hovered around $4,000–$4,020 per ounce and was set for a second straight weekly decline despite notching a third monthly gain.
- The Federal Reserve cut rates by 25 basis points to 3.75%–4.00%, and Chair Jerome Powell’s remarks lowered market odds of a December cut to about 74.8% from roughly 91% a week earlier, boosting the dollar.
- World Gold Council data showed total Q3 demand at a record 1,313 tonnes, with investment up 47% year on year and gold‑backed ETFs taking in a record roughly $26 billion.
- Prices touched an all‑time intramonth high near $4,381 in October before profit‑taking pulled the market back toward $4,000.
- Local markets diverged, with India shifting to discounts of up to $12 per ounce after festival buying cooled, while Pakistan’s 24‑karat price jumped by Rs5,300 to Rs424,162 per tola.