Overview
- Spot gold hovered around $4,13x per ounce after a 1.8% jump on Monday, with gains constrained by a firm dollar near six‑month highs.
- Rate‑cut odds for December have leapt from about 40% last week to 72%–81% after dovish remarks from New York Fed President John Williams and Governor Christopher Waller.
- Indian prices tracked the move, with MCX December futures around Rs 1.25 lakh per 10 grams and major city spot rates clustered near Rs 1.24–1.25 lakh.
- Markets expect direction from delayed U.S. releases including retail sales, PPI, GDP and jobless claims, which were pushed into this week by a government shutdown.
- Underlying support persists from sustained central‑bank buying and ETF inflows, including a 12th straight month of additions by the PBoC, while improved Ukraine ceasefire talk has trimmed some safe‑haven bid.