Overview

• Spot gold traded near $3,689 an ounce after hitting an all-time high around $3,707 last week, while silver stayed above $43.
• In India, the India Bullion Association pegged prices at ₹1,10,430 per 10 grams on Monday, with city quotes such as Mumbai near ₹1,12,580 and MCX October futures around ₹1,09,900.
• Analysts say support comes from the Fed’s 25 bps cut with dovish guidance alongside sustained central‑bank and ETF buying plus persistent geopolitical risk.
• Retail behavior is shifting as UAE shoppers emphasize fixed budgets, lighter 18K designs, exchanges and pre‑bookings, with Indian festive demand expected to underpin sales.
• Pakistan’s 24‑karat gold jumped to Rs390,300 per tola, tracking the global upswing, while forecasts point to potential gains toward $3,850–$4,000 for gold and $49–$50 for silver with volatility tied to upcoming US data.