Overview
- Spot gold traded around $4,005 per ounce on Friday and was set for a third straight monthly gain even as the dollar held near a three‑month high after cautious remarks on December cuts from Fed Chair Jerome Powell.
- Futures pricing showed reduced odds of another Fed cut in December, with CME FedWatch implying a roughly 75% chance versus about 91% a week earlier, weighing on near‑term bullion momentum.
- The World Gold Council reported all‑time high quarterly demand of 1,313 tonnes in Q3 2025, including record gold‑backed ETF inflows of about $26 billion and a 47% year‑on‑year jump in investment.
- Central banks bought 220 tonnes in Q3, a 28% increase from the prior quarter, with Kazakhstan leading purchases and Brazil returning as a buyer as jewellery demand slumped on high prices.
- India’s market flipped to discounts of up to $12 per ounce after festivals with MCX December futures near ₹1,21,290 per 10g, while Pakistan’s APGJSA reported a sharp rise to Rs424,162 per tola as local buyers sought a hedge.