Overview
- Spot bullion is holding near the $4,000–$4,200 range after a multi-day reversal that included a single-session plunge of about 6% and a roughly 3% weekly decline.
- Silver tracked the move with a weekly drop of just over 6% after recent highs, with brokers citing a firmer dollar and easing safe-haven demand.
- Tactical drivers cited across desks include profit-taking, retail position squeezes, outflows from gold-backed ETFs and reduced risk hedging on hopes for progress in US–China talks.
- Citigroup cut its overweight call and expects consolidation around $4,000, while others project a further near-term pullback of roughly 5–6% even as longer-term support from central-bank buying and policy risk remains.
- Local markets reflected the slide, with Indian benchmarks and retail prices falling and Pakistan’s per-tola rates dropping again, as traders watched for the delayed US CPI report and the Oct. 30 Trump–Xi meeting.