Overview
- Spot gold hovered around $3,950–$3,975 early Wednesday after a three-day slide that took prices below $3,900 and more than 8% off the Oct. 20 record of $4,381.21.
- Markets widely expect a 25-basis-point Federal Reserve cut today, with investors focused on Chair Jerome Powell’s guidance to determine whether bullion can stabilize.
- Progress toward a Trump–Xi trade framework has reduced safe-haven flows, while profit-taking, technical selling and withdrawals from gold-backed ETFs accelerated the downturn.
- Citi cut its three-month gold target to $3,800 and highlighted potential support near the 100-day average around $3,600 as near-term risks persist.
- Domestic markets echoed global moves, with Indian prices slipping below Rs 1,20,000 per 10 grams and Pakistan’s per-tola rate rebounding Rs 3,500 after steep declines.