Overview
- Spot prices rebounded to roughly $4,000 per ounce on Nov. 6, with Comex futures briefly above $4,020 after a near 2% decline the previous session.
- US ADP data showed a 42,000 rise in private payrolls and recent Fed commentary tempered expectations for additional near-term rate cuts, supporting the dollar earlier in the week.
- Pakistan’s benchmark price jumped Rs3,700 to Rs423,062 per tola after two days of losses, mirroring the global upswing.
- Indian gold rates edged higher, with MCX December futures around Rs 1,21,300 per 10g and retail prices ticking up across key cities.
- Structural currents stayed in focus as China cut the VAT break on exchange-traded gold to 6% and SBI Research called for a comprehensive Indian gold policy to tackle import reliance and SGB fiscal costs.