Overview
- Gold is down roughly 8–10% from the Oct. 20 record near $4,381 after progress on a US–China trade framework reduced safe‑haven demand.
- Prices briefly fell below $4,000 before rebounding above that level on Wednesday, with choppy moves as investors prepare for a widely expected 25 bps Fed cut.
- ETF flows turned negative, including about $1 billion pulled from SPDR Gold Shares on Monday, adding to selling pressure.
- Near‑term outlooks were trimmed, with Citi cutting its three‑month target to around $3,800 and Bank of America highlighting $3,800 as a 4Q downside level.
- Indian bullion markets tracked the swings, with steep declines early in the week followed by a Rs 2,600 rebound to Rs 1,24,400 per 10 g in Delhi as bargain buying emerged.