Overview

• International spot gold hovered around the mid-$3,700s per ounce on Thursday, down from a record near $3,790 earlier in the week as the dollar firmed.
• On India’s MCX, December gold futures opened slightly lower at Rs 1,13,525 per 10 grams, while silver futures dipped at the open before rebounding intraday.
• In India’s physical market, association data showed 99.9% purity gold down ₹900 to ₹1,18,000 per 10 grams and silver down ₹600 to ₹1,39,000 per kg from Tuesday’s record levels.
• Pakistan’s APSGJA kept 24-karat gold unchanged at a record Rs 398,800 per tola, with local silver prices also steady.
• Analysts cited a stronger dollar and Jerome Powell’s cautious tone as triggers for near-term profit-taking, while noting ongoing support from ETF inflows and renewed central-bank buying, and a brokerage forecast that silver could reach Rs 1.5 lakh per kg within 12 months.