Overview

• Spot gold topped $3,800 per ounce to a new high on Monday, with futures also at records, while silver advanced toward $47 as the rally broadened across precious metals.
• India’s MCX posted fresh peaks, with gold near Rs 1.16 lakh per 10g and silver around Rs 1.44 lakh per kg, amplified by rupee weakness and festive-season buying.
• ETF demand strengthened as SPDR Gold Trust said holdings rose 0.89% in a day to 1,005.72 tonnes, the highest since 2022, reinforcing the investment bid.
• Traders price a roughly 90% chance of a Federal Reserve cut in October and about two‑thirds odds of another in December, helped by in‑line U.S. PCE inflation and a softer dollar.
• Markets are watching U.S. jobs and PMI releases, with shutdown risk threatening data delays, as analysts flag potential near‑term profit‑taking within a structurally bullish backdrop.