Overview
- Spot prices hovered under $4,000 on November 4, dipping toward $3,980 after a volatile start to the week.
- Fed officials declined to endorse a December cut, and market odds for another move fell to about two-thirds, keeping the dollar firm.
- Beijing ended a long-standing VAT offset for certain gold sold by retailers sourcing from Shanghai exchanges, a shift expected to lift consumer prices and curb jewelry demand.
- India’s MCX December contract traded near Rs 1.21 lakh per 10 grams, with analysts expecting range-bound action as traders watch ADP and ISM data.
- Regional markets remained jumpy, with Pakistan’s per-tola rate rebounding to around Rs 423,862 as local associations tracked rapid global price swings.