Overview
- Spot prices hovered near $4,100 per ounce with a roughly 3% weekly loss after Tuesday’s 5%–6% plunge, the steepest single-day fall since 2013.
- Large withdrawals from gold-backed ETFs were recorded, with Bloomberg data showing the biggest single-day drop in holdings by tonnage in five months.
- Improving sentiment on US–China trade talks reduced safe-haven demand, compounding pressure from the firmer dollar and technical overbought conditions.
- A softer-than-expected US inflation reading encouraged bets on two Federal Reserve rate cuts this year, helping prices stabilize even as near-term volatility stays elevated.
- Local markets reflected the drop, with Delhi gold at about Rs 1,25,600 per 10 grams and Pakistan at Rs 431,862 per tola, while silver fell more than 6% on the week after recent highs.