Overview
- Spot gold rose 0.3% to $3,941.92 per ounce early Wednesday after falling more than 1.5% on Tuesday to a near one‑week low, with the dollar holding near three‑month highs.
- The All‑Pakistan Gems and Jewellers Sarafa Association reported a Rs3,500 decline to Rs420,362 per tola and a Rs3,001 drop to Rs360,392 per 10 grams.
- Powell signaled last week’s rate cut may be the year’s final move, and CME FedWatch now shows roughly a 69%–71% chance of another cut in December, down from over 90% a week earlier.
- China’s reduction of VAT exemptions on some gold transactions, effective November 1, has been flagged as a potential drag on demand in the world’s largest consumer market.
- Analysts cite near‑term bearish technicals with support near $3,914 and potential downside toward $3,850–$3,800 if broken, as traders watch ADP jobs and other private indicators during the data disruptions from the U.S. shutdown.