Overview

• Spot gold hovered near $3,330–$3,335 per ounce on Friday, with U.S. December futures slightly lower around $3,379–$3,381.
• Mumbai 24-carat gold was quoted near ₹1,00,760 per 10 gm, while New Delhi prices fell ₹250 to ₹1,00,370, reflecting sharp intraday swings across major cities.
• On MCX, front gold futures traded near ₹99,000–₹99,285 per 10 gm, well below the August 8 record of ₹1,02,250 for the October contract.
• Market positioning stayed cautious before Powell’s 1400 GMT address, with CME FedWatch showing about an 85% chance of a quarter-point cut in September.
• Silver diverged, with Delhi spot up ₹1,000 to ₹1,15,000/kg even as international prices hovered near $38, and analysts continued to cite strong ETF inflows and a Ventura projection that gold could test $3,600 by year-end.