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15h ago

Gold Steadies Around $4,000 as Dollar Strengthens and Trade Truce Cools Haven Demand

Record third‑quarter buying by central banks and ETFs underpins longer‑term support despite a volatile pullback.

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Gold prices near $4,000 stall as traders await clear signals from the Fed and US-China trade truce talks
The gold price has more than doubled over the past two years as the precious metal continues its bull run. (Image: iStock)
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Overview

  • Gold hovered near $4,000 and posted a second weekly decline, falling more than 8% from its October peak above $4,380 as the stronger dollar weighed.
  • The Federal Reserve cut rates by 25 bps to 3.75%–4.00%, and Chair Jerome Powell said a December move is not assured, pulling CME cut odds down to about 74.8% from roughly 91% a week earlier.
  • A one‑year US–China trade truce featuring partial tariff relief, fentanyl curbs, resumed US soybean purchases and continued rare‑earth exports eased safe‑haven demand.
  • World Gold Council data showed record Q3 demand at 1,313 tonnes, driven by $26 billion in ETF inflows and a quarter‑over‑quarter rise in central‑bank purchases.
  • Regional dynamics diverged as Indian dealers shifted to discounts after festivals around ₹121,500 per 10g, Pakistan’s benchmark price rose to Rs424,162 per tola, and gold remains up about 50% this year.