Overview
- Spot prices hovered around $3,970–$4,000 after a near 2% slide on Tuesday, then rebounded about 1.2% on Wednesday as global stocks weakened.
- Traders now assign roughly a 69–71% probability to a December Federal Reserve rate cut, down sharply from over 90% earlier, according to CME FedWatch.
- ADP reported a 42,000 rise in private-sector payrolls, a modest increase that tempered hard-landing fears but did little to lift cut expectations.
- Pakistan’s APGJSA reported further declines in local rates to about Rs419,362 per tola, tracking international weakness and currency moves.
- China’s cut to a VAT exemption on exchange-traded gold (to 6% from 13%) and SBI Research’s call for a comprehensive Indian gold policy underscore shifting retail demand and rising financialisation, with India’s 2024 consumption at 802.8 tonnes, RBI reserves near 880 tonnes, ETFs up 165% YoY, and sizable SGB-related fiscal costs.