Overview
- Gold hovers around $4,080–$4,100 after a more than 2% drop on Friday, with the dollar slightly firmer.
- Market pricing puts the chance of a December Fed cut near 46%, down from about 50% last week after hawkish remarks from officials.
- Traders await a backlog of US releases, including Thursday’s nonfarm payrolls and the Fed’s meeting minutes, with Jerome Powell set to speak Wednesday.
- Despite the pullback, bullion is up about 55% this year, supported by sustained central‑bank buying and roughly 14 million ounces of ETF inflows, though SPDR holdings dipped on Friday.
- Indian benchmarks reflect the volatility, with MCX gold trading around Rs 1.22–1.25 lakh per 10 grams and silver giving back part of last week’s outsized rally linked to its US critical minerals designation.