Overview

• The Federal Reserve lowered its benchmark rate by 25 basis points to 4.00–4.25%, with projections pointing to two more cuts in 2025 and one in 2026 as Chair Jerome Powell framed the move as risk management.
• After an initial pullback from this week’s all-time highs near $3,700 an ounce, bullion held in the mid-to-high $3,600s as traders reassessed the path of easing.
• In India, benchmarks diverged as MCX October futures rebounded to ₹1,09,624 per 10 grams and the All India Sarafa Association pegged Delhi prices at ₹1,14,000 per 10 grams.
• Pakistan’s APGJSA reported fresh volatility, with per-tola gold up ₹1,700 on Saturday to ₹390,300 after a decline the previous day.
• Silver climbed alongside gold, with MCX December futures up ₹1,668 to ₹1,28,800 per kg and global prices firmer near $42 per ounce, while Vedanta’s Anil Agarwal urged policies to revive domestic gold production in India.