Overview

• Spot bullion hit an all-time high of about $4,059 on Wednesday before easing to roughly $4,020–$4,026 on Thursday as traders locked in gains.
• India posted fresh highs near Rs 1,23,430 per 10 grams, while MCX December gold and silver futures dipped early Thursday after setting records in the prior session.
• Pakistan’s benchmark rates climbed to new peaks at Rs 425,178 per tola and Rs 364,521 per 10 grams, according to the All Pakistan Sarafa Gems and Jewellers Association.
• Analysts cite safe-haven demand tied to policy uncertainty, expectations for U.S. rate cuts, robust central-bank purchases and heavy ETF inflows as key drivers of the run-up.
• Retail interest has surged from queues at Australian bullion dealers to brisk selling and buying at U.S. jewelers, while some market voices warn prices look overbought with scope for a near-term pullback.