Overview

• Global benchmarks printed new highs, with spot near $4,186 and Comex December futures touching about $4,211 per ounce.
• In India, MCX December futures hit a record Rs 1,27,500 per 10 grams and retail prices breached Rs 1.3 lakh, with jewellers reporting brisk festive demand and warnings of possible coin shortages.
• Pakistan’s per‑tola rate climbed to Rs 440,900 on Wednesday after setting Rs 435,100 a day earlier, according to Sarafa association data.
• Dubai recorded a third straight daily peak, with 24K quoted at Dh503.5 per gram at the market open, per Dubai Jewellery Group.
• The rally reflects expectations of US rate cuts, renewed US–China trade tensions, strong ETF and central‑bank buying, and Indian festival purchases, while analysts caution that volatility could spur a 5–8% correction.