Overview
- Gold is roughly 8–9% below its Oct. 20 record after a volatile week, with spot quotes oscillating near $3,940–$3,970 and struggling to hold $4,000, according to multiple market reports.
- The Federal Reserve cut rates by 25 bps to a 3.75%–4.00% range, and Chair Jerome Powell said another move in December is not assured, a message that firmed the dollar and pressured precious metals.
- Fresh World Gold Council data show total demand hit a quarterly record of 1,313 tonnes in Q3 2025, driven by hefty ETF inflows and a 28% rise in central‑bank purchases.
- Indian markets swung sharply as MCX December futures fell below Rs 1,20,000 per 10g, while city spot prices hovered near Rs 1.20–1.21 lakh and recent Chennai quotes jumped day to day.
- Pakistan’s APGJSA reported a Rs 3,500 per tola surge to Rs 419,862 on Oct. 29 before a Rs 1,000 pullback on Oct. 30, reflecting rapid local adjustments to international moves and shifting dollar dynamics.