Overview
- Spot gold closed near $4,113 after setting an intraday record above $4,381 earlier in the week, ending a roughly nine‑ to ten‑week winning streak with a loss of about 3%.
- Prices tumbled about 6% in a single session, the biggest one‑day fall since 2013, alongside sizable outflows from gold‑backed ETFs.
- Signs of easing US–China trade tensions and plans for a Trump–Xi meeting reduced haven demand ahead of key policy decisions.
- Friday’s cooler‑than‑expected September CPI revived rate‑cut bets and helped keep bullion holding above the $4,100 area as markets await the FOMC decision.
- Banks and analysts maintain a longer‑term bullish view anchored in central‑bank buying and debt concerns, while dealers reported brisk dip‑buying in retail markets and local price rebounds such as in Pakistan.