Overview
- Global demand reached an all‑time quarterly high of about 1,313 tonnes in Q3 2025, with the WGC citing “huge” ETF inflows and strong bar‑and‑coin purchases alongside increased central‑bank buying.
- Prices have fallen roughly 8–9% from the Oct. 20 record near $4,381 per ounce, with spot and futures trading lower this week as the rally cooled.
- The U.S. Federal Reserve cut rates by 25 basis points to 3.75%–4.00%, and Chair Jerome Powell cautioned that another 2025 cut is not assured, prompting a swift drop in Indian MCX gold futures below Rs 1,20,000 per 10 grams.
- Regional markets showed divergence, with India’s Q3 volume demand down 16% as jewellery slumped but investment rose to 91.6 tonnes, while Pakistan’s local prices jumped by Rs3,500 per tola then fell Rs1,000 as international prices dipped $10.
- Market commentary pointed to near‑term headwinds from the Fed’s guarded tone and progress in U.S.–China talks, though several analysts and the WGC said structural support remains in place.