Overview
- Global spot gold traded lower near $4,062 per ounce after the US Labour Department reported a 119,000 rise in September nonfarm payrolls, outpacing forecasts and dampening December rate‑cut expectations.
- Delhi bullion prices fell by Rs 600 to Rs 1,26,100 per 10 grams, while local silver declined by Rs 2,000 to Rs 1,56,000 per kilogram, according to the All India Sarafa Association.
- Despite weaker global cues, MCX’s most‑traded December gold contract reversed losses as a sharp rupee slide lifted the contract by Rs 1,168 to Rs 1,23,895 per 10 grams, with analysts noting the rupee moved roughly from 88.70 to 89.60.
- Pakistan’s federal cabinet approved the restoration of the SRO governing gold trade, with the Commerce Ministry lifting the import‑export ban and jewellers reporting per tola prices up Rs 2,300 to Rs 428,862.
- Analysts flagged near‑term volatility, with Indian futures likely to trade in the Rs 1,20,000–1,24,000 per 10 grams range as currency swings and shifting rate expectations drive moves.