Overview
- Global demand reached 1,313 tonnes in Q3 2025, worth about $146 billion, marking the highest quarterly total on record, according to the World Gold Council.
- Spot prices have retreated roughly 8–9% from the Oct. 20 record near $4,381 per ounce, with recent trades in the high $3,900s and futures hovering around $4,020.
- The Federal Reserve cut rates by 25 basis points, and Chair Jerome Powell cautioned that another cut this year is not guaranteed, stoking volatility through a firmer dollar and profit-taking.
- India’s investment purchases rose 20% to 91.6 tonnes in Q3, valued around $10.2 billion, while jewellery demand fell and MCX December futures slipped below Rs 120,000 per 10 grams.
- Pakistan’s bullion prices swung sharply this week, jumping by Rs3,500 per tola before falling by Rs1,000 as domestic rates tracked shifts in international benchmarks.