Overview
- Spot gold slipped about 1.8–2% to roughly $4,117.61 per ounce on Tuesday as the U.S. dollar held near a 13-month high.
- Futures pricing now implies about a 90% chance of a Federal Reserve rate increase in December, which raises the opportunity cost of holding non‑yielding bullion.
- Silver, platinum and copper also dropped with silver suffering the steepest losses and silver ETFs falling about 4–5% in domestic trading.
- Indian MCX futures and Pakistan local quotes tracked the global slide with MCX silver down over 3% and Pakistani per‑tola and 10‑gram gold prints reflecting the weakness.
- Diplomatic progress on U.S.‑Iran talks and a short 60‑day U.S. waiver on some Iranian oil sales gave brief support but traders say upcoming PCE inflation and U.S. jobs releases will be the next decisive drivers.