Overview
- Spot gold hovered around $5,000 per ounce on Wednesday, with April futures near $5,008 after a recent pullback to $4,967 earlier in the week.
- In India, 24-carat quotes clustered near Rs 1.58 lakh per 10 grams, while MCX April contracts swung between roughly Rs 1.55 lakh and Rs 1.57 lakh; silver traded in a broad Rs 2.58–2.75 lakh per kg band.
- Pakistan’s bullion market reported Rs 523,762 per tola on Tuesday and held that level Wednesday, tracking an international print near $5,010 per ounce.
- A stronger US dollar and uncertainty over the timing of rate cuts weighed on prices, even as West Asia tensions and oil above $100 supported safe-haven demand.
- Traders widely expect the Fed to keep rates unchanged today and are watching Chair Powell’s remarks and the updated projections for cues on the path of policy and gold.