International spot gold slipped slightly to $3,948.75 per ounce, while December U.S. futures edged up to $3,943.20 amid an uncertain macroeconomic backdrop. Analysts expect ongoing volatility driven by currency shifts, geopolitical updates from the U.S.-Israeli conflict with Iran, and oil price movements. Bank of America projects gold will trade below $4,000 per ounce over the next three months, heavily influenced by a 16.6% year-on-year drop in purchases by key buyers.
Key points
Bank of America expects bullion to average $4,000 per ounce in the fourth quarter and rem…: Bank of America expects bullion to average $4,000 per ounce in the fourth quarter and remain below that mark for three months.
Central banks may transition from net buyers to net sellers, with significant gold sales…: Central banks may transition from net buyers to net sellers, with significant gold sales already recorded through August by Turkey and Russia.
Analyst Manoj Kumar Jain identifies short-term international support between $3,914 and $…: Analyst Manoj Kumar Jain identifies short-term international support between $3,914 and $3,880, while advising systematic accumulation for long-term investors.
Sources checked by our analysis pipeline: 1
On the MCX, gold prices ended flat, while silver gained momentum to close higher. As for international prices, spot gold dipped 0.3% to $3,948.75 per ounce, while US gold futures for December delivery gained 0.1% to $3,943.20. Spot silver fell 0.2% to $49.67 per ounce.
The decline in oil prices eased concerns over inflation and strengthened expectations that the Federal Reserve may not need to maintain high interest rates for an extended period. This supported demand for gold, which does not offer any yield.
Investors were also preparing for a potentially strong performance by Democrats in Tuesday's US midterm elections, a development that could lead to greater volatility across asset prices. Traders are currently pricing in a 78% probability of a Fed rate hike in December, according to CME's FedWatch tool.
US job openings rose sharply in September, while layoffs declined to their lowest level in 1-1/2 years, indicating that the labour market remained relatively strong despite modest employment growth during the month.
The labour market's resilience, despite uncertainty surrounding the US-Israeli war with Iran, which has entered its ninth…
Strong quarterly earnings driven by surging fuel margins and petrochemical performance have triggered an aggressive wave of leveraged retail and institutional buying. This unprecedented volume surge, marked by the conglomerate's sharpest single-day rally in six years, reshuffled top-tier market positioning. Analysts remain divided between locking in gains near technical resistance and accumulating for substantial long-term upside.
Energy traders are weighing diplomatic developments in the Middle East against the political uncertainty of vote counting that will determine congressional control under President Donald Trump. While limited U.S. strikes on Iranian targets have paused, major Wall Street analysts warn that long-term disruption in Gulf production could trigger severe supply shocks. Consequently, markets are balancing immediate political distractions with long-range inflationary risks.
Energy traders are pausing as the balance of power in Washington hangs on votes that will determine legislative control during Donald Trump's second term. Beyond the political uncertainty, markets are navigating delicate Middle East mediation efforts and surprise inventory shifts. These intertwined political and diplomatic factors have kept major benchmarks subdued despite tighter-than-expected domestic supplies.