On Monday, COMEX gold futures nudged up by $1.60 to $4,009.50 per ounce, a 0.04% lift that follows a 4.14% fall in the prior week that saw the metal close at $4,007.90.
Silver mirrored the trend, climbing $0.201 to $54.15 per ounce, its first weekly gain after a nearly 6% slide that left it at $53.95 last Friday.
In India, December gold futures on the Multi Commodity Exchange slipped ₹5,768 to roughly ₹1.42 lakh per 10 grams, while silver futures dropped ₹15,087, or 7.14%, to ₹1.96 lakh per kilogram.
The rally is short‑lived, traders eyeing the Fed’s October 27‑28 policy statement; higher US Treasury yields and a stronger dollar have already compressed bullion prices by raising the opportunity cost of holding non‑yielding assets.
Brent crude settled above $117 per barrel last week, pushing inflation expectations higher and tightening the case for sustained monetary tightening, a scenario that could dampen safe‑haven demand for gold and silver.
Looking ahead, the market will digest the Fed’s stance, upcoming U.S. core PCE data, and third‑quarter GDP growth, with analysts warning that a hawkish tone could push yields higher and press further on bullion, while a dovish shift might lift prices again.