Gold Eases as Dollar Strengthens After Fed Cut

Gold prices eased as the dollar strengthened after the Federal Reserve cut rates 25 basis points to a 3.75%–4.00% range, with Chair Jerome Powell’s caution lowering market odds of another cut in December. Despite the pullback, bullion remained on track for a third straight monthly gain, up roughly 3.9–4% month‑to‑date. Broader drivers include thawing U.S.–China trade tensions and reported tariff concessions, while concerns about a possible U.S. government shutdown and other geopolitical risks continue to underpin safe‑haven demand. Market flows showed rising holdings in the SPDR Gold Trust and mixed moves across other metals, even as domestic markets such as India recorded price pullbacks and softer futures. Indian investors increasingly shifted toward “paper gold” (ETFs and mutual funds), with record inflows in September as retail demand favored more liquid, portfolio‑friendly alternatives.