Gold prices in Pakistan remain stable with little variation, according to market information.
Gold prices in Pakistan held steady on Tuesday. The price per gram was 35,936.21 Pakistani Rupees, down slightly from 35,961.88 PKR the day before. The price per tola also remained stable, decreasing just a bit from 419,452.20 PKR on Monday to 419,161.40 PKR.
Expectations of interest rate cuts by the US Federal Reserve have weakened the US Dollar, which helped Gold recover a bit from its recent low. Traders expect a 25 basis point rate cut this week and another the following December, based on the CME Group’s FedWatch Tool.
The Swiss Franc strengthens, leading to a fourth straight decline in USD/CHF around 0.7940
USD/CHF is trading around 0.7940, showing a decline as the chances of a Swiss National Bank (SNB) policy easing decrease. Minutes from the SNB’s September meeting reveal that the bank has ruled out going back to negative interest rates and continues to support its current policies.
The US Dollar is weakening as traders expect a 25-basis-point rate cut from the US Federal Reserve (Fed), reducing the rate to 3.75-4.00%. The CME FedWatch Tool indicates a 97% chance of a Fed cut in October and a 95% chance of another in December.
Fed’s Rate Cut Debates
The Fed is debating rate cuts as a US government shutdown looms, navigating between lower rates and inflation above the 2% target. Positive news on US-China trade talks might support the US Dollar, with agreements possibly in the works. The Swiss Franc reacts to market sentiment, the Swiss economy’s health, and the SNB’s actions. It tends to be a safe haven due to Switzerland’s stable economy and neutrality. The Franc’s value is also influenced by Swiss economic data and Eurozone monetary policy, given their close ties. Generally, higher Swiss interest rates strengthen the CHF, while lower rates weaken it. Currently, the dynamics in USD/CHF show a familiar pattern of differing policies, suggesting downward pressure on the pair. The SNB is committed to its current approach, especially since recent data shows Swiss inflation staying stubbornly at 2.1% for the third quarter of 2025. Remember the late 2019 period when the SNB’s refusal to ease led to significant strength for the Franc. On the flipside, the US Federal Reserve is feeling pressure to ease its policy. The last two Non-Farm Payroll reports for August and September 2025 fell short of expectations, and Q3 GDP growth has been revised down to 1.5%. The chance of holding rates steady is weakening. The CME FedWatch Tool now shows over a 70% probability of a rate cut in the first quarter of 2026, a sharp increase from just a month ago.Strategies for Derivatives
This divergence indicates a clear path for derivatives strategies that favor a lower USD/CHF exchange rate in the coming weeks. We suggest buying December-expiry put options with a strike price around 0.8700, offering a defined risk-to-reward profile. This lets traders participate in potential downsides while limiting the maximum loss to the premium paid for the option. For those preferring a safer approach or aiming to reduce upfront costs, establishing a bear put spread may be better. This involves buying a higher-strike put and selling a lower-strike put, which lowers initial cash outflow. This strategy could benefit from a moderate decline toward the 0.8650 support level. However, traders should remain cautious about potential hazards that could disrupt this view. An unexpected rise in global geopolitical tensions could lead to a rush for safety, historically benefiting the US Dollar more than any other currency, including the Franc. A sharp increase in the VIX volatility index above 25 would signal that safe-haven flows are returning to the Dollar, potentially resulting in a sudden reversal in USD/CHF. Create your live VT Markets account and start trading now.Gold prices in India have decreased today according to market data.
Gold prices in India dropped on Tuesday. A gram now costs 11,266.84 Indian Rupees (INR), down from 11,303.79 INR the day before. The price per tola fell from INR 131,845.20 to INR 131,412.10.
The US Federal Reserve’s anticipated interest rate cuts are keeping the US Dollar low, which helps gold recover from a two-week low. Traders expect a 25-basis-point rate cut during an upcoming two-day meeting, aided by US inflation data showing a 3% year-over-year rise in September.
Geopolitical Tensions and Market Optimism
Geopolitical tensions remain high. US President Trump noted a nuclear submarine near Russia after Russian President Putin announced a missile test. On the other hand, easing trade tensions between the US and China are boosting market optimism, which could affect gold’s status as a safe-haven asset. In 2022, central banks, major gold holders, increased their reserves by 1,136 tonnes, the highest annual purchase on record. Gold prices usually rise when the US Dollar is weak and interest rates are low, serving as a hedge against inflation and currency decline. Prices are influenced by geopolitical instability, economic concerns, and central bank monetary policies. Gold showed a slight pullback today, October 28, 2025, marking a different landscape for traders compared to years past. Unlike previous expectations of Federal Reserve rate cuts, the market now deals with stubborn inflation. The latest US Consumer Price Index data from September 2025 showed core inflation at 3.4%, keeping the Fed cautious and limiting gold’s potential for gain. This differs significantly from late 2023 and 2024, when rate cuts were expected, weakening the dollar and boosting precious metals. Currently, the CME FedWatch Tool shows only a 15% chance of a rate cut in the next six months, a sharp change from previous years. This environment of persistently high rates is strengthening the US Dollar, with the DXY index remaining above 106.Opportunities and Risks for Gold Traders
For derivative traders, this situation creates both complexity and opportunities. A strong dollar and high interest rates pose downside risks for gold, making put options or short futures contracts appealing for bearish strategies. Traders are buying puts with strike prices around $2,450 per ounce to hedge against a more aggressive central bank. However, there is still strong support for gold due to ongoing geopolitical tensions in the Middle East and Eastern Europe. This ongoing risk creates a safety net for prices, as any escalation could lead to a rush for safety. We saw similar safe-haven buying during the early days of the Russia-Ukraine conflict in 2022, which temporarily insulated gold from rising rates. Additionally, central bank demand remains significant, mirroring trends from the early 2020s. The latest World Gold Council report for Q3 2025 revealed that central banks from emerging markets bought another 250 tonnes, indicating a continued move away from the dollar. This steady demand can help absorb some selling pressure from financial markets. With these mixed influences, implied volatility is increasing. The CBOE Gold Volatility Index (GVZ) has risen over 18% in the past month, suggesting the options market is anticipating larger price swings soon. This scenario indicates that strategies like long straddles or strangles could be advantageous for predicting significant price movements, even if the direction is uncertain. In summary, the current setup suggests range-bound trading with a high likelihood of sharp breakouts. Traders should consider using options to manage risk, such as bull call spreads to capitalize on a potential geopolitical rally or bear put spreads to navigate the hawkish Fed narrative. This approach allows participation in potential market movements while limiting losses if prices remain stuck between these strong opposing forces. Create your live VT Markets account and start trading now.Gold prices in Malaysia have decreased today, according to recent data collection.
Gold prices in Malaysia fell on Tuesday. The cost per gram dropped to 535.97 MYR from 537.51 MYR on Monday. The price per tola also went down to 6,250.97 MYR, down from 6,269.39 MYR the day before.
FXStreet updates Gold prices in Malaysia daily, adjusting international prices to fit local rates and units. These rates serve as a reference and may vary slightly from actual market prices.
Gold as a Hedge Against Inflation
Gold is a popular investment due to its long-standing value as a safe asset and its ability to protect against inflation and currency decline. Central banks in countries like China, India, and Turkey are increasing their Gold reserves, with global purchases hitting a record high in 2022. Gold prices often rise when the US Dollar falls, particularly during geopolitical tensions or fears of recession. Since Gold is priced in dollars (XAU/USD), a strong Dollar usually pushes Gold prices down, while a weaker Dollar can lift them up. Current Gold prices are: – 535.97 MYR per gram – 5,359.11 MYR per 10 grams – 6,250.97 MYR per tola – 16,670.24 MYR per troy ounce Although there’s a slight dip in Malaysian Ringgit values, this appears to be a minor fluctuation. Gold, currently around $2,350 per ounce, is influenced more by global factors than by daily changes. This temporary softness could be a good opportunity for traders planning for the upcoming months.Impact of Central Bank Buying
US inflation data is showing signs of easing, with the latest core CPI at 2.8% for September 2025. This has led to increased market expectations, with Fed fund futures indicating a higher than 70% chance of a rate cut in the first half of 2026. Lower interest rates make holding non-yielding gold more appealing, which typically supports higher prices. Strong central bank buying, which surged in 2022 and 2023, is still ongoing. In 2023 alone, 1,037 tonnes of Gold were added, setting a new standard. Reports from the early months of 2025 show that this trend continues. This steady demand helps stabilize Gold prices and reduces the risk of significant drops. Ongoing geopolitical tensions and slowing global growth create uncertainty. Recent global manufacturing PMI data has been just under the 50-point mark for several months, raising concerns about a broader economic slowdown. In these conditions, Gold’s role as a safe-haven asset becomes more vital, attracting investors looking to safeguard against market volatility. With these factors in mind, traders should consider any price weakness in the weeks ahead as a potential opportunity. By using call options to establish long positions, they can benefit from the expected upward movement into early 2026 as rate cut expectations solidify. This strategy allows for participation in possible gains while managing the maximum risk involved. Create your live VT Markets account and start trading now.NZD/USD climbs to a three-week high near 0.5800 amid trade optimism and a weakening USD
The NZD/USD pair is continuing to recover from the range of 0.5685-0.5680 and has reached a near three-week high during Tuesday’s Asian session. Current spot prices are around 0.5780, reflecting an increase of over 0.20% for the day, thanks to a positive economic outlook.
Easing trade tensions between the US and China are lifting antipodean currencies like the Kiwi. Recent discussions about a potential trade deal are creating a positive risk sentiment, which is weighing on the US Dollar. This is compounded by expectations that the Federal Reserve will lower interest rates.
Federal Reserve Actions
According to the CME Group’s FedWatch Tool, traders are nearly fully expecting a 25-basis-point interest rate cut on Wednesday, with another cut likely in December. Recent US consumer inflation data support this view and keep the US Dollar weak. The Reserve Bank of New Zealand has a dovish outlook, aiming to keep inflation around the 2% target, which could limit gains for NZD/USD. However, the trends remain upward, with the pair targeting the 0.5800 level. Against the US Dollar, major currencies have shown different percentage changes, including a 0.36% decline for the USD relative to the NZD. A heat map illustrates these currency dynamics for the week. The NZD/USD is pushing toward the 0.5900 level, recovering solidly from its lows around 0.5750 earlier this month. This movement is driven by a weaker US Dollar and improved market risk appetite, suggesting potential for further increases in the weeks ahead.Economic Context and Projections
This scenario resembles past situations, like in the late 2010s, where signs of easing US-China trade tensions boosted the Kiwi dollar. While trade wars are not the main concern today in October 2025, renewed high-level talks between the nations are easing market fears. This positive risk environment makes commodity-linked currencies like the NZD more appealing compared to the safe-haven USD. The US Dollar is also weakening as markets expect a shift in policy from the Federal Reserve. After a long stretch of high rates, recent US inflation data from September 2025 was 2.8%, reinforcing predictions that the Fed is likely to cut rates next. The CME FedWatch Tool now indicates over a 60% chance of a rate cut by the end of the first quarter of 2026. However, we should keep in mind that the Reserve Bank of New Zealand is also leaning dovish, which might limit the rally. New Zealand’s recent Q3 2025 GDP data showed growth slowing to only 0.2%, prompting the RBNZ to consider easing its own policy to support the economy. So, while the Fed may be dovish, the RBNZ is not far behind. For derivative traders, this suggests a cautious yet optimistic strategy, as the path appears to be upward for now. Buying call options on NZD/USD may allow traders to benefit from a potential rise toward 0.6000 while managing risk. This is particularly relevant given the uncertainty surrounding when both central banks will cut rates. Create your live VT Markets account and start trading now.EUR/JPY pair drops to 177.50 after US-Japan rare earths supply agreement
The EUR/JPY cross dropped to about 177.60 during Asian trading, ending a five-day rise. The Japanese Yen strengthened after US President Donald Trump and Japan’s Prime Minister Sanae Takaichi signed an agreement to secure critical minerals and rare earth supplies.
This agreement comes after China tightened its export controls on these materials. Takaichi aims to strengthen US-Japan ties, which supports the JPY and impacts the EUR/JPY cross. Trump is set to meet China’s President Xi Jinping in South Korea to discuss trade.
Political Changes in France
In Europe, potential political changes in France are gaining attention. France’s Socialist Party may challenge Prime Minister Sebastien Lecornu’s government if next year’s budget doesn’t include tax hikes for the wealthy. Standard & Poor’s Global has downgraded France’s credit rating, raising concerns about political and financial stability. The European Central Bank is likely to keep borrowing costs at 2.0%, as inflation is under control and the Eurozone economy shows improvement. Everyone will be watching ECB President Christine Lagarde’s upcoming press conference for future insights. Additionally, the Bank of Japan will announce its interest rate decision on Thursday, a key event that markets will closely monitor. Currently, the EUR/JPY cross is retracting toward 177.50, breaking its winning streak. The Yen is gaining strength from the new US-Japan deal on rare earths, acting as a strategic response to China’s export controls from 2023. This agreement is seen as a long-term positive for Japan’s economic security, enhancing the Yen’s appeal.Bank of Japan Meeting
The Bank of Japan meeting on Thursday is an important event to keep an eye on. Looking back at the BoJ’s decision to end its negative interest rate policy in March 2024, the market is now sensitive to any signs of a hawkish stance. With one-month risk reversals on USD/JPY showing a slight favor towards JPY calls, traders are preparing for potential Yen strength. This makes short positions on EUR/JPY or buying puts on the cross a promising strategy. Conversely, the Euro is under pressure due to political instability in France. This situation is not unexpected, seeing that France’s debt-to-GDP ratio remains high, finishing 2024 around 110% according to INSEE. The recent S&P downgrade confirms that investors are losing patience with political risks that might hinder fiscal recovery. The European Central Bank is anticipated to keep its interest rate at 2.0% this week, which seems fitting. Recent Eurostat data shows Eurozone inflation has been near the 2% target for the last quarter, minimizing the need for any immediate policy changes. This suggests that the main influence on EUR/JPY movement will likely stem from Japan’s situation and overall market sentiment, rather than from the ECB. Create your live VT Markets account and start trading now.XAG/USD drops to around $46.80 during Asian trading as US-China trade talks create optimism
Silver is currently trading at around $46.80 per troy ounce. It has been quiet for three days, with a 3.78% decline due to positive news about US-China trade talks. A deal on tariffs has been reached, which could lead to an agreement between Presidents Trump and Xi in South Korea.
US Treasury Secretary confirmed the end of 100% tariffs on Chinese goods. In return, China plans to buy more soybeans and will delay export controls. Still, silver’s drop is limited because a Federal Reserve rate cut is likely, with a 97% chance of a 25 basis point reduction.
The Federal Reserve is thinking about cutting rates due to a US government shutdown and a weak job market, even though inflation is above the 2% target. Silver’s role as a store of value and medium of exchange means its price is affected by instability in geopolitics, interest rates, and the value of the US Dollar.
Industrial demand, especially for electronics and solar energy, also impacts silver prices. Demand from the US, China, and India can cause price fluctuations. Silver often tracks gold prices, influenced by the Gold/Silver ratio, which indicates whether one metal is undervalued or overvalued compared to the other.
In the next few weeks, silver prices may be squeezed by opposing factors, creating a nervous trading atmosphere. Recent positive discussions from the G7 summit about global trade standards have increased market optimism, which reduces the interest in safe assets. This reminds us of late 2019 when hopes for a US-China trade deal led to a nearly 4% drop in silver in a single day.
The main difference now is the Federal Reserve’s approach. In October 2019, the market expected a rate cut, which helped support silver prices. Now, in late 2025, the Fed has kept its benchmark rate at 3.75%. However, with the latest Core PCE inflation data for September at a lower-than-expected 2.6%, futures markets suggest a 60% chance of a rate cut in early 2026.
This expectation of lower rates should protect silver from significant declines. As a non-yielding asset, silver looks more appealing when interest rates drop, a key factor that remains constant over time. This situation can lead to significant price volatility, creating chances for options traders.
Industrial demand also provides more stability for prices compared to 2019. Global demand for silver in solar panels is set to grow by over 15% this year, according to recent industry reports from August 2025. This ongoing demand from the green energy shift means that short-term price drops might be seen as buying opportunities.
Given these mixed signals, traders should brace for sharp price movements. Buying call options could benefit from a surprise dovish Fed decision, while selling cash-secured puts could allow traders to earn premiums if the price stays stable or to buy silver at a lower cost if it drops. The current high Gold/Silver ratio, around 85, also historically indicates that silver is undervalued compared to gold, which may favor bullish strategies.
The S&P 500 ETF (SPY) shows a bullish five-wave impulse pattern starting from the low in April 2025.
The recent analysis of the S&P 500 ETF (SPY) shows a positive trend beginning from its low in April 2025. This trend is part of a five-wave pattern. Wave (4) ended at 646.17, and wave (5) is currently forming a nested five-wave structure. Wave ((i)) peaked at 665.13, then dropped to 653.17 in wave ((ii)). Wave ((iii)) climbed to 665.83, wave ((iv)) fell to 660.28, and wave ((v)) hit a high of 670.23, completing wave 1.
Ongoing Bullish Movement
Next, the ETF corrected in wave 2, creating a zigzag pattern that bottomed at 651.41. From the peak of wave 1, wave ((a)) dropped to 658.93, then wave ((b)) rose to 668.71. Finally, wave ((c)) decreased to 651.41, completing wave 2. The ETF is now moving upward in wave 3. From the low of wave 2, wave ((i)) rose to 672.99, and wave ((ii)) fell to 663.30. A brief pullback is expected, looking for support at 646.17 during 3, 7, or 11 swings. This setup indicates a continuing bullish trend, supported by established levels. Given the current positive market trend, the S&P 500 ETF is advancing vigorously in wave 3. Traders should view any near-term pullbacks as chances to start or increase long positions. Key support lies at the recent low of 663.30, with a stronger support level at 651.41. This optimism is strengthened by positive economic news from early October 2025. The latest CPI report shows core inflation has dropped to a manageable 2.8% year-over-year, reducing worries about further tightening from the Federal Reserve. Additionally, Q3 GDP growth of 2.5% creates a favorable environment for stocks.Strategies For Derivative Traders
For those trading derivatives, this situation supports strategies like buying call options or selling out-of-the-money put spreads. The VIX recently dipped to 13.2, making long call options cheaper than they have been for months. A low CBOE equity put/call ratio of 0.58 indicates strong bullish sentiment, with traders favoring upside positions. We consider the 651.41 level as crucial for the next upward move. This pattern is similar to the market behavior we observed in the second half of 2023, where a mid-year consolidation led to a strong rally into year-end. As long as the broader support at 646.17 holds, the trend continues to look favorable for further gains. Create your live VT Markets account and start trading now.Expectations for a rate cut lead to a rise in the Nasdaq, reaching historic levels of 26,000
The Nasdaq 100 is hitting record highs, nearing 26,000, as investors expect the Federal Reserve to cut rates. The CME FedWatch Tool shows a 96.7% chance of a 25 basis points rate cut at the next FOMC meeting, which would lower the rate from 4.25% to 4.00%.
Despite the U.S. government shutdown, the Nasdaq’s rise signals a strong risk-on sentiment. Market participants are looking past fiscal challenges, focusing instead on monetary policy, tech strength, and overall liquidity.
Impact of Potential Rate Cut
The anticipated Fed rate cut is boosting the Nasdaq by lowering borrowing costs and encouraging investments in tech stocks. As expectations for liquidity grow, valuations increase, causing noticeable movements in the market. The government shutdown has unexpectedly slowed down Treasury issuance, which means fewer bonds are available and less pressure on yields. With economic data release delays, this environment supports riskier assets like stocks, especially in tech and AI. As the market has already factored in potential rate cuts, Fed Chair Powell’s comments will be crucial. A supportive message could keep the rally going, while a cautious one might lead to profit-taking. Upcoming GDP data could also impact market feelings. With the Nasdaq 100 nearing 26,000 after nine consecutive positive days, caution is warranted when considering new long positions. The market has largely priced in the expected rate cut on October 30, creating a risk of “buy the rumor, sell the news.” A smarter move would be to manage existing profitable positions and hold off on new risks before the Fed’s announcement.Market Reactions and Strategies
The main event will be Powell’s messaging rather than the cut itself, which is likely to cause significant volatility. Implied volatility in Nasdaq options has increased, making direct long calls or puts expensive. A more effective strategy could be to use spreads to manage risk, or for seasoned traders, to sell premium to take advantage of the anticipated drop in volatility after the announcement. If Powell’s comments are dovish, suggesting more cuts may come, any dip during the day could present a buying opportunity. This scenario would support the bull case, likely driving the index toward the 26,250 target. A similar situation occurred in summer 2019, where the Fed’s first “pre-emptive” rate cut sparked a strong multi-month tech rally. On the other hand, if Powell describes the cut as a one-time “technical adjustment,” the market may interpret this as hawkish, prompting quick profit-taking. In that case, using short-term put options or shorting futures targeting the 25,700 support level would be sensible. This would be a tactical choice, as the general trend of monetary easing is only beginning. It’s important to note that this rally has primarily benefited a few major tech companies, reminiscent of market patterns seen during the 2023-2024 AI boom. The Nasdaq 100 is up over 35% year-to-date in 2025, with the top ten companies making up more than half of that gain. This concentration makes the index susceptible to rapid pullbacks if sentiment swings. Even if there’s a short-term decline due to a hawkish tone, we need to remember that the Fed has started an easing cycle. History shows that after the first rate cut, growth assets often benefit over the next six to twelve months. Any significant drops in the coming weeks should be viewed as a strong buying opportunity for the long-term outlook toward 2026. Create your live VT Markets account and start trading now.USD/CAD trades around 1.3990 as it continues to decline amid expectations of a Fed rate cut
USD/CAD is facing pressure as traders expect a 25-basis-point rate cut from the US Federal Reserve on Wednesday. As a result, the USD/CAD pair is trading around 1.3990, marking its second day of losses. The Fed is likely to reduce the benchmark rate to 3.75-4.00%, with nearly a 97% chance of a cut in October and a 95% chance in December.
