Domestic prices on the Multi Commodity Exchange weakened alongside international benchmarks, sending spot bullion to multi-month lows ahead of major festive celebrations. The downturn stems from persistent inflation and robust GDP indicators in the United States that elevate the likelihood of tighter central bank policy. Meanwhile, silver experienced steeper declines due to compounding industrial demand worries. Some strategists anticipate bullion could ultimately rebound to $5,000 per ounce once inflation stabilizes and interest rates are lowered.
Key points
Stronger U.S. inflation data and firm economic growth reduced investor demand for non-yie…: Stronger U.S. inflation data and firm economic growth reduced investor demand for non-yielding bullion assets.
Analysts view the current pre-festive price correction as an attractive entry point for p…: Analysts view the current pre-festive price correction as an attractive entry point for patient investors.
Projected Federal Reserve interest rate cuts next year could push bullion prices toward t…: Projected Federal Reserve interest rate cuts next year could push bullion prices toward the $5,000 threshold.
Sources checked by our analysis pipeline: 1
India gold price, October 30: Gold price today saw steep correction as stronger-than-expected US inflation data and rising expectations of a December Fed rate hike reduced demand for non-yielding assets. The Multi Commodity Exchange (MCX) gold rate today fell below ₹1.43 lakh per 10 gram mark on Friday ahead of Diwali celebrations next week.
Meanwhile, international gold prices fell to their lowest since mid-July as the precious metal headed for second straight monthly decline. Spot gold fell 1% to $3,980.40 per ounce by 1107 GMT, after hitting its lowest since July 17 earlier.
Why is the gold price falling?
MCX Gold futures (with December, 2026 expiry) were down 0.99% at ₹1,41,181 per 10 grams on Friday. The selling pressure in the precious metals market came after the yellow metal surged to an all-time high level in January this year.
The decline in gold prices came as stronger-than expected US inflation data and rising expectations of a December Fed rate hike reduced demand for the yellow metal.
“Gold has slipped below the crucial $4,000 mark as stronger-than-expected US inflation data and…
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