Gold price today: Rates of gold fell on the MCX Friday (October 24) morning ahead of a key US inflation report due later in the day. MCX Gold December futures traded 0.44% lower at ₹123,552 per 10 grams around 9:06 IST. MCX Silver December contracts were 0.98% down at ₹147,052 per kg at that time.
“Gold prices fell on Friday, on track to end its nine-week winning streak, pressured by heavy selling after repeatedly hitting record highs in recent sessions. The yellow metal dropped more than 5% early in the week, marking its largest intraday loss in five years. The decline coincided with significant withdrawals from gold-backed ETFs, which saw their largest single-day drop in holdings by tonnage in five months,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.
However, gold prices remain up more than 50% year-to-date, supported by ongoing trade tensions, with focus on trade talks next week between President Trump and Xi.
“Geopolitical risks also persisted after the US imposed new sanctions on Russia in an attempt to pressure Moscow for a Ukraine ceasefire. Meanwhile, expectations that the Federal Reserve could deliver two more rate cuts by year-end continued to support bullion. Investors are now focusing on the key CPI report later today, which could influence the monetary policy outlook,” said Trivedi.
Trivedi expects MCX gold price for December expiry to drop to ₹1,23,000 per 10 grams as the undertone in the global markets is weak.
In a similar vein, gold prices in the global market declined on Friday and were set for their first weekly decrease in ten weeks, impacted by a stronger dollar and market participants adjusting their positions ahead of a significant US inflation report expected later in the day.
Spot gold dropped 0.2% to $4,118.68 per ounce, as of 0315 GMT. Thus far this week, bullion has decreased by 3%, positioning it for its largest weekly percentage decline since mid-May, according to reports.
The dollar index increased for the third consecutive session against its counterparts, making gold pricier for holders of other currencies.
Experts indicate that attention is currently directed towards the U.S. Consumer Price Index (CPI) report, which is anticipated to reveal that core inflation remained at 3.1% in September. This report witnessed a delay due to the shutdown of the government.
Investors have nearly completely accounted for a 25-basis-point rate reduction at the upcoming Federal Reserve meeting next week. Low interest rates generally lead to an increase in gold prices as they lessen the opportunity cost of holding non-yielding bullion.
In other news, spot silver decreased by 0.6% to $48.62 per ounce and is set for its most significant decline since March, down 6% this week, according to reports.
Gold price Outlook – Here’s what expert says
Rahul Kalantri, VP Commodities of Mehta Equities, said that Gold has support at $4055-4005 while resistance at $4135-4160. Silver has support at $48.40-47.90 while resistance is at $49.25-49.60. In INR gold has support at ₹1,23,670-1,22,980 while resistance at ₹1,24,950-1,25,800. Silver has support at ₹1,46,850-1,45,150 while resistance at ₹1,49,850, 1,50,780.
Kalantri explained that gold prices showed early signs of recovery after witnessing their steepest single-day decline in more than six years. The rebound was supported by persistent U.S.–China trade tensions and renewed geopolitical risks following fresh sanctions on Russia.
Investors are also positioning ahead of potential Federal Reserve rate cuts, with markets now pricing in two reductions by year-end. Attention is now turning to the upcoming U.S. CPI data, which could shape future monetary policy and influence bullion demand.
Darshan Desai, CEO – Aspect Bullion & Refinery added that looking ahead, markets will focus on the release of US CPI data later today, updates on the US government shutdown, and next week’s meeting between US President Donald Trump and Chinese President Xi Jinping.
A successful trade agreement between the two nations could put additional downward pressure on gold prices, while any escalation in US-Russia tensions or sanctions could help support prices at lower levels.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.
