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.
(more to come)