Gold price today: Gold prices fell on the MCX Friday (October 24) morning ahead of a key US inflation report due later in the day. MCX Gold December futures were trading 0.44% lower at ₹123,552 per 10 grams around 9:06 AM IST. MCX Silver December contracts were then 0.98% lower at ₹147,052 per kg. “Gold prices fell on Friday, on course to end its nine-week winning streak, pressured by heavy selling after repeatedly hitting record highs in recent sessions. The yellow metal fell more than 5% early in the week, marking its biggest intraday loss in five years. The drop coincided with significant withdrawals from gold-backed ETFs, which in five months’ biggest single-month, three tonnage has dropped,” says Jii-tonngar. Research Analyst at Reliance Securities. However, gold prices remain up more than 50% year-to-date, supported by ongoing trade tensions, with the 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 ceasefire in Ukraine. Meanwhile, expectations that the Federal Reserve could deliver two more interest rate cuts by the end of the year continued to support gold. Investors are now focusing on the key CPI report later today, which could affect the monetary policy outlook,” says Trivedi. Trivedi expects MCX gold price for December maturity to fall to ₹1,23,000 per 10 grams as the undertone in global markets is weak. Similarly, gold prices in the global market fell on Friday and were set for their first weekly drop in ten weeks, influenced by a stronger dollar and market participants adjusting their positions ahead of a significant US inflation report expected later in the day. Spot gold was down 0.2% at $4,118.68 an ounce, as of 0315 GMT. So far this week, gold is down 3%, reportedly positioning it for its biggest weekly percentage drop since mid-May. The dollar index rose against its peers for the third straight session, making gold more expensive for holders of other currencies. Experts indicate that attention is currently focused on the US Consumer Price Index (CPI) report, which is expected to reveal that core inflation remained at 3.1% in September. This report witnessed a delay due to the government shutdown. Investors are almost entirely responsible for a 25 basis point rate cut at the upcoming Federal Reserve meeting next week. Low interest rates generally lead to a rise in gold prices, as they reduce the opportunity cost of holding non-yielding gold. In other news, spot silver fell 0.6% to $48.62 an ounce and is set for its most significant drop since March, down 6% this week, according to reports. (more to come)
Gold Price Today: MCX Gold Rate Falls Ahead of US Inflation Data; silver prices lower by 1%
