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The Multi Commodity Exchange of India (MCX) saw gold slide 1.27 per cent to Rs 1,19,125 per 10 grams, down from its previous close of Rs 1,20,666, during the opening bell on Thursday, October 30. Silver also registered a decline, dipping 0.4 per cent to Rs 1,45,498 per kg from Rs 1,46,081. At around 1:52 pm, MCX gold was trading at Rs 1,20,264, down Rs 402. Despite the domestic drop, international gold held steady thanks to a modest pull-back in the dollar, which makes the yellow metal cheaper for holders of other currencies. As per a Mint report, spot gold rose 0.2 per cent to approximately $3,937.88 per ounce, while December futures in the US fell about 1.2 per cent to $3,950.70. The dollar index eased 0.2 per cent after hitting a two-week peak in the previous session, easing some of the currency pressure on gold demand. Gold Beyond Investment Considered both a symbol of prosperity and a reliable long-term investment, gold often holds a key place in traditional wealth and savings. However, experts point out that its price movement is shaped by a combination of geopolitical developments, domestic economic conditions, and global market volatility. As a result, gold prices tend to react sharply to shifts in global sentiment. Fed Uncertainty In a move that grabbed attention, the Federal Reserve cut its benchmark rate by 25 basis points, bringing the target range to 3.75 per cent–4.00 per cent. Fed Chair Jerome Powell acknowledged the difficulty in building consensus on the future of monetary policy, noting that markets should not assume another rate cut later this year. Expert Views “Gold prices held onto most of its recent losses and remained close to a three-week low as traders scaled back bets on further US rate cuts. Markets now assign less than a 70 per cent chance of another rate cut this year, down from near-full expectations before the FOMC decision. Meanwhile, investors are watching US-China trade talks, where Trump and Xi are expected to finalise a trade deal, signalling a pause in the prolonged trade dispute and reducing demand for safe-haven assets,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities, as per a Mint report. Turning to domestic support-and-resistance for bullion: According to Trivedi, MCX gold for the December expiry may continue its weak momentum, with support around Rs 1,19,500 per 10 grams, the report added. (Disclaimer: This article is meant solely for informational and educational purposes. The views and opinions expressed are those of individual analysts or brokerage firms and do not reflect the stance of Times Now. Readers are advised to consult certified financial experts before making any investment decisions.)
