On October 31, 2025, gold prices in India opened on a weaker note, mirroring global trends as the US dollar strengthened amid uncertainty over future Federal Reserve rate cuts.
Gold futures on the Multi-Commodity Exchange (MCX) opened 0.29% lower at Rs. 1,21,148 per 10 grams, down from the previous close of Rs. 1,21,508. At the press time, MCX gold was trading at Rs. 1,21,300 per 10 grams, a decline of Rs. 208 (0.17%).
Similarly, MCX silver prices slipped 0.34% to Rs. 1,48,338 per kg, following an opening dip of 0.47% to Rs. 1,48,140.
In Mumbai, gold prices edged slightly higher. The price of 24-carat gold rose to Rs. 12,268 per gram from Rs. 12,148 a day earlier, while 10 grams traded at Rs. 1,22,680 compared to Rs. 1,21,480 the previous day.
Similarly, 22-carat gold rose to Rs. 11,245 per gram from Rs. 11,135, with the 10-gram price gaining to Rs. 1,12,450 from Rs. 1,11,350.
Gold prices in Chennai remained unchanged, with 24-carat gold trading at Rs. 12,328 per gram and Rs. 1,23,280 for 10 grams.
22-carat gold trades at Rs. 11,300 per gram, and for 10 grams the price is Rs. 1,13,000.
In Delhi, Bangalore, and Kolkata, the prices mirrored those of Mumbai.
In international markets, spot gold fell 0.5% to $4,004 per ounce, while US gold futures for December delivery held steady around $4,016.70. Despite today’s decline, bullion has gained nearly 3.9% this month, maintaining upward momentum for the third straight month.
The US dollar index hovered near a three-month high, making gold more expensive for holders of other currencies. The Federal Reserve on Wednesday announced its second 25-basis-point rate cut, lowering the targeted range to 3.75% - 4%.
However, cautious comments by Fed Chair Jerome Powell pointed to a slower pace of future easing, putting a modest upward push on Treasury yields and the greenback.
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Jigar Trivedi, Senior Research Analyst at Reliance Securities, expects MCX gold (December contract) to remain range-bound between Rs. 1,20,700 and Rs. 1,21,700 per 10 grams in the near term.
While a stronger dollar may cap upside in the short run, analysts believe bargain buying and monetary policy support could help gold maintain its bullish tone going into November.