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Gold prices opened lower in the Indian market on Thursday, October 30, due to cautious global sentiment after the US Federal Reserve’s rate cut and Chair Jerome Powell’s guarded outlook on future policy.
On the Multi Commodity Exchange (MCX), gold December futures opened 1.27% lower at Rs. 1,19,125 per 10 grams, compared to the previous close of Rs. 1,20,666. Prices further slipped to an intraday low of Rs. 1,18,839, down Rs. 1,827 or 1.51%.
Similarly, MCX silver December contracts started 0.4% lower at Rs. 1,45,498 per kilogram, against the previous session’s close of Rs. 1,46,081.
In Mumbai, gold prices edged lower. The price of 24-carat gold fell to Rs. 12,049 per gram from Rs. 12,240 a day earlier, while 10 grams traded at Rs. 1,20,490 compared to Rs. 1,22,400 yesterday.
Similarly, 22-carat gold slipped to Rs. 11,045 per gram from Rs. 11,220, with the 10-gram price easing to Rs. 1,10,450 from Rs. 1,12,200.
In Chennai, gold prices also decreased sharply. The price of 24-carat gold declined to Rs. 12,109 per gram from Rs. 12,355 the previous day, while 10 grams fell to Rs. 1,21,090 from Rs. 1,23,550.
22-carat gold also decreased to Rs. 11,100 per gram from Rs. 11,325, and for 10 grams the price declined to Rs. 1,11,000 to Rs. 1,13,250.
In the international market, spot gold was trading 0.2% higher at $3,937.88 per ounce, while US gold futures for December delivery slipped 1.2% to $3,950.70 per ounce.
The dollar index retreated 0.2% after touching a two-week high, providing marginal support to bullion prices.
The US Federal Reserve on Wednesday announced a 25 basis point rate cut, reducing the benchmark policy rate to 3.75-4% its second rate cut this year. However, Powell’s cautious tone suggested that additional rate reductions are not guaranteed, tempering investor optimism and limiting safe-haven demand.
Also Read: How to Put Your Idle Gold to Productive Use in 2025
Support for gold is seen near Rs. 1,19,500 per 10 grams, while resistance lies around Rs. 1,21,000. A break below Rs. 1,19,000 could trigger further intraday weakness.
Platinum rose 0.6% to $1,594.90, and palladium advanced 0.8% to $1,411.51, reflecting a broadly mixed sentiment across the precious metals complex.
