Gold and silver prices in India crashed on Friday, October 30, following a decline in international bullion prices, after strong US inflation data raised bets for another interest rate hike by the US Federal Reserve later this year.
MCX gold price for December futures contracts traded lower by Rs 1,392, or 0.98%, at Rs 1,41,204 per 10 grams. During the sesson, gold prices declined as much Rs 1,419, or 0.99%, to an intraday low of Rs 1,41,177 level. MCX silver price slumped by Rs 5,312, or 2.80%, to Rs 1,84,141 per kg. It touched a low of Rs 1,84,050 level, falling as much as Rs 5,403, or 2.85%.
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In the international markets, spot gold price fell 0.5% to $4,000.54 per ounce, while US gold futures for December delivery dropped 0.5% to $4,010.10. Bullion price was on track for a second consecutive monthly decline.
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“MCX gold prices remain under pressure as persistent US inflation, elevated oil prices and resilient growth reinforce expectations of a December Fed rate hike,” said Pinky Yadav, Commodity Fundamental Analyst at Choice Broking.
US PCE inflation for September accelerated 0.5%, its strongest monthly increase since March, keeping December rate-hike expectations elevated near 75%. The US dollar index weakened towards 101.5, and Treasury yields declined.
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Higher interest rates increase the opportunity cost of holding non-yielding bullion, making gold less attractive to investors.
“However, downside risks are uncertain by geopolitical tensions and Trump-driven mistrust, prompting several nations to repatriate gold reserves from New York vaults to ensure sovereign control amid deepening global uncertainty,” said Yadav.
Technical Outlook
MCX gold price slipped below the Rs 143,000–143,700 zone, which analysts believe now acts as immediate resistance. The next resistance is placed at Rs 145,300–146,000.
According to Ponmudi R, CEO of Enrich Money, the next immediate support for gold price lies in the Rs 140,000–141,000 zone, followed by Rs 137,500–138,300. The RSI, near 34, indicates weak momentum, while the MACD histogram is widening on the downside, pointing to sustained selling pressure.
“The near-term bias remains cautious. A sustained move back above Rs 143,000–143,700 would be needed to stabilise prices, while a decisive break below the Rs 140,000–141,000 support zone could open the way towards Rs 137,500–138,300,” said Ponmudi R
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