Mumbai, Oct 24 – Gold prices slid on the Multi‑Commodity Exchange (MCX) early Friday as traders waited for U.S. inflation data later in the day.
The MCX Gold December contract fell 0.44 % to ₹1,23,552 per 10 grams, while the Silver December futures dropped 0.98 % to ₹1,47,052 per kilogram.
Analysts warned that the metal’s nine‑week rally could end soon. “Investors are taking profits because gold is already priced high,” said one market expert. “A strong U.S. dollar, optimism about a U.S.–China trade deal and the prospect of a U.S. interest‑rate cut also weigh on prices.”
The spotlight is now on tomorrow’s U.S. Consumer Price Index (CPI) headline and core inflation numbers, which are expected to hold at 3.1 % for September. The data release defers because of a temporary U.S. government shutdown. Investors also await next week’s meeting between President Donald Trump and Chinese President Xi Jinping, a key event for trade talks.
Gold fell more than 5 % in a single session this week, the steepest intraday drop in five years. Despite this dip, the metal remains up more than 50 % for the year, buoyed by ongoing global trade tensions.
Internationally, spot gold eased 0.2 % to $4,118.68 an ounce at 03:15 GMT, marking its first weekly decline in ten weeks. Bullion is down about 3 % this week, the biggest weekly loss since mid‑May. A stronger U.S. dollar increased the cost of gold for holders of other currencies, and the dollar index has risen for three straight sessions.
Lower U.S. interest rates typically lift gold, as they reduce the opportunity cost of holding the non‑yield‑generating asset. Market watchers expect a 25‑basis‑point Fed cut next week.
The coming U.S. CPI data and the potential China‑U.S. trade agreement will shape gold’s short‑term direction.
Source: ianslive
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