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India gold price, October 30: Gold price today saw steep correction as stronger-than-expected US inflation data and rising expectations of a December Fed rate hike reduced demand for non-yielding assets. The Multi Commodity Exchange (MCX) gold rate today fell below ₹1.43 lakh per 10 gram mark on Friday ahead of Diwali celebrations next week. Meanwhile, international gold prices fell to their lowest since mid-July as the precious metal headed for second straight monthly decline. Spot gold fell 1% to $3,980.40 per ounce by 1107 GMT, after hitting its lowest since July 17 earlier. MCX Gold futures (with December, 2026 expiry) were down 0.99% at ₹1,41,181 per 10 grams on Friday. The selling pressure in the precious metals market came after the yellow metal surged to an all-time high level in January this year. The decline in gold prices came as stronger-than expected US inflation data and rising expectations of a December Fed rate hike reduced demand for the yellow metal. “Gold has slipped below the crucial $4,000 mark as stronger-than-expected US inflation data and rising expectations of a December Fed rate hike are reducing demand for non-yielding assets. Silver is facing heavier selling pressure, with its decline reflecting broader weakness across precious metals and concerns over industrial demand,” explained Gaurav Garg, Head Research Lemonn. A combination of two factors is dragging gold prices, ie the US GDP data, which came in stronger than expected and increase in oil prices which is putting pressure on the Fed to hike further interest rates, highlighted Giovanni Staunovo, a UBS analyst. "Gold could climb to $5,000 or higher next year, as the Fed will eventually have to cut rates again and inflation will no longer pose a problem," Reuters quoted Staunovo. The recent decline in gold prices has offered an investment opportunity for long-term. Falling prices of gold and silver is a sign for potential, as there is scope for higher returns over the period, Amit Goel, Chief Global Strategist at PACE 360 told Mint earlier. Catch all the Business News , Market News , Breaking News Events, JIO IPO Listing Today LIVE and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates. Log in to our website to save your bookmarks. It'll just take a moment. Oops! Looks like you have exceeded the limit to bookmark the image. Remove some to bookmark this image.
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