Gold price today: Gold prices slipped in early trading on Friday, October 24. The drop ended a nine-week winning streak as investors turned cautious ahead of key US inflation data.
Gold Prices Fall on MCX
On the Multi Commodity Exchange (MCX), gold December futures fell 0.44% to Rs 1,23,552 per 10 grams around 9:06 AM IST.
Silver December futures also declined 0.98% to Rs 1,47,052 per kilogram. The fall came as traders booked profits after several sessions of record highs.
“Gold prices fell after touching repeated record levels,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities. “The yellow metal saw its biggest intraday loss in five years earlier this week. This was mainly due to heavy withdrawals from gold-backed ETFs, which recorded their largest single-day drop in holdings in five months.”
Despite the correction, gold remains more than 50% higher in 2025. The metal has been supported by global trade tensions and geopolitical risks. Investors are now waiting for the US Consumer Price Index (CPI) report, which could shape future Federal Reserve policy.
Global Gold Market Trends
In the international market, spot gold dropped 0.2% to $4,118.68 per ounce as of 03:15 GMT.
So far this week, bullion has declined about 3%, marking its largest weekly loss since mid-May.
A stronger US dollar added pressure, making gold costlier for buyers using other currencies. The dollar index gained for the third straight session. Markets now expect the Federal Reserve to cut interest rates by 25 basis points in its next meeting.
Analysts expect the US CPI report to show core inflation at 3.1% for September, following a delay due to the earlier US government shutdown.
Expert Outlook and Key Levels
According to Rahul Kalantri, VP Commodities at Mehta Equities, gold has support at $4,055–$4,005 and resistance at $4,135–$4,160.
In rupee terms, support is seen at Rs 1,23,670–Rs 1,22,980, while resistance lies at Rs 1,24,950–Rs 1,25,800.
For silver, support is at Rs 1,46,850–Rs 1,45,150, and resistance is at Rs 1,49,850–Rs 1,50,780.
Kalantri said, “After the steepest one-day drop in six years, gold prices are showing early signs of recovery. Continued trade tensions and new sanctions on Russia are providing support.”
Focus Turns to US Data and Global Developments
Darshan Desai, CEO of Aspect Bullion & Refinery, noted that investors are focused on three key factors:
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The US CPI report,
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The US government shutdown updates, and
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The upcoming meeting between President Donald Trump and Chinese President Xi Jinping.
“A positive trade agreement could push gold lower,” Desai said. “However, fresh tensions or new sanctions on Russia may help gold hold above Rs 1,23,000.”
Silver Prices Extend Weekly Losses
Spot silver slipped 0.6% to $48.62 per ounce. The white metal is down 6% this week, heading for its sharpest weekly decline since March.
