Gold rates in the Indian domestic bullion market paused their recent sharp rally on October 29, holding completely flat following a massive jump of Rs 13,700 per 100 grams in preceding sessions. The pause in momentum comes as the United States Federal Reserve held interest rates unchanged as widely anticipated, prompting international bullion values to ease. With global signals turning cautious, domestic market participants witnessed a consolidation phase across retail and futures segments.
Domestic Retail Gold Prices Hold Flat Across Karats
Retail gold prices across India showed no daily price revision on October 29. The rate for 22-carat gold, which remains the benchmark standard for traditional jewellery fabrication, settled firmly at Rs 1,31,950 per 10 grams. Bulk purchases of 22-carat gold stood at Rs 13,19,500 for a 100-gram lot.
The benchmark rate for pure 24-carat gold retailed unchanged at Rs 1,43,950 per 10 grams on Tuesday. Meanwhile, 100 grams of 24-carat gold was recorded at Rs 1,14,950. For consumers seeking lighter and budget-friendly ornamental pieces, 18-carat gold was quoted at Rs 1,07,960 per 10 grams. This pause in price escalation provides potential jewellery buyers a brief window of stability after sharp upside volatility.
Silver Rates See Notable Pullback
In contrast to the unchanged gold market, silver witnessed significant downward pressure in domestic trading. On October 29, the price of 1 kilogram of silver in India declined by Rs 5,000 to trade at Rs 2,15,000. However, in smaller retail denominations, 100 grams of silver was quoted at Rs 21,500, marking an increase of Rs 500.
Global Market Dynamics and Inflation Watch
International gold prices retreated toward $4,050 per ounce in the wake of the Federal Reserve maintaining its key policy rates. Trading Economics observed that investors are closely monitoring the upcoming release of the US PCE price index, the central bank's primary inflation gauge, to gauge the future trajectory of monetary tightening. Concurrently, broader markets are evaluating diplomatic initiatives seeking to mitigate tensions in the Middle East.
Nevertheless, elevated crude oil prices continue to generate persistent inflationary concerns. Expectations of sustained elevated interest rates are presenting headwinds for non-yielding bullion assets. In spot markets, spot gold eased 0.7 percent to $4,037.98 per ounce by 0410 GMT, whereas US gold futures for December delivery held steady around $4,049.80 per ounce.
MCX Outlook and Key Technical Levels
Trading sentiment on the domestic Multi Commodity Exchange remained subdued following a negative close in the previous session. According to an analytical report by Way of Wealth, the daily technical chart structure continues to reflect a bearish bias. Short-term price advances are projected to meet selling pressure at higher levels, favouring a sell-on-rallies market strategy.
Technical analysts have identified key intraday parameters, pegging immediate support at Rs 1,41,300 and major resistance at Rs 1,44,350. Prolonged selling pressure could pull contracts down toward the designated support zone, whereas any temporary bounce toward the resistance barrier is expected to invite renewed liquidation. The prevailing cautious outlook would only warrant a reassessment if prices sustain upward momentum above the critical threshold of Rs 1,45,150.
