Overview
- On October 21–22 international spot gold eased to about $4,120–4,145 per ounce while MCX gold traded near Rs 1,45,800–1,46,070 per 10 grams and silver sat in the mid‑$50s per ounce with domestic silver around ₹2.29 lakh per kilogram.
- Market participants cited higher crude oil at roughly $108 a barrel, US 10‑year Treasury yields above 5 percent and a stronger rupee (near 94.43) as the immediate forces that reduced demand for non‑yielding bullion.
- Technical traders say gold is confined to a tight range with roughly $4,100 as key support and $4,200–$4,240 as immediate resistance, making near‑term direction dependent on moves in yields, oil and the dollar.
- Domestic pass‑through was quick: Indian MCX futures and city retail quotes fell and Pakistan reported a Rs900 per tola drop, and advisers told festival buyers they should spread purchases rather than try to time a precise bottom.
- The main near‑term catalyst is the US Federal Reserve meeting on October 27–28 and analysts warn that sustained higher yields or stronger oil could push prices lower while a retreat in yields could restore upside momentum.