Overview
- MCX 24‑carat gold has softened from last week and traded around ₹1,46,500 per 10 grams on Wednesday morning, while international spot and December futures slipped about 0.3% near $4,130–4,150 per ounce.
- Market participants point to higher Brent crude after Houthi‑claimed strikes on Saudi targets as a key driver because higher oil can push inflation and raise the odds of tighter U.S. interest‑rate policy.
- Investors are focused on the U.S. Federal Reserve’s Oct. 27–28 meeting and the CME FedWatch Tool’s strong probability of a December rate rise, which reduces the appeal of non‑yielding gold.
- Analysts highlight clear technical levels that traders are watching: international support near $4,100/oz and resistance around $4,220–4,240/oz, with MCX support near ₹1,45,500 and resistance close to ₹1,51,500.
- For Indian buyers the festival season matters because lower exchange prices ease retail costs, but final jewellery rates will still depend on import duty, the rupee, taxes and local making charges.