October 24, 2025 | Mumbai, India
India's gold market is bracing for a subdued session on Friday, with Multi Commodity Exchange (MCX) futures poised for a bearish tilt within a narrow trading band, as traders digest post-Diwali profit booking and await pivotal US inflation data that could sway global sentiment. MCX Gold December contracts opened marginally lower at ₹1,23,587 per 10 grams, down 0.42% from the previous close of ₹1,24,104, reflecting a cautious mood after the yellow metal's festive-fueled rally lost steam.
Spot gold prices in major Indian cities mirrored the dip, with 24-karat gold trading at ₹12,507 per gram in Mumbai and Delhi, a slight retreat from Thursday's levels amid a stronger US dollar and rising bond yields. In international markets, spot gold hovered around $4,063 per troy ounce, down 1.51% on the day, while COMEX futures slipped 0.92% to $4,107.3, underscoring a broader corrective phase following September's record highs.
Analysts attribute the bearish undertone to a confluence of factors: aggressive profit-taking after gold's 63% surge over the past year, which peaked near ₹1,28,200 per 10 grams during Dhanteras, and renewed USD strength as markets price in fewer Federal Reserve rate cuts. "The MCX Gold December contract may drop to ₹1,23,000 per 10 grams as the undertone remains weak ahead of the US CPI report," cautioned Jateen Trivedi, VP Research Analyst at LKP Securities, highlighting a "sell on rise" strategy for intraday traders near resistance levels of ₹1,24,000–₹1,24,500.
Technical charts reinforce the limited-range forecast, with MCX Gold testing support at ₹1,22,465 after Thursday's high of ₹1,23,776. A weekly outlook from forex analysts points to a bearish correction targeting $4,095 (equivalent to about ₹1,22,000 on MCX), though a rebound could materialize if prices hold above $4,000 amid geopolitical tensions. Volume on MCX stood at 3,501 lots early in the session, signaling low participation as investors sideline ahead of the US Consumer Price Index (CPI) release later today, which could influence rate cut expectations and gold's safe-haven appeal.
Silver, often a bellwether for precious metals, held relatively steady at ₹1,50,000 per kilogram on MCX, down marginally by 0.22%, but faces similar downside risks with support at ₹1,42,000 if global cues weaken further. "While short-term volatility persists, the long-term bias remains positive, with gold eyeing ₹1,45,000–₹1,50,000 by year-end as a hedge against inflation," noted Sugandha Sachdeva, Founder of SS WealthStreet, advising phased buying on dips for long-term investors.
As Diwali's glow fades into a post-festive lull, the subdued trading on October 24 underscores gold's pivot from speculative frenzy to strategic positioning. With eyes glued to Washington for CPI cues, market watchers anticipate a range-bound day—unless fresh risk-off triggers ignite another leg up. For now, the yellow metal's shine dims, but its allure as a portfolio stabilizer endures.
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