Gold lost ground in Indian markets on October 31, with the price of 10 grams of 24-karat gold dropping to Rs 1,21,470, down Rs 1,000 from the previous day. Despite this domestic decline, international gold prices remain strong, staying above $4,000 per ounce amid optimism over easing trade tensions following discussions between Donald Trump and Xi Jinping. Globally, bullion has fallen over 2% this week, heading for a second consecutive weekly loss. The recent drop is partly attributed to reduced expectations for further Federal Reserve rate cuts, with U.S. Treasuries also declining after Fed Chair Jerome Powell advised investors to moderate hopes for a December rate reduction, as the Fed continues to monitor employment and inflation trends. Meanwhile, silver in India witnessed a sharp fall, slipping from Rs 2 lakh per kilogram earlier this month to Rs 1.5 lakh on Friday. Internationally, silver rose 0.4%, extending a three-day rally, while platinum and palladium also surged. Analysts suggest that the recent correction in gold, nearly 10% since its peak above $4,380 per ounce on October 20, may have largely stabilized, with dip buyers likely to provide support for the metal through year-end.
Gold, silver rates today on October 31 in India
