Abhishek Sinha
Gold prices slipped on Friday, tracking weakness in international bullion markets, as a stronger dollar and renewed uncertainty around future US Federal Reserve rate cuts weighed on investor sentiment.
Despite the dip, the precious metal remains on track for its third straight monthly gain, supported by robust central bank buying and safe-haven demand.
ЁЯУЙ MCX Gold and Silver Rates Today (31 October 2025)
- MCX Gold (December futures): Opened 0.29% lower at тВ╣1,21,148 per 10 grams, compared to the previous close of тВ╣1,21,508.
By 9:05 AM, it was trading down тВ╣208 or 0.17%, at тВ╣1,21,300 per 10 grams. - MCX Silver (December futures): Opened 0.47% lower at тВ╣1,48,140 per kg against the previous close of тВ╣1,48,840.
By 9:05 AM, it slipped further to тВ╣1,48,338 per kg, a decline of тВ╣502 or 0.34%.
ЁЯМН Global Gold Market Update
Spot gold prices fell 0.5% to $4,004 per ounce, while US gold futures (Dec delivery) were steady at $4,016.70 per ounce.
So far this month, bullion has gained nearly 3.9%, keeping it on course for its third consecutive monthly rise.
The US dollar index hovered near a three-month high, making gold costlier for holders of other currencies.
ЁЯТм Expert Take
тАЬGold prices slipped for the second straight week amid fading hopes of aggressive Fed rate cuts and uncertainty around the US-China trade truce. However, the metal continues to remain fundamentally strong, supported by consistent central bank buying and macro uncertainty,тАЭ
said Jigar Trivedi, Senior Research Analyst, Reliance Securities.
He added that gold prices are up nearly 50% this year, underpinned by strong central bank demand and investor diversification amid global volatility.
ЁЯПж Fed Policy and Global Cues
On Wednesday, the US Federal Reserve cut interest rates by 25 basis points тАФ the second cut this year тАФ bringing the target range to 3.75%тАУ4.00%.
However, Fed Chair Jerome PowellтАЩs cautious remarks reduced expectations for another rate cut in December.
According to the CME FedWatch Tool, markets are now pricing in a 74.8% probability of a 25-bps cut in December тАФ down from 91.1% a week ago.
ЁЯМП Geopolitical and Demand Factors
Adding to the mix, US President Donald Trump and Chinese President Xi Jinping reportedly agreed on a partial tariff rollback тАФ in exchange for Beijing curbing the fentanyl trade, resuming soybean imports, and maintaining rare earth exports.
Meanwhile, SPDR Gold Trust, the worldтАЩs largest gold-backed ETF, said its holdings rose 0.42% to 1,040.35 tons on Thursday.
The World Gold Council (WGC) reported that global central banks bought 220 tons of gold in Q3 2025 тАФ up 28% from the previous quarter. Kazakhstan led the buying spree, while Brazil made its first gold purchase in over four years.
тЪЦя╕П Summary
| Asset | Price | Change | Trend |
|---|---|---|---|
| MCX Gold (Dec) | тВ╣1,21,300 / 10g | тЦ╝ тВ╣208 (-0.17%) | Weak |
| MCX Silver (Dec) | тВ╣1,48,338 / kg | тЦ╝ тВ╣502 (-0.34%) | Weak |
| Spot Gold | $4,004 / oz | тЦ╝ 0.5% | Soft |
| Dollar Index | Near 3-month high | тАФ | Firm |
ЁЯкЩ Market Outlook
With the dollar strengthening and rate cut hopes fading, gold may face short-term pressure.
However, analysts expect the metal to remain supported by central bank demand, global uncertainty, and sustained ETF inflows.
Gold remains the preferred safe-haven asset, even as short-term volatility continues.
Source: MCX, Reuters, Moneycontrol, World Gold Council, CME Group
