Gold prices drop as MCX gold falls below ₹1.43 lakh
In short
Gold prices fell sharply on October 30. MCX gold dropped below ₹1.43 lakh per 10 grams, and global prices fell to their lowest level since mid-July.
The report says strong US inflation and growth data, higher oil prices and hopes of a December Fed rate hike hurt demand. It does not say how long the fall will last.
What the reporting says
Gold prices fell sharply on October 30, with MCX gold dropping below ₹1.43 lakh per 10 grams and international prices hitting their lowest since mid-July. Strong US inflation and growth data, higher oil prices and expectations of a December Fed rate hike weighed on demand. The immediate consequence was a broad sell-off in gold, but the report does not state whether the decline continued after that session.
Why it matters
Gold prices fell on October 30 as MCX gold dropped below ₹1.43 lakh per 10 grams and international prices slid to their lowest since mid-July. The reporting links the move to strong US inflation and growth data, higher oil prices and expectations of a December Fed rate hike. That combination weighed on demand and pressured gold markets.