India gold price, October 30: MCX rate crashes below ₹1.42 lakh ahead of Dhanteras - What's triggering sell-off? - Livemint

AI desk brief

Gold sold off sharply as stronger-than-expected U.S. inflation data and firmer GDP reinforced expectations of a December Fed rate hike, pressuring non-yielding assets. Spot gold fell 1% to $3,980.40/oz, its lowest since July 17, while MCX December gold futures dropped 0.99% to ₹1,41,181/10g, slipping below the ₹1.43 lakh mark ahead of Diwali demand.

The move leaves gold on course for a second straight monthly decline after this year’s January all-time high. UBS’s Giovanni Staunovo said stronger U.S. data and higher oil prices are keeping pressure on the Fed, while still projecting gold could reach $5,000 or higher next year once rates eventually fall again.