CHENNAI: Gold prices in India showed a mixed trend during the week, easing from record highs seen earlier in the month as investors booked profits after the festive surge. The market began the week at elevated levels, supported by strong jewellery demand around Dhanteras and Diwali, but later saw a mild correction before recovering slightly toward the weekend.
At the start of the week on October 21, 24-carat gold was quoted around Rs 1,30,400 per 10 grams in New Delhi, reflecting the sustained festive-season rally. However, prices declined in the following sessions, slipping to about Rs 1,24,000–Rs 1,25,000 per 10 grams by October 24. On October 25, the yellow metal edged up again, closing the week near Rs 1,25,600 per 10 grams as bargain hunters entered the market.
The mid-week correction was mainly attributed to profit-taking after the sharp gains seen during Diwali. Analysts noted in their market reports that many investors chose to lock in profits as prices hovered near all-time highs, while jewellers reported steady retail demand but cautious bulk buying. A stronger rupee and easing global spot prices also contributed to the dip.
Globally, gold remained volatile but largely range-bound, supported by safe-haven demand amid geopolitical uncertainties and central bank buying. However, expectations that US interest rates might stay higher for longer kept upside momentum in check. The global spot price hovered between $2,410 and $2,460 per ounce during the week.
Despite the slight correction, overall sentiment in the gold market remained firm. Robust festive-season demand in India and steady investment interest worldwide continued to underpin prices. Market analysts expect gold to trade in a narrow range in the coming week, with potential support around Rs1,24,000 per 10 grams and resistance near Rs 1,30,000.
If global tensions persist and the dollar weakens, gold could see renewed strength. However, if US yields remain firm and investors shift to riskier assets, the metal may consolidate before its next move.
While gold prices eased modestly during October 21–25 after touching record levels, the market researchers believe that the underlying demand and global uncertainty kept the market resilient and poised for renewed interest in the weeks ahead.
