MCX October gold futures drop 1.92% to Rs 1,47,989 per 10 grams, slipping below Rs 1,50,000
AI Market Summary
Gold sold off sharply, with MCX futures breaking below the key Rs 1,50,000 level alongside a >2% spot drop. The move is tied to firmer oil prices, rising Treasury yields, a stronger dollar, and renewed expectations of additional Fed tightening, all of which reduce the appeal of non-yielding assets. The technical breakdown below recent support may amplify near-term volatility and risk-off positioning in precious metals.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT-3.12%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▼ Bearish
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MCX gold futures slid sharply on Monday, with the October contract down 1.92% at Rs 1,47,989 per 10 grams, breaking below the Rs 1,50,000 level. Spot gold fell more than 2% in a day, marking its biggest one-day decline since Sept. 1. The move came as higher oil prices and expectations of further US Federal Reserve rate hikes weighed on demand for non-yielding assets.
