Gold prices tumbled to a three-month low last week, with spot gold falling 0.6% to $3,998.35 an ounce by 1520 GMT. This marked the first time since mid-July that gold dipped below the $4,000 mark, reaching a session low of $3,975.23. US gold futures for December delivery settled 1.3% lower at $4,007.90 per ounce. The decline was attributed to higher energy prices due to the Middle East war, inflation concerns, and expectations of no immediate rate cut from the US Federal Reserve.
Over the week, MCX gold futures dropped around 3.50%, with heavy selling pulling prices down from their previous highs. On Friday alone, MCX gold futures declined 0.92%, falling ₹1,315 to settle at around ₹1,41,994 per 10 grams. This marked gold's weakest weekly performance since June.
In key Indian cities, the price of 24-karat gold varied slightly. In Mumbai, it was ₹1,42,240 per 10 grams, while in Delhi, it was ₹1,42,000 per 10 grams. Bengaluru saw a price of ₹1,42,350 per 10 grams, Kolkata ₹1,42,050 per 10 grams, Chennai ₹1,42,660 per 10 grams, Hyderabad ₹1,42,470 per 10 grams, and Ahmedabad ₹1,42,430 per 10 grams. Silver prices also showed minor variations, with Mumbai at ₹1,96,230 per kg and Delhi at ₹1,95,890 per kg.
The disclaimer noted that the story was for educational purposes only and advised investors to consult certified experts before making any investment decisions.