Gold Falls Below $4,000; Indian Equities End Weak Week With Cautious Outlook: Aetram Group
Chennai (Tamil Nadu) [India], October 29: Gold declined during the completed trading week, finishing below $4,000 an ounce as a sharp rise i...
Chennai (Tamil Nadu) [India], October 29: Gold declined during the completed trading week, finishing below $4,000 an ounce as a sharp rise in crude oil prices complicated the inflation outlook and expectations for monetary easing. Aetram India Research observed that the precious metal’s retreat, alongside weakness in Indian equities, reflected a difficult week in which defensive demand offered limited protection against broader market pressures.
International spot gold ended the week at $3,994 an ounce, down 4.17%. MCX gold futures closed at ₹1,42,150 per 10 grams, declining 3.95%. The supplied week-ending October 23 data placed the U.S. 10-year Treasury yield near 4.99%, compared with approximately 5.10% previously.
Gold’s decline despite the weekly easing in Treasury yields suggested that lower yields alone were insufficient to restore demand. Brent crude rose 6.78% to $117.39 a barrel, reinforcing concerns about energy-led inflation and the persistence of restrictive interest rates. Aetram India Research viewed gold’s close near its weekly low as evidence of subdued momentum, with a sustained recovery above $4,000 remaining an initial development to watch.
