New Delhi: Gold rates plunged on Saturday currently standing at Rs 13,888 per gram for 24-carat purity on October 31, 2026. Rates for 22K and 18K gold are Rs 12,730 per gram and Rs 10,416 per gram, respectively.
Prices of yellow metal dropped by Rs 338 for 24K purity, Rs 310 for 22K purity, and Rs 253 for 18K purity compared with October 30, 2026.
US Federal Reserve's decision to keep the interest rates unchanged continues to weigh on bullion which face selling pressure on the face of elevated interest rates. At the same time, investors are assessing the US economic data for cues regarding future monetary policy decisions. Higher inflationary risk poses uncertainty for the investors.
The US Consumer Price Index (CPI) data released on Wednesday, October 14, brought expectations of a Federal Reserve rate hike during the monetary policy meeting of October 27–28 on the table even as previous reports suggested lower chances of a rate hike.
Also, the crude prices continued the upward trend as Brent was trading 2.7 percent up at crosses $117.97 per barrel amid concerns of supply disruptions. The attacks on Saudi's energy infrastructure amid the conflict with Houthi and continued geopolitical tensions resulting from the US-Iran war keeps the supply disruption in the Gulf.
The surge came even after US President Donald Trump's decision to waive sanctions and tariffs on Russia, strengthening hopes of better diesel supply to the market. Yet, energy prices remain elevated, further prompting expectations of rate hikes in the coming sessions.
Meanwhile, the ongoing conflicts involving the Middle East have continued to keep inflation fears high since the end of February.
US inflation data and interest rates set by the Federal Reserve continue to influence the yellow metal's trajectory. When the dollar is stronger and interest rates are high, the yellow metal comes under pressure due to the increased opportunity cost of holding it.
Gold continues to remain under pressure, as its trajectory is likely to be influenced by geopolitical concerns and energy prices, with the Federal Reserve's rate decisions further affecting its price.
On a different note, festive buying across India is also playing a role in determining the cost of the yellow metal.
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 "Gold rates dipped on Oct 31: Check Prices in Delhi, Mumbai, and other cities")
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