India’s gold futures benchmark ended Oct. 23 at ₹142,024 per 10 grams, about 21.4% below a January record, as global bullion weakened and the Diwali shopping period approached.
The Dec. 4, 2026, Gold contract on the Multi Commodity Exchange of India (MCX) recorded the close. January’s ₹180,779 intraday high belonged to a different maturity; the two prices are ₹38,755 apart, a benchmark comparison rather than the return on one continuous contract.
At 11:20 a.m. EDT (15:20 GMT) Friday, Reuters put spot gold at $3,998.35 per troy ounce, after an earlier session low of $3,975.23. At that point, gold was down 4% for the week, Reuters reported.
Reuters tied the decline to concerns about energy supply disruptions and inflation, which strengthened expectations for tighter U.S. monetary policy. Jim Wyckoff, a market analyst at American Gold Exchange, told Reuters that technology-stock losses prompted margin calls, leading some investors to sell gold and silver. Brent crude settled at $116.72 per barrel Friday, up 3.1%, the Associated Press reported.
The U.S. Bureau of Labor Statistics (BLS) reported that consumer prices rose 3.7% over the 12 months through September. Its Producer Price Index for final demand increased 6.3% over the same period.
Reuters also reported that lower prices coincided with increased gold buying and higher premiums in India during Dussehra week, which ended Oct. 23. India Post lists Diwali (Deepavali) on Nov. 8, 2026.
MCX specifies its Gold contract as 995-purity bullion, quoted per 10 grams. The price includes import and customs duties but excludes goods and services tax (GST) and applicable additional taxes, so it is not the final jewellery-shop price.
The Federal Open Market Committee (FOMC) is scheduled to meet Oct. 27–28. The U.S. Bureau of Economic Analysis (BEA) has scheduled its September personal income and outlays report, which includes the personal consumption expenditures inflation measure, for Oct. 29 at 8:30 a.m. EDT.
