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Informist, Monday, Oct. 19, 2026

 

By Somen Bose

 

MUMBAI – Spot gold prices in India's major markets fell slightly as the rupee appreciated for the seventh consecutive session, making the dollar-denominated gold cheaper for local buyers. However, futures prices on the Multi Commodity Exchange of India and COMEX gained as investors expected the US Federal Reserve to keep interest rates unchanged at its October meeting. Bets that the Fed will hold rates in October rose after Fed Chair Kevin Warsh's remarks Friday, which the market interpreted as suggesting no rate hikes, despite strong US inflation data last week. The yellow metal's prices were also supported by a fall in crude oil rates.

 

The national average spot price of 99.9% pure gold fell by INR 20 per 10 grams to INR 146,406 on Monday. The polled spot price of gold in Ahmedabad was INR 146,227 per 10 grams, according to MCX.  

 

Indian buyers remain price-conscious at higher levels, Darshan Desai, chief executive officer at Aspect Bullion & Refinery, said in a note. Domestic demand should provide some support amid the festive and wedding season, but global cues will remain key to the market's direction, he said. 

 

At 1408 IST, the most active December gold futures contract on the MCX was at INR 148,221 per 10 grams, up 0.2% from Friday. On COMEX, the same-month futures contract was up 0.4% at $4,197.8 per ounce. 

 

Friday, Warsh refrained from giving any signals regarding monetary policy at the International Monetary Fund's annual meeting in Bangkok, Thailand. Warsh said he did not prejudge policy meetings, prompting traders to reduce bets on a rate hike later this month. Market-implied odds of an interest rate hike in October fell below 15% from around 21% a week ago, according to the CME FedWatch tool.

 

Market sentiment for gold also improved as crude oil prices fell on a possible technical correction after rising nearly 4% Friday. The decline in crude oil rates may reflect profit-taking after the previous session's sharp gains, while concerns about potential supply disruptions from the war in West Asia could limit losses, reports said.  End

 

US$1 = INR 94.92

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Saji George Titus

 

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