Mumbai, Nov 1
The price of 24-carat gold (10 grams) dipped by Rs 1,649 on a weekly basis till Saturday, due to fading expectations of Federal Reserve rate cuts and hopes of US trade deals with India and China.
Sentiment turned cautious after the US Federal Reserve cut its benchmark interest rate by 25 basis points to the 3.75 per cent–4 per cent range, but hinted that the rate cut might be the final one in 2025, which dampened hopes of further near-term easing.
Analysts however hinted that some uncertainty remains over the durability of the deal. The yellow metal is up around 50 per cent this year, supported by strong central bank demand.
Until then, gold is expected to remain volatile within the mentioned range, he added.