1 tola Gold price in India have recently seen a decline, falling by 1.16% to settle at 75,161. This drop is largely attribute to strong U.S. employment data, which has diminished the likelihood of significant interest rate cuts by the Federal Reserve.


Consequently, the market is responding to weak demand, as evidenced by widening discounts ranging from $16 to $7 per ounce. Investors are closely monitoring the Fed’s November meeting, where expectations for a 50-basis-point reduction have lessened following the robust jobs report.

As the CME FedWatch tool indicates, traders are adjusting their forecasts for future rate movements, anticipating further guidance from the Fed’s recent policy minutes and upcoming U.S. inflation data.

In India, demand for gold is experiencing slight improvements as the festival season approaches. However, despite this seasonal uptick, record-high prices continue to suppress overall market demand.

Indian dealers are currently offering discounts of up to $21 an ounce over official domestic prices, an increase from the previous week’s $19 discount.

The World Gold Council (WGC) reported that Chinese markets experienced a 6% year-on-year drop in gold purchases, totaling 929 metric tons in the second quarter, partly due to high prices leading to a 19% decline in jewelry consumption.

Market Dynamics and Technical Analysis

From a technical standpoint, the gold market is facing long liquidation, with open interest decreasing by 7.43% to 14,575 contracts. Prices have seen a decrease of 884, establishing support at 74,660. If this level is breach, further declines could test 74,155.

Resistance levels are set at 75,895, and should prices surpass this point, we could see an upward movement toward 76,625.

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