Gold futures declined by ₹103 to ₹1,48,262 per 10 grams on Wednesday amid weaker spot demand, marking a reversal from the previous session's recovery. According to Zee News, 24-carat gold rates are currently at ₹14,826 per gram, 22-carat at ₹13,590 per gram, and 18-carat at ₹11,119 per gram as of October 14, 2026. This decline comes as the world awaits US Consumer Price Index data due later in the day to better understand the trajectory of the Federal Reserve's monetary policy. The precious metal is experiencing correction as interest rate hikes usually have an adverse effect on gold, thus weighing it down. The latest drop follows gold's recovery for a second straight session on Friday, which had touched a one-week high as bargain buying emerged after bullion fell to a two-month low earlier this week.
The precious metal's recovery came as traders assessed the likelihood of further US Federal Reserve interest rate hikes, with markets now looking at the Consumer Price Index (CPI) data due on Wednesday and the Producer Price Index (PPI) report scheduled for Thursday. As reported by The Economic Times, St. Louis Fed President Alberto Musalem said on Thursday the US central bank will need to hike rates again to bring inflation back to its 2% target. According to the CME's FedWatch tool, traders are pricing in a 21% chance of a rate hike this month and an 88% probability of an increase in December. However, recent developments show October Fed rate hike probability continues to fluctuate around 20%, falling sharply from 70% following a weak non-farm payroll report for September and dovish Fed commentary. Cleveland Fed President Beth Hammack said the US central bank should move "relatively quickly" to a more restrictive monetary policy stance to control inflation, which she feels has become broader-based and is starting to influence firms' price-setting plans.
According to Rhona O'Connell, head of market analysis at Stone X, quoted by The Economic Times, bullion gained due to "bargain hunting at the lows, as a floor has been building in the $4,000-region.". However, she noted that "it is arguable that a further Fed hike is already priced in but so is the expectation for continued official sector net purchases. Without any Black Swan event I find it hard to see gold breaking convincingly higher." In the domestic market, gold has support at ₹1,48,800-1,48,100 and resistance at ₹1,50,150-1,51,000, while silver has support at ₹2,21,400-2,20,000 and resistance at ₹2,24,400-2,26,000. Praveen Singh, Head Currencies and Commodities at Mirae Asset ShareKhan, predicts that "gold prices may rise in the short-term but the upside is likely to be capped, with support at 4150/4100/$4000 and resistance at 4225/4255/4280/4337." He notes that "healthy ETF inflows and reduced Fed rate hike support the shiny metal; however, strong risk appetite, surging oil prices, elevated yields, and high probability of Fed rate hike in the coming months continue to pressurize the metal."
Han Tan, chief market analyst at Bybit, noted that "the coming week's CPI release may act as a catalyst for gold's next big move." As reported by The Economic Times, he added that "still-stubborn inflation that pushes the Fed into a steeper rate-hike cycle may force spot gold to re-test the psychological $4,000 support once more." Recent US data shows University of Michigan sentiment fell from 48.1 in September to 46.30 (forecast 47.60), the lowest since May, with one-year inflation expectations rising from 4.6% to 4.7% and five-ten-year expectations edging higher from 3.4% to 3.5%. Current conditions slumped sharply from 50.90 to 44.70, a record low. NY Fed one-year consumers' inflation expectations rose to 3.90% in September — the highest since May 2023. The IMF warned Tuesday that government bond yields could rise in a disorderly fashion as inflation rises, debt mounts, geopolitical uncertainty intensifies and AI-related borrowing pressures weigh on sovereign bond markets. The US trade deficit in August increased to its highest level since March 2025 as imports hit a record high of $420.80 billion.
At top jewelers, 1 gram gold price stood near ₹13,800 in 22-carat, above ₹15,000 in 24-carat and near ₹11,300 in 18-carat. According to Goodreturns, Tanishq gold rates today show 22-carat at ₹13,765 per 1 gram, 24-carat at ₹15,016 per 1 gram, and 18-carat at ₹11,262 per 1 gram. Malabar Gold rates today feature 22-carat at ₹13,685 per 1 gram and 24-carat at ₹14,929 per 1 gram. IBJA rates show 999 purity at ₹14,806 per 1 gram, 995 purity at ₹14,747 per 1 gram, and 916 purity at ₹13,562 per 1 gram. Joyalukkas rates are consistent with Malabar across major cities including Andhra Pradesh, Delhi, Gujarat, Karnataka, Kerala, Maharashtra and Odisha. In physical markets, gold prices in Mumbai stand at ₹1,09,752/8 grams for standard gold (22 carat) and ₹1,19,736/8 grams for pure gold (24 carat), while Chennai and Hyderabad show identical pricing. Gold demand in India was sluggish this week as prices rebounded, while trading in top consumer China was subdued during the holiday-truncated trading period. MCX gold rate on 13 October was trading 0.11% higher at ₹1,49,930 per 10 grams, while MCX silver futures were trading about 0.16% higher at ₹2,23,640 per kg at around 11:13 am.
