Why are gold prices crashing today? MCX Gold down Rs 3,200/10 grams, plunges over 2% - top reasons for fa - The Times of India

AI desk brief

Gold and silver sold off sharply as higher US bond yields, firmer crude oil and rising expectations for another Fed rate hike pressured non-yielding metals. MCX October gold fell Rs 3,214 to Rs 1,47,667/10g and MCX September silver dropped Rs 6,661 to Rs 2,28,035/kg; spot gold was down 1.5% at $4,223.95/oz, silver fell 2.6% to $62.64/oz, platinum lost 2.1% to $1,741.45 and palladium slipped 2.1% to $1,239.95.

The desk view is that the move is being driven less by safe-haven demand and more by the macro repricing: the US 10-year yield at 5.13% and 30-year at 5.44% are now cited as key headwinds, while CME FedWatch shows a 68.1% probability of a 25bp hike at the October-end FOMC versus 31.9% previously. Near-term gold support is seen around Rs 1,48,000/Rs 1,46,000 on MCX, with resistance at Rs 1,52,500/Rs 1,55,000; traders are watching Fed policy and any de-escalation in US-Iran/Hormuz tensions.