Why is gold price under pressure ahead of Dhanteras, Diwali? What should interested buyers do? Experts's views, target
Gold rate today | Gold price today in India | US Fed rate: Amid a strong US Dollar (USD), US bond yields sustaining at elevated levels and a buzz for a higher interest rate regime, gold prices have been at the receiving end for long. After climbing to its peak of ₹1,80,779 per 10 gm on 29th January 2026, the MCX gold rate has been continuously falling, showcasing a dead-cat-bounce after each and every big dip. The MCX gold rate today is around ₹1,42,800 per 10 gm, which is around ₹38,000 below the record high of ₹1,80,779.
Speaking on the key reasons that are dragging gold rates today, Nirpendra Yadav, Sr. Research Analyst at Bonanza, said, “Gold prices are witnessing selling pressure amid a stronger US dollar, rising Treasury yields and changing expectations around the Federal Reserve’s interest-rate policy. Profit-booking after the sharp rally earlier this year has added to the decline, while volatility in futures markets has further intensified price movements. As gold does not offer regular interest income, higher bond yields tend to reduce its relative attractiveness.”
Expecting the base-building mode to end soon on high demand during the festival season, Kaushlendra Sinha, CEO at IAGES, said, "This festive season, gold demand is expected to remain strong as consumers continue to view gold as a trusted store of value. While Gold prices seem to have softened from the highs, we see this as an opportunity and confidence in gold continues to hold firm. Today's buyers are more informed and conscious in their purchase decisions, placing greater importance on purity, ethical sourcing, and transparency alongside design and value. Trust is increasingly emerging as a key factor in jewellery purchases."
Expecting a sharp rebound in gold rates, Anuj Gupta, a SEBI-registered market expert, said, “The US bond yield is facing a sharp correction, and the US 10-year bond yield has slipped below 5% after sustaining at higher levels for nearly two months. This has eased pressure on the US Fed to raise rates. So, the market is expecting the US Fed to leave interest rates unchanged at the meeting scheduled for Tuesday to Wednesday this week. A dent to the US Fed rate hike is expected to trigger more correction in the US bond and currency market, leading to weakness in the US Dollar.”
However, Anuj Gupta maintained that a rebound in gold prices would be short-lived, as buzz around the December 2026 US Fed meeting will start dominating gold, silver, and equities from the second fortnight of November.
Echoing with Anuj Gupta's views, Nripendra Yadav of Bonanza said, “The near-term outlook for gold remains cautious, with the US dollar, bond yields, inflation data and the Federal Reserve’s policy signals likely to determine the next direction. However, the current correction does not necessarily signal the end of gold’s longer-term appeal, as geopolitical uncertainties, concerns over global economic stability, and its role as a portfolio diversifier continue to support investment demand. In India, movements in the rupee against the dollar will also influence domestic gold prices.”
“Immediate resistance is the ₹1,43,000 to ₹1,43,700 zone, followed by the next resistance zone at ₹1,45,300 to ₹1,46,000. Immediate support is the ₹1,40,000 to ₹1,41,000 zone,” said Pponmudi R, CEO at Enrich Money.
“In the case of further correction in the US 10-year bond yield post-US Fed meeting outcome, we can expect some more upside ahead of the Dhanteras and Diwali 2026, and the MCX gold rate may break above ₹1,46,000 resistance and try to come close to ₹1,49,000 to ₹1,50,000 per 10 gm levels,” said Anuj Gupta.
Asit Manohar has nearly two decades of experience in the mainstream media. In this period, he has served esteemed media organisations like NDTV Profit, The Economic Times, and Zee Business. He has been working at LiveMint Digital since April 2021. During these two decades of journey in mainstream media, Asit has mainly covered external affairs, markets and personal finance. However, his earliest beats include railways, SME, MSME, and politics (Congress beat). Some of his features on political, economic, and foreign policy are documented in the parliamentary records. <br><br> While pursuing his MA (Mass Communication, Session 2004-06), Asit began his media career as a stringer at All India Radio in Varanasi. At AIR Varanasi, Asit worked with the Gyanvani, Yuvvani and Vividh Bharti teams. After working for nearly one year at AIR Varanasi, he shifted to print journalism and started working as a stringer for the HT Media Ltd, Varanasi. At HT Media Ltd in Varanasi, he covered the BHU beat. <br><br> Asit has also worked with some brokerage houses. He has worked with Religare Broking and India Infoline, where he assisted the research team in developing and executing trade strategies for intraday cash, F&O, and commodities. <br><br> Asit is a Gold Medalist in MA (Mass Communication) from BHU, Varanasi. He did his BSc. (Hons) in Mathematics from Magadh University, Bodh Gaya. Asit was a National Talent Scholarship holder during his senior secondary studies (1988-91).
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