According to report, a vigorous decline of 1.84 per cent in gold prices was recorded and the expression slipped off at the level of Rs 140,525. The biggest reason behind this fall was the strict and aggressive statement of the US Federal Reserve Governor Christopher Waller. He has supported an increase in interest rates in December as well as indicated that if the inflation figures and deterioration, a large increase of 50 bases points can also be considered in rates
At the moment the market is running around 99 per cent probability standarder to increase interest rates in December. Meanwhile investors are awaiting the U.S. consumer inflation data, so that the forward stance of the Federal Reserve can be accurately assessed. On the other hand, George Bank also believes that there is another hike fixed in interest rates given strong employment data and high inflation
Central Banks Shopping and Global Demand Recent:
At Global level, China’s Central Bank has continued the 24th consecutive month of gold purchase. In October his total Gold Reserve grew to reach 78.3 million Fine Troy Ounce. China added 103.26 tonnes of gold to its reserves in the first nine months of 2026, making its total reserve 2,409.59 tonnes. However, China’s domestic gold production declined by 11.44 per cent on an annual basis and it stayed at 347.99 tonnes. At the same time, the total consumption grew at 0.28 per cent to 684.62 tonnes, which increased by 26.26 per cent in demand for bars and coins, while a sharp decline of 33.86 per cent in demand for jewellery was recorded
The World Gold Council has subtracted the growth estimate of global investment demand from 400 tonnes to 200 tonnes, as the bar and coins have found a soft look in the purchase. However, the Council has made at least 848 tonnes by estimating the purchase of Central Banks for 2026. The third quarter saw a purchase of 211 tonnes in Global Gold ETF, while the purchase of Central Banks increased by 42 per cent to 321 tonnes
Demands and betting positions in India:
The demand for gold in 2026 is estimated to be around 650 tonnes in 2026, with high prices, weak rural demand and economic pressures in India, which will be the lowest level after 2020. However, there was some improvement in physical shopping in Asian markets around Diwali and Indian dealers were taking a premium up to 4 dollars per ounce. While the Net Long Position 3,107 Contractors, betting week lasted on November 3, remain 104,297, showing that traders have cut a little bit in fast deals
Technical Levels:
If you look at the technical perspective, the new selling pressure on the gold is visible clean. Open interest 1.72 percent increased to 16,449 contracts, while prices declined at Rs 2,641. It is clear that new short positions are made in the market. The first strong support on the bottom for gold is at Rs 139,760, and the expression can slip up to Rs 138,990 if it breaks. While there is the first string resistance at Rs 141,900 on the top, the prices can touch the level of Rs 143,270 on its exit
Findings for Gold traders:
Apprehension of the aggressive stance and high interest rates of the US Federal Reserve has taken a break at the speed of gold at the moment. While the frequent shopping of central banks is supporting at lower levels, the market will continue to fluctuate as long as the US inflation figures are not clear. Traders should keep an eye on the support level of Rs 139,760 and follow the stoploss strictly before any new deal