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Business & Stocks Livemint Markets & Economy • Oct 24, 2026

Gold Rate Target Price & Chennai Market Drop This Week: MCX Futures Crash 3.5% Amid US Fed Pressure

💡 Key Takeaways

•MCX gold futures dropped approximately 3.5% this week amid macroeconomic pressures.
•Chennai retail 24K gold prices declined 3.85% to ₹1,42,480 per 10 grams.
•Market correction was triggered by rising crude oil prices, inflation concerns, and expectations of tighter US monetary policy.

NEW DELHI [NCRBuzz Wire] — **Gold prices experienced a significant downward correction this week, driven by surging crude oil prices, escalating inflation concerns, and anticipations of tighter US monetary policy.** Multi Commodity Exchange (MCX) futures registered a contraction of approximately 3.5%, while physical retail markets in Chennai recorded a 3.85% decline in 24-karat gold rates to ₹1,42,480 per 10 grams.

### The Verified Facts

**Market participants observed widespread profit-booking and heightened liquidation across domestic bullion counters as macroeconomic headwinds strengthened.** According to data from Livemint Markets & Economy, the correction reflects broader global monetary tightening expectations by the US Federal Reserve. Bullion analysts are closely tracking immediate support and resistance levels to evaluate whether the yellow metal can stage a rebound ahead of the upcoming festival season.

| Metric / Aspect | Details |

|---|---|

| MCX Futures Drop | Down approx 3.5% this week |

| Chennai 24K Gold Rate | ₹1,42,480 per 10 grams |

| Chennai Price Decline | Down 3.85% |

| Primary Catalysts | Crude oil surge, inflation, US Fed policy |

### Background Context

**Precious metal valuations are historically sensitive to macroeconomic shifts, currency fluctuations, and global geopolitical tensions.** The recent downward trajectory breaks a prolonged bullish cycle, testing key technical levels that institutional investors and retail buyers monitor closely for long-term target price projections toward 2026 and 2027.

### What Lies Ahead

**Market analysts emphasize that future gold price trajectories will heavily depend on upcoming US macroeconomic prints, inflation indices, and central bank reserve adjustments.** Investors seeking entry points are advised to monitor key technical support thresholds on the MCX platform before committing capital ahead of festive demand cycles.

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🏛️ Background Context

Gold has traditionally served as a primary hedge against inflation and currency volatility in Indian households and institutional portfolios, with prices reacting swiftly to US Federal Reserve rate decisions and dollar index movements.

💡 Citizen & Commuter Quick Explainer (FAQ)

Q1: What caused the sharp decline in gold rates this week?

Gold prices fell due to rising crude oil prices, persistent inflation concerns, and expectations of tighter US monetary policy by the Federal Reserve.

Q2: What is the current retail price of 24K gold in Chennai?

Chennai retail 24K gold prices declined by 3.85% to ₹1,42,480 per 10 grams.

Q3: How much did MCX gold futures drop during the session?

Multi Commodity Exchange (MCX) futures dropped approximately 3.5% amid broad-based profit-booking.

Verified Wires: Livemint Markets & Economy Original Wire Dispatch ↗

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