Market Overview
Aetram India Research reported that international gold prices fell sharply in the last week of October, with the spot price closing near $3,873 per ounce, a 3.03% weekly decline. On the Indian exchange, MCX Gold Futures ended at ₹138,419, down 2.62% for the week.
The drop was attributed to a combination of Federal Reserve expectations of prolonged higher U.S. interest rates, persistent inflation concerns, a firmer dollar, profit‑taking, and a broader liquidation pressure following a technology‑led sell‑off on Wall Street. The research team noted that “the fall in Gold reflects both monetary‑policy pressure and short‑term liquidation,” adding that lower Treasury yields toward week‑end were insufficient to revive bullion momentum.
The U.S. 10‑year Treasury yield finished the week near 4.93%, having fallen about 1.18% over the same period, yet remaining elevated enough to keep interest‑rate sensitivity high for precious metals. The Federal Reserve kept policy rates unchanged during the week, but inflation worries kept expectations of further tightening alive.
Indian Equity Performance
In contrast, Indian equity markets posted a strong rebound. The Sensex closed at 74,459.53, up 1.83%, while the Nifty 50 rose 2.00% to 23,053.10. The Bank Nifty finished at 54,686.95, gaining 0.74%.
Sector‑wise, Pharma led with a 7.09% weekly rise, followed by Realty (+3.77%), Nifty Next 50 (+2.86%), Midcap 50 (+2.78%), and Metal (+2.67%). All major sector indices supplied in the data closed the week higher.
Outlook
Aetram Research highlighted that for the Nifty, the weekly low near 22,400 (later referenced as 23,020) represents a key support zone, while the 23,100–23,200 range (later noted as 23,489) serves as immediate resistance. The near‑term market direction is expected to hinge on earnings momentum, crude‑oil prices, foreign institutional flows, U.S. economic data, and global interest‑rate expectations. The firm maintains a measured outlook, stating that the market remains dependent on global cues, domestic earnings trends, and sector rotation.
About Aetram Trades
Aetram Trades Private Limited is a Chennai‑headquartered brokerage offering trading and investment services across Indian financial markets. It is registered with SEBI (Registration No. INZ000309838) and is a SEBI‑registered Research Analyst (Registration No. INH000024222). The firm holds memberships with NSE (90356), BSE (6832), and MCX (57110), and is registered with AMFI under ARN‑281894. Its registered office is No. 113‑134, Unit No. 308, 3rd Floor, Beta Wing, Raheja Towers, Anna Salai, Chennai, Tamil Nadu 600002. Website: www.aetramtrades.in.
Disclaimer: Investments in the securities market are subject to market risks. Brokerage and charges are subject to change as per the schedule published on the company website. Currency derivatives are permitted for hedging purposes only, as per prevailing regulatory guidelines.
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