Gold Falls Below $4,000; Indian Equities End Weak Week With Cautious Outlook: Aetram Group

Chennai (Tamil Nadu) [India], October 29: Gold declined during the completed trading week, finishing below $4,000 an ounce as a sharp rise in crude oil prices complicated the inflation outlook and expectations for monetary easing. Aetram India Research observed that the precious metal’s retreat, alongside weakness in Indian equities, reflected a difficult week in which defensive demand offered limited protection against broader market pressures.

International spot gold ended the week at $3,994 an ounce, down 4.17%. MCX gold futures closed at ₹1,42,150 per 10 grams, declining 3.95%. The supplied week-ending October 23 data placed the U.S. 10-year Treasury yield near 4.99%, compared with approximately 5.10% previously.

Gold’s decline despite the weekly easing in Treasury yields suggested that lower yields alone were insufficient to restore demand. Brent crude rose 6.78% to $117.39 a barrel, reinforcing concerns about energy-led inflation and the persistence of restrictive interest rates. Aetram India Research viewed gold’s close near its weekly low as evidence of subdued momentum, with a sustained recovery above $4,000 remaining an initial development to watch.

Indian equities also closed the week lower. The Sensex declined 2.15% to 73,123.83, the Nifty 50 lost 2.36% to 22,600.00, and Bank Nifty fell 2.79% to 54,287.35. Information technology registered a modest 0.22% gain, while metals declined 5.40%, media 5.15%, realty 5.04% and energy 4.62%. The breadth of sectoral losses indicated that weakness extended beyond a few heavyweight shares.

Aetram Research maintains a cautious outlook following the broad retreat. The Nifty’s weekly low near 22,372 provides an immediate reference for support, while the weekly high around 23,175 marks an overhead resistance reference. Crude oil prices, U.S. monetary-policy signals and the durability of any recovery in market breadth remain important factors to watch.

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Aetram Trades Private Limited is a Chennai-headquartered brokerage firm offering trading and investment services across Indian financial markets. The company is registered with SEBI (Registration No. INZ000309838) & is also a SEBI Registered Research Analyst (Registration No. INH000024222). The company is also a member of NSE (90356), BSE (6832) and MCX (57110). It is registered with AMFI under ARN-281894. Aetram Trades is a member of MCX and is not a member of NCDEX.

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