The yellow metal witnessed an intra-day low of ₹1,17,628 per 10g on October 28. Both global and domestic markets witnessed a major correction early in the week, ending a nine-week rally. This was due to easing geopolitical tensions, a stronger US dollar, and profit-booking by investors. "Heavy profit-booking pushed global gold down from recent highs to test the $1,900 an ounce level," said Sneha Jain of WealthTrust Capital Services.

The strength of the US dollar also played a role in gold's decline. Jain explained, "The US dollar Index surged... after the Fed's comments, making dollar-priced gold more expensive for foreign buyers and triggering selling." Rising bond yields earlier in the week also made non-yielding bullion less attractive. In international markets, Comex gold futures for December delivery fell by $141.3 or 3.41% during the week to settle at $1,996.5 per ounce on Friday.