Gold price today: MCX gold slides for second straight session on easing US-China trade tensions

Gold prices continued to grind lower during Monday's trading session, October 27, extending losses after ending a nine-week winning streak amid progress in trade talks between the U.S. and China, which lowered the appeal of the precious metal.

The December futures contract on the MCX opened lower at ₹1,22,500 per 10 grams, and the sell-off deepened during the evening session, dragging prices to the day’s low of ₹120,330, a fall of ₹3,121, or 2.51%, from Friday’s close.

Today’s decline also marked the second consecutive drop in the yellow metal after last week’s sharp 2.8% plunge, its steepest weekly fall since June 2025.

Improving US-China ties dull gold’s shine

A trade deal between the U.S. and China appears to be drawing closer, with officials from both sides saying on Sunday that they had reached an initial consensus for President Donald Trump and Chinese leader Xi Jinping to finalize during their upcoming high-stakes meeting.

US Treasury Secretary Scott Bessent said that U.S. and Chinese officials had worked out a “substantial framework” for a trade deal that would avert 100% U.S. tariffs on Chinese goods and delay China’s planned rare-earth export controls ahead of this week’s trade discussions.

Meanwhile, US President Donald Trump said Monday that Washington and Beijing were poised to “come away with” a trade deal ahead of his expected meeting with Xi Jinping. Speaking aboard Air Force One en route to Japan from Malaysia, Trump added that he could sign a final deal on TikTok as early as Thursday, according to media reports.

Trump is set to meet Chinese President Xi Jinping on Thursday as part of his trip to Asia.

Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.