Gold price outlook, Oct. 24 -- Gold prices witnessed a sharp sell-off this week as rising crude oil prices, a stronger US dollar and elevated US Treasury yields weighed on bullion. Renewed inflation concerns and expectations of tighter US monetary policy further pressured precious metals, leading to declines in both MCX futures and retail gold prices in Chennai.

Over the week, MCX gold futures fell around 3.50%, with heavy selling pulling prices down from their previous highs. In Chennai, retail gold prices dropped 3.85%. The price of 24K gold fell by Rs.5,560 per 10 grams, from Rs.1,48,190 to Rs.1,42,480.

On Friday alone, MCX gold futures declined 0.92%, falling Rs.1,315 to settle at around Rs.1,41,994 per 10 grams.

In Chennai, retail...