Silver, gold rates resume losing run, drop over 2% — Check analyst targets and outlook
Precious metals, gold and silver, resumed their losing streak in Friday’s trade on October 24, following a brief rally in the previous session, as easing trade tensions prompted bullion traders to trim their exposure.
Gold futures on the MCX slipped ₹2,704 per 10 grams, or 2.2%, to hit the day’s low of ₹121,400. The yellow metal has closed lower in four of the last six sessions amid profit booking, shedding 4.42% of its value, and is on track to post its first weekly decline in nine weeks.
Silver, gold rates resume losing run, drop over 2% — Check analyst targets and outlook.
Mirroring the same trend, MCX silver futures dropped ₹3,432 per kilogram, or 2.3%, to the day’s low of ₹145,080 per kilogram. The metal has also come under heavy selling pressure in recent sessions, closing lower in four of the last five sessions and plunging 11.5% overall.
The Washington has confirmed that U.S. President Donald Trump and Chinese President Xi Jinping will meet on October 30, which may have affected sentiment around gold and silver by boosting hopes of easing trade tensions between the world’s two largest economies.
Trade tensions between the two nations have escalated in recent weeks, marked by tit-for-tat retaliatory measures from both sides.
Gold prices to remain volatile in the near term: Expert
Jateen Trivedi, VP and Research Analyst for Commodities and Currency at LKP Securities, said, “Gold prices remained under pressure as profit booking extended from overbought levels, with renewed optimism around US trade deals with India and potentially China prompting investors to trim positions.”
Prices have corrected by over 3.40% this week and are currently hovering near ₹1,22,000. The ongoing US government shutdown and uncertainty around trade negotiations are expected to keep sentiment cautious.
In the near term, he expects gold prices to remain volatile within a range of ₹1,18,000– ₹1,25,500, with a slightly negative bias until clarity emerges on these macro developments.
Gold, silver still up over 60% in 2025
Although recent profit booking has dragged both gold and silver sharply from their recent highs, they continue to trade with significant gains.
MCX gold prices remain up 60% this year, driven by geopolitical tensions, economic uncertainty, expectations of rate cuts, strong ETF inflows, and sustained central bank buying.
Silver prices on the MCX have also risen 67% in 2025 so far, supported by tight London supply, extreme backwardation, and record lease rates.
Gold price today: Rates of gold rose on the MCX Thursday (October 23) morning as investors bought the dip witnessed in previous trade. MCX Gold December futures traded 0.89% higher at ₹1,22,938 per 10 grams around 9:08 IST. MCX Silver December contracts were 0.93% up at ₹1,46,915 per kg at that time.
According to Jigar Trivedi, Senior Research Analyst at Reliance Securities, the MCX gold price for December expiry may trade in a range from ₹121,500 to ₹123,000 per kg.
In the global market, gold prices dipped on Thursday, influenced by a stronger dollar as investors anticipated crucial US inflation data scheduled for later this week, which could provide insights into the trajectory of interest rates.
Gold Prices Extend Decline Amid Reduced Safe-Haven Demand
As of 0310 GMT, spot gold declined by 0.2% to $4,084.29 per ounce, while US gold futures for December delivery increased by 0.9% to $4,100.90 per ounce, according to a report from Reuters.
The dollar index advanced by 0.2% against its peers, making gold pricier for those holding other currencies.
“Gold prices fell to around $4,080 per ounce, extending their decline for a third straight session amid continued selling pressure after repeatedly hitting record highs in recent weeks. Optimism over a potential US-China trade deal, ahead of talks between Presidents Trump and Xi Jinping and combined with Trump’s recent more conciliatory remarks toward China, has reduced gold’s safe-haven allure,” said Jigar Trivedi, Senior Research Analyst at Reliance Securities.
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.
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