Treasured metals, gold and silver, resumed their shedding streak in Friday’s commerce on October 24, following a short rally within the earlier session, as easing commerce tensions prompted bullion merchants to trim their publicity.
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 steel has closed decrease in 4 of the final six periods amid revenue reserving, shedding 4.42% of its worth, and is on observe to submit its first weekly decline in 9 weeks.
Mirroring the identical development, MCX silver futures dropped ₹3,432 per kilogram, or 2.3%, to the day’s low of ₹145,080 per kilogram. The steel has additionally come below heavy promoting strain in current periods, closing decrease in 4 of the final 5 periods and plunging 11.5% total.
The Washington has confirmed that U.S. President Donald Trump and Chinese language President Xi Jinping will meet on October 30, which can have affected sentiment round gold and silver by boosting hopes of easing commerce tensions between the world’s two largest economies.
Commerce tensions between the 2 nations have escalated in current weeks, marked by tit-for-tat retaliatory measures from either side.
Gold costs to stay risky within the close to time period: Professional
Jateen Trivedi, VP and Analysis Analyst for Commodities and Foreign money at LKP Securities, mentioned, “Gold costs remained below strain as revenue reserving prolonged from overbought ranges, with renewed optimism round US commerce offers with India and doubtlessly China prompting traders to trim positions.”
Costs have corrected by over 3.40% this week and are at the moment hovering close to ₹1,22,000. The continuing US authorities shutdown and uncertainty round commerce negotiations are anticipated to maintain sentiment cautious.
Within the close to time period, he expects gold costs to stay risky inside a spread of ₹1,18,000– ₹1,25,500, with a barely unfavorable bias till readability emerges on these macro developments.
Gold, silver nonetheless up over 60% in 2025
Though current revenue reserving has dragged each gold and silver sharply from their current highs, they proceed to commerce with important beneficial properties.
MCX gold costs stay up 60% this yr, pushed by geopolitical tensions, financial uncertainty, expectations of price cuts, sturdy ETF inflows, and sustained central financial institution shopping for.
Silver costs on the MCX have additionally risen 67% in 2025 to date, supported by tight London provide, excessive backwardation, and report lease charges.
Disclaimer: This story is for instructional functions solely. The views and suggestions made above are these of particular person analysts or broking firms, and never of Mint. We advise traders to examine with licensed consultants earlier than making any funding choices.
