New Delhi, October 24, 2026 (Yes Punjab News)
Gold and silver prices recorded sharp weekly declines as rising crude oil prices intensified inflation concerns and strengthened expectations that global interest rates could remain elevated for longer.
Gold prices fell 3.28 per cent over the week, while silver registered a steeper decline of 7.83 per cent. The selling pressure gathered momentum as investors reassessed the outlook for inflation and monetary policy.
On Friday, December gold futures on the Multi Commodity Exchange (MCX) declined 0.81 per cent to Rs 1,42,150, while December silver futures fell 1.75 per cent to Rs 1,96,100 per kg.
Gold recorded its steepest weekly decline since June and slipped below the psychologically significant $4,000-per-ounce mark for the first time since mid-July, according to market analysts.
Silver faced additional pressure from weakness in US technology stocks, particularly companies linked to artificial intelligence. The decline reportedly triggered margin calls, forcing some investors to liquidate their precious-metal holdings.
Meanwhile, crude oil prices climbed to multi-month highs following renewed attacks on Saudi energy infrastructure and shipping routes. Higher oil prices also weighed on the Indian rupee, which surrendered its early-week gains amid renewed demand for the US dollar.
Lower gold prices encouraged physical purchases in India during the Dussehra festival, providing some support. However, demand for jewellery in China remained subdued.
Markets are also monitoring the US Federal Reserve’s October 27–28 policy meeting. While investors largely expect rates to remain unchanged, expectations of another rate hike in December remain elevated, with traders pricing in an approximately 78 per cent probability.
The upcoming US Personal Consumption Expenditures report is expected to provide further clues about inflation and the interest-rate outlook.
For gold, analysts have identified resistance at $4,070–$4,100 per ounce on COMEX, while support lies at $3,970–$4,000. On the MCX, resistance is placed at Rs 1,43,000–Rs 1,43,700, with support at Rs 1,40,000–Rs 1,41,000.
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