New Delhi, October 30, 2026 (Yes Punjab News)
Gold and silver prices declined sharply on Friday, with silver falling more than 2 per cent on the Multi Commodity Exchange (MCX), as expectations of higher US interest rates kept precious metals under pressure ahead of Dhanteras and Diwali buying.
Silver futures dropped by as much as ₹4,282, or 2.26 per cent, to an intraday low of ₹1,85,171 per kg. At around 12.20 pm, the metal was trading at ₹1,85,500, down ₹3,953, or approximately 2 per cent.
Gold futures for December delivery fell 0.63 per cent, or ₹911, to an intraday low of ₹1,41,685 per 10 grams. At the same time, gold was quoted at ₹1,41,800, down ₹796, or 0.56 per cent, from its previous close.
The decline comes as consumers prepare for festive purchases, potentially offering some relief to buyers planning to purchase jewellery and bullion.
In international markets, spot gold slipped 0.7 per cent to around $3,991 per ounce, while spot silver declined 1.6 per cent to $51.27 per ounce.
Market experts attributed the weakness to the US Federal Reserve’s hawkish stance. The central bank kept its interest rates unchanged in the 3.75–4 per cent range in a 10-2 vote, while policymakers continued to flag concerns over persistent inflation. Two members reportedly favoured a rate hike.
Strong economic indicators released after the Fed’s decision have further strengthened expectations that borrowing costs could remain elevated for longer.
Commodity experts said gold was approaching a key support range of ₹1.40 lakh to ₹1.41 lakh per 10 grams. A decisive fall below this level could push prices towards ₹1.37 lakh–₹1.38 lakh. For silver, the next major support zone is seen at ₹1.83 lakh–₹1.85 lakh per kg.
Analysts said the correction could offer opportunities for long-term investors and festive buyers, while cautioning that the near-term trend would depend on the Fed’s policy outlook, the US dollar, Treasury yields and crude oil prices.
Crude prices are also being closely watched amid geopolitical tensions in West Asia, developments involving Iran and concerns over possible supply disruptions.
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