Precious metals, gold and silver, resumed their decline on October 24 after a brief rebound in the previous session, as easing trade tensions prompted traders to reduce their holdings.
On the MCX, gold futures fell ₹2,704 per 10 grams, or 2.2%, to a low of ₹121,400. The metal has dropped in four of the last six sessions due to profit booking, losing 4.42% of its value and on track for its first weekly fall in nine weeks. Similarly, MCX silver futures declined ₹3,432 per kilogram, or 2.3%, to ₹145,080 per kilogram, closing lower in four of the last five sessions and down 11.5% overall.
Jateen Trivedi, VP and Research Analyst at LKP Securities, noted that gold prices remained under pressure as investors booked profits from overbought levels, spurred by optimism over potential US trade deals with India and China, prompting position trimming. Prices have corrected over 3.4% this week, hovering around ₹1,22,000. Ongoing US government shutdowns and trade uncertainties are expected to keep sentiment cautious.
Despite recent declines, gold and silver continue to post strong gains in 2025, with MCX gold up 60% and silver up 67%, driven by geopolitical tensions, economic uncertainty, central bank purchases, tight supply, and strong ETF inflows.
+ There are no comments
Add yours