Gold and silver prices fall in October ahead of Dhanteras
Gold futures fell around 7 per cent and silver futures plunged nearly 20 per cent on the Multi Commodity Exchange during October.
Gold and silver prices saw a significant decline in October, according to reports by Mint and Financial Express. On the Multi Commodity Exchange (MCX), gold futures fell approximately 7 per cent during the month, while silver futures dropped nearly 20 per cent.
The price correction comes after gold hit a record high of Rs 1,76,306 per 10 grams on January 29, 2026. On November 2, 2026, MCX spot gold was trading around Rs 1,37,330 per 10 grams, which is about 22.1 per cent below its peak.
Gaurav Arora, Head of Research at SAHI, said expectations of higher US interest rates have pressured gold. He noted that elevated crude oil prices are also adding to inflation concerns. Arora identified Rs 1,38,250 per 10 grams as an immediate support level for gold and Rs 1,78,800 per kg for silver.
Vandana Bharti, Head of Commodity Research at SMC Global Securities, believes these corrections can create opportunities for long-term accumulators. She projected that domestic gold prices could move towards Rs 1.65 lakh to Rs 1.80 lakh per 10 grams by 2027.
Kaveri More, Commodity Technical Analyst at Choice Broking, said the lower prices could benefit consumers planning festive or wedding purchases. However, she cautioned against treating the correction as a confirmed market bottom and recommended staggered buying instead of lump-sum investments.