Gold prices on the Multi Commodity Exchange (MCX) have dropped more than ₹38,600 from their peak of ₹1,80,779 per 10 grams, recorded on 29 January 2026. As of Friday, gold futures settled at ₹1,42,024, marking a 21.43% decline from the record high. The metal has also fallen 4.7% in October, reflecting broader pressure on precious metals.
Market volatility this week was driven by Middle East tensions, rising crude oil prices, and persistent US inflation concerns. Internationally, gold fell around 4%, its steepest weekly decline since June, slipping below $4,000 per ounce for the first time since mid-July. Silver also weakened, trading near $54 per ounce on Friday.
Experts noted that the sell-off was worsened by margin calls in US technology stocks, particularly AI-linked companies, forcing investors to liquidate precious-metal holdings. Despite this, lower prices encouraged physical gold purchases in India during the Dussehra festival, while Chinese demand remained subdued.
Ponmudi R, CEO of Enrich Money, identified ₹1,40,000 as a crucial support level. He suggested that festive demand could support a recovery towards ₹1,48,000, ₹1,52,000 ahead of Diwali but cautioned that broader market trends would remain key drivers. Aamir Makda of Choice Broking expects gold to stay in a consolidation phase or mildly bearish bias, advising staggered accumulation rather than timing the market bottom.