Precious metals faced significant downward pressure on October 31, 2026, as gold and silver prices continued to decline. Gold dropped 3% to $3,875.70 per ounce, while silver tumbled 9.3% to $48.90 per ounce. In the domestic market, gold futures fell 2.5% to ₹1,38,485 per 10 grams, and silver futures plummeted 8.5% to ₹1,79,132 per kilogram.
Gold is currently testing a key long-term trendline support at $3,850. A recovery from this level could help gold futures rebound to ₹1,40,000 or ₹1,41,000. However, a breach below $3,850 could trigger further selling, potentially dragging gold futures down to ₹1,36,500 or even ₹1,33,300.
Silver futures also showed strong downward momentum, with the nearest support at ₹1,76,000 and another at ₹1,67,000. In dollar terms, silver has immediate support at $48, followed by $46. A recovery from the $46-48 band could push silver futures up to ₹2,00,000, but a drop below $46 could lead to further declines, potentially reaching ₹1,52,000.
The overall outlook remains bearish for both metals, with no immediate signs of a slowdown in the decline. The next few days will be crucial in determining whether these support levels hold or if further selling pressure emerges.