Precious metals faced significant downward pressure on October 31, 2026, as gold and silver prices continued their decline. Gold dropped 3% to $3,875.70 per ounce, while silver tumbled 9.3% to $48.90 per ounce. The yellow metal is now testing a key long-term trendline support, whereas silver has a bit more room before reaching its nearest base.
In the domestic market, gold futures (₹1,38,485/10 gram) lost 2.5%, and silver futures (₹1,79,132/kg) fell 8.5%. MCX-Gold (Dec) futures breached support levels at ₹1,41,000 and ₹1,40,000, with no signs of the decline slowing. The nearest support is now at ₹1,36,500, and a further fall remains likely. However, if gold in dollar terms recovers from its crucial support at $3,850, it could help domestic gold futures rebound to ₹1,40,000 or ₹1,41,000.
MCX-Silver (Dec) futures continued to decline, underperforming gold futures. The nearest support for silver futures is at ₹1,76,000, followed by ₹1,67,000. In dollar terms, silver has immediate support at $48, with another at $46. A recovery from this zone could push MCX silver futures up to ₹2,00,000, but a drop below $46 could trigger further selling, potentially dragging prices to ₹1,52,000.