Overview
- Global spot prices slid sharply on Oct. 30–31, with spot gold about $3,897 an ounce and silver trading under $50, marking roughly a one‑year low for gold and an 11‑month low for silver.
- Markets have priced a materially higher chance of a December Federal Reserve rate increase after stronger US inflation prints, which raises the opportunity cost of holding non‑yielding assets like gold and silver.
- A late‑October sell‑off in technology stocks, margin‑driven liquidations and stretched technical indicators accelerated selling in precious metals and pushed white metals into oversold territory.
- Domestic benchmarks tracked the drop: MCX gold traded near Rs 1.42 lakh per 10 grams on Oct. 30 and Pakistan per‑tola rates fell toward Rs 409,736 by Oct. 31, prompting advisers to recommend staggered or wait‑for‑stability buying for consumers.
- Silver has plunged roughly 58% from its Jan. 29 COMEX peak of $121.67, analysts say near‑term technical support sits around $48–53 for silver and $3,950–4,100 for gold and that crude oil moves, Fed signals and geopolitical tensions will determine the next leg of price action.