Gold and silver prices fell sharply on October 31, 2026, as bears gained a strong grip on the market. Gold dropped to $3,875.70 per ounce, while silver fell to $48.90. Domestic futures also saw losses, with gold at ₹1,38,485 and silver at ₹1,79,132, as both metals test key support levels.
Bears gain more grip on precious metals as the prices continue to fall. Gold ($3,875.70/ounce) and silver ($48.90/ounce) were down 3 per cent and 9.3 per cent respectively.
The yellow metal is now testing a key long-term trendline support whereas silver has a little more room to decline before touching its nearest base..
In the domestic market, gold futures (₹1,38,485/10 gram) lost 2.5 per cent whereas silver futures (₹1,79,132/kg) tumbled 8.5 per cent. Below is an analysis.
MCX-Gold (₹1,38,485)
Gold (Dec) futures breached the support levels at ₹1,41,000 and ₹1,40,000 with ease as the downtrend remained strong.
There are no signs of the decline slowing down. The nearest support is at ₹1,36,500. Given the prevailing price action, the likelihood of a further fall remains high.
However, gold in dollar terms is now testing a crucial support at $3,850. A recovery from this level could help gold futures in the domestic market rebound.
In such a scenario, the contract can rally to ₹1,40,000 and ₹1,41,000. However, for the outlook to turn bullish, gold futures should break above ₹1,50,000.
On the other hand, if gold in international markets slips below $3,850, it could trigger another round of selling. This can drag MCX gold futures to ₹1,36,500 and subsequently to ₹1,33,300.
MCX-Silver (₹1,79,132)
Silver (Dec) futures continued to decline, underperforming gold futures. The price action indicates strong downward momentum, suggesting that further losses are likely.
From the current level, silver futures has its nearest support at ₹1,76,000. The next support is at ₹1,67,000, which coincides with a trendline support.
That said, silver in dollar terms has an immediate support at $48, followed by another at $46. Thus, the $46-48 price band is a crucial support zone.
A recovery from this region could help MCX silver futures rebound, potentially to ₹2,00,000, which can act as a resistance going forward.
However, if silver in international markets extends its decline below $46, it could trigger further selling in the domestic market, potentially dragging MCX silver futures to ₹1,52,000.