Gold Falls 3.28%, Silver Plunges 7.83% in a Week as Crude Surge Fuels Rate Fears; MCX Gold at Rs 1,42,150

Gold fell 3.28 per cent and silver 7.83 per cent on a weekly basis, IANS reported, as surging crude oil prices revived inflation fears and higher-for-longer rate expectations. MCX December gold closed Friday at Rs 1,42,150 (yaani about Rs 1.42 lakh) per 10 grams and silver at Rs 1,96,100 (yaani about Rs 1.96 lakh) per kg — gold's steepest weekly fall since June — though lower prices drew Dussehra physical buying in India.

Awaaz Punjab Investigations Desk24 October 20263 min readRead in all 3 languages

New Delhi — Gold prices fell 3.28 per cent on a weekly basis and silver prices declined 7.83 per cent this week, as a surge in crude oil prices heightened inflation fears and reinforced expectations that global interest rates will stay higher for longer, IANS reported on Saturday.

Source: IANS via hi INDiA

On Friday, MCX gold futures for December delivery declined 0.81 per cent to Rs 1,42,150 (yaani about Rs 1.42 lakh) per 10 grams, while MCX silver futures for December shed 1.75 per cent to Rs 1,96,100 (yaani about Rs 1.96 lakh) per kilogram, IANS said.

Source: IANS via hi INDiA

-3.28%Gold's weekly fall, IANS market wrap

-7.83%Silver's weekly fall, IANS market wrap

Rs 1,42,150 per 10gMCX December gold futures on Friday (yaani about Rs 1.42 lakh)

Rs 1,96,100 per kgMCX December silver futures on Friday (yaani about Rs 1.96 lakh)

Gold saw its steepest weekly decline since June and slipped below the psychologically important $4,000 per ounce level for the first time since mid-July, analysts cited by IANS said. HDFC Sky, in a separate market report, put spot gold's weekly fall at 3.6 per cent, closing at $4,021.04 per ounce on Friday, with spot silver down about 6 per cent to $53.90 per ounce.

Source: HDFC Sky market report

The selloff in silver intensified amid weakness in US technology stocks, particularly AI-linked companies, which triggered margin calls and forced investors to liquidate precious-metal holdings, IANS reported. Crude oil, meanwhile, surged to multi-month highs following renewed attacks on Saudi energy infrastructure and shipping routes, while the Indian rupee surrendered its early-week gains amid rising oil prices and renewed dollar demand.

Source: IANS via hi INDiA

Lower prices encouraged physical gold purchases in India during the Dussehra festival, providing some underlying demand support, while Chinese jewellery demand remained subdued, IANS said. Markets largely expect the US Federal Reserve to hold rates at its October 27-28 meeting, but traders are pricing about a 78 per cent probability of another hike in December, it added.

Source: IANS via hi INDiA

Sources: IANS weekly precious-metals wrap, October 24, 2026, via hi INDiA and Nation Press; HDFC Sky market report, October 24, 2026.

Source: IANS via hi INDiA