Gold, Silver Prices Fall For Third Consecutive Session; Silver Loses ₹30,000 Per Kg Since September 30

New Delhi witnessed a third consecutive day of declining prices for gold and silver on October 23. The 99.9% pure gold saw a decrease of Rs 1,900, reaching Rs 1,46,100 per 10 grams, inclusive of taxes, from its previous closing level of Rs 1,48,000 per 10 grams, as reported by the All India Sarafa Association. Silver, on the other hand, dropped by Rs 5,500, now trading at Rs 2,02,000 per kilogram, marking its third consecutive day of decline.

This price drop reflects mounting pressure on the metal, with silver losing Rs 30,000 or 13% since September 30, according to Saumil Gandhi, Senior Analyst of Commodities at HDFC Securities.

Pinkie Yadav, Commodity - Fundamental Analyst at Choice Broking, attributed the decline to a broader selloff in the commodity markets, a stronger US dollar, and rising bond yields. She also noted the impact of persistent inflation fears driven by escalating geopolitical tensions in West Asia, which have led to a higher crude oil price nearing USD 115 per barrel, thus increasing the likelihood of sustained high interest rates and further pressure on prices.

The Indian economy, however, remains resilient despite global uncertainty, according to an RBI bulletin, and the IMF has raised its growth forecast for FY27 to 7%.

Spot gold slipped below USD 4,000 per ounce, recovering to trade flat at USD 4,024.37 per ounce, while silver dropped 1.41% to USD 53.83 per ounce. In overseas markets, spot gold hit a fresh cycle low of USD 3,986 per ounce, while silver decreased by 1.41% to USD 53.83 per ounce. Praveen Singh, Head of Commodities at Mirae Asset Sharekhan, highlighted that the dollar index and Treasury yields remained slightly firmer as Brent oil futures were elevated.