Gold Prices Crash ₹3,200 To ₹1.42 Lakh, Silver Plunges ₹4,200 Amid Fed Rate Fears

Gold and silver prices experienced a significant decline in New Delhi on Saturday, October 31, as concerns over the US Federal Reserve's interest rate decisions, rising crude oil prices, and inflation fears weighed on the precious metals. Gold prices fell ₹3,200 to ₹1,42,000 per 10 grams, while silver prices dropped ₹4,200 to ₹1,86,000 per kilogram, according to the All India Sarafa Association.

Both prices include taxes. The decline follows a sharp drop in September, with gold losing ₹11,600 and silver falling ₹13,500 from their August-end levels. Analysts attribute the correction to the global market slide, where international bullion markets witnessed heavy selling pressure, with spot gold plunging nearly 4% and silver declining 6%.

Despite the downward trend, Rajeev Sharan, Head of Research at Brickwork Ratings, described the decline as a healthy correction rather than a reversal of the broader trend. He noted that festive and wedding-related purchases in India, alongside continued central bank buying, could support gold prices, while silver's industrial demand from solar panels and electronics may provide support, although volatility could persist.

Brief written by urgent.news from Free Press Journal's own syndicated text. Machine-written — may contain errors; check the original before relying on it.