Gold futures tumble ₹13,000 from peak, silver down ₹23,000 from lifetime high ahead of the US Fed meet outcome; check details

Gold futures on Wednesday, October 29, for December expiry slipped to an intraday low of ₹1,19,351 per 10 gram on the Multi Commodity Exchange as investors remain cautious ahead of the US Federal Reserve's monetary policy decision later in the day. The contracts closed at ₹1,19,646 per 10 gram on Tuesday. 

From the peak of ₹1,32,294 per 10 gram, gold futures have fallen by nearly ₹13,000 per 10 gram. 

While the December futures also touched an intraday high of ₹1,21,127 per 10 gram, the contracts have been falling for four consecutive sessions.

However, silver December contracts staged a rebound, rising by over 2% to an intraday high of ₹1,47,547 per kg on the MCX. The contracts closed at ₹1,44,342 per kg on Tuesday. From the lifetime high of ₹1,70,415 per kg, silver futures are down nearly ₹23,000 per kg. 

Globally, Comex gold futures for December delivery were trading lower by $15.9, or 0.4%, at $3,967.2 per ounce, falling for the fourth straight day. Comex silver futures for December delivery increased by 0.32% to $47.47 an ounce.

Gold, silver prices

Gold prices in Delhi closed at ₹1,21,800 per 10 gram on Tuesday, falling by ₹4,100 as easing US-China trade tensions affected the yellow metal’s safe-haven appeal.

Importantly, gold prices in the international markets remained below the psychologically crucial $4,000 per ounce mark on Tuesday.

Spot gold remained under pressure, declining by as much as $94.36 (2.37%) to $3,887.03 per ounce. On Monday, it had tumbled below the $4,000-mark, declining by $132.02 (3.21%).

"Spot gold continues to trade under pressure on reduced safe haven demand due to US-China trade deal optimism," a PTI report quoted Praveen Singh, Head of Commodities and Currencies at Mirae Asset Sharekhan, as saying.

He said outflows from global gold-backed exchange-traded funds (ETFs) fell for the third straight day on October 24, putting more pressure on prices, adding, “Investors are awaiting the US Federal Open Market Committee's policy outcome on Wednesday, where the central bank is widely expected to cut interest rates by 25 basis points.”

Spot silver on Tuesday fell by 2.85% to an intra-day low of $45.56 per ounce.

Gold, as a safe haven asset, rises during geopolitical tensions, market fluctuations, weak currencies and heavy central bank gold buying. In the last few sessions, gold has been falling as the US-China move closer to finalising a trade deal. 

US President Donald Trump and Chinese President Xi Jinping are expected to meet on Thursday at the APEC summit in South Korea to finalise a framework agreement focused on China’s restrictions on rare earths, US tariffs, TikTok, agricultural trade and fentanyl, among other things. 

Despite the fall, precious metals are on track to end with monthly gains and have already jumped over 50% this year. 

RBI gold reserves

Central banks around the world have been buying gold as a hedge against inflation and economic uncertainties. Many countries are reportedly aiming to reduce dependence on the dollar-based global financial system by increasing their gold holdings, especially emerging economies like India and China.

As of September 2025, gold reserves of the Reserve Bank of India (RBI) increased by 25.45 metric tonnes to 880 metric tonnes in the last year. RBI’s gold reserve stood at 854.73 metric tonnes at the end of September 2024.

"As at end-September 2025, the Reserve Bank held 880.18 metric tonnes of gold, of which 575.82 metric tonnes were held domestically," the RBI said in its Half Yearly Report on Management of Foreign Exchange Reserves April-September 2025, released on Tuesday.

In value terms (USD), the share of gold in the total foreign exchange reserves increased to 13.92% by September 2025 from 11.7% at the end of March 2025.