MCX Gold futures slip past ₹1.2 lakh per 10-gram mark; Silver also declines on October 28

The safe-haven contract for the March 2026 expiry also fell below the ₹1.2 lakh per 10-gram mark. It declined as much as ₹3,668 or 3% to the day’s low of ₹1,18,631 per 10 grams.

In the overseas markets, both gold spot and futures were trading below the $4,000 per ounce mark, with Comex gold slipping below the level for the first time in three weeks on Tuesday.

It tracked weakness in global bullion markets as US President Donald Trump signed trade and rare earths agreements with Japan’s Prime Minister Sanae Takaichi during his visit to Tokyo on an Asia trip.

Furthermore, there’s a growing optimism over a potential US-China trade deal, and hopes of a rate cut by the Federal Reserve, which has been weighing on the yellow metal.

"Gold prices continue to decline as safe-haven demand weakens amid optimism over a potential US-China trade deal and a stronger US dollar," Darshan Desai, CEO of Aspect Bullion & Refinery, told PTI.

On the MCX, silver futures for December delivery slipped past the ₹1.4 lakh per kilogram mark and were trading at an intra-day low of ₹1,39,306 per kilogram.

White metal futures for the March 2026 expiry fell as much as ₹4,946 or 3.41% to the day’s low of ₹1,40,100 per kilogram on the MCX.

Globally, Comex silver declined past the critical $50 per troy ounce mark to hit its four-week low of $45.5 per troy ounce, the lowest since September 2025.