MCX Gold at ₹1.23 lakh/10 grams, Silver advances nearly 2% on October 23 post festive rush

It retreated by 6.99% from its lifetime high of ₹1,32,294 per 10 grams, which it reached on Friday.

On the MCX, gold futures for the February 2026 expiry climbed by ₹1,228 or 0.99% to an intra-day high of ₹1,24,030 per 10 grams. On Friday, the safe-haven metal had surged to an all-time high of ₹1,34,024 per 10 grams.

On the global front, Comex gold futures for December delivery had risen to a new record of $4,392 per ounce on October 17.

Gold prices retreated from their all-time peaks as the physical demand for the yellow metal eased after the festive rush, analysts said.

Analysts also said that traders will continue to monitor key global indicators, including Chinese data, US consumer confidence, UK inflation, the Federal Reserve’s commentary ahead of the October 28-29 meeting, and provisional PMI data from across regions.

Furthermore, India's gold reserves with the Reserve Bank of India (RBI) crossed $100 billion, reflecting strong institutional interest.

On the MCX, silver futures for the December expiry advanced as much as ₹2,430 or 1.67% to an intra-day high of ₹1,47,988 per kilogram on October 23. However, the white metal contracts fell ₹22,427 or 13.16% from their record high of ₹1,70,415 per kilogram, which it had touched on Friday.

The 13% drop in about four days signals rationalisation in the market after an unprecedented silver rally in the last few weeks.

Comex silver futures for December delivery hit a record of $53.76 per ounce on Friday.

Analysts expect gold and silver to witness some volatility, while broader trends remain positive, supported by macroeconomic uncertainty, central bank buying, and sustained investor interest in precious metals as a hedge against volatility.