MCX Gold, Silver futures fall on October 27; here’s how much the precious metals have declined

Yellow metal prices for the February 2026 expiry stood at ₹1,23,000 per 10 grams, down ₹1,536 or 1.23% on the MCX.

It tracked weakness in global bullion markets as growing optimism over a potential US-China trade deal and a strong dollar weighed on the safe-haven asset.

Analysts expect the safe-haven metal prices to witness some consolidation in the domestic markets this week as investors brace for a series of key central bank meetings and global trade developments.

Investors will follow the US Federal Reserve's (Fed) policy outcome and remarks from Fed Chair Jerome Powell for cues on the interest rate decision.

The US President Donald Trump and his Chinese counterpart Xi Jinping's meeting in South Korea, and the European Central Bank's policy review on Thursday are also expected to steer the trajectory of precious metal prices, they added.

After two days of discussions in Malaysia, top negotiators from both Washington and Beijing reached a preliminary consensus on key issues including export controls, fentanyl trafficking, agricultural trade, and shipping levies.

The talks paved the way for President Donald Trump and Xi Jinping to finalise a deal during their meeting in South Korea later this week.

On the MCX, yellow metal futures for December delivery fell by ₹3,557, or 2.80%, during a holiday-shortened last week. The gold price closed in the red for the first time in ten trading weeks, on the back of profit booking, a stronger US dollar, and weakening physical demand in India and China, after it touched an all-time high.

On the global front, Comex gold futures dropped $75.5, or 1.8%, over the previous week. The yellow metal hit an all-time high of $4,398 per ounce on Monday but tumbled by $266.4, or 6.11%, on Tuesday, marking its biggest one-day fall in over a decade.

On the MCX, silver futures for the December expiry fell as much as ₹4,560 or 3.09% to the day’s low of ₹1,42,910 per kilogram.

The white-metal future for the March 2026 expiry was trading 1.44% or ₹2,150 lower at ₹1,46,766 per kilogram.

Last week, silver, which outshone gold during the recent rally, faced a steeper correction as speculative positions unwound across global markets.

In the global markets, Comex silver futures hit a record of $53.76 per ounce. Thereafter, the white metal retreated to touch an intraday low of $49.66 per ounce, down by 7% on October 17.

Further, it fell by over 8%, marking their steepest single-day drop since 2021, and touched a low of $47.12 per ounce on October 21.