Precious metals gold and silver resumed their losing streak in Friday’s trading session on October 24, as bullion traders remained cautious ahead of the release of US inflation data that could influence how many more times the Federal Reserve cuts rates this year.
Gold futures on the MCX slipped ₹2,704 per 10 grams, or 2.2%, to hit the day’s low of ₹121,400. The yellow metal has closed lower in four of the last six sessions amid profit booking, shedding 4.42% of its value, and is on track to post its first weekly decline in nine weeks.
Mirroring the same trend, MCX silver futures dropped ₹3,432 per kilogram, or 2.3%, to the day’s low of ₹145,080 per kilogram. The metal has also come under heavy selling pressure in recent sessions, closing lower in four of the last five sessions and plunging 11.5% overall.
US inflation data is due later today, having been delayed due to the government shutdown. The release could provide the Federal Reserve’s clearest signal on inflation ahead of next week’s policy meeting. The data is expected to show that core inflation held steady at 3.1% in September, Reuters reported.
Non-yielding precious metals generally perform better in a low-interest-rate environment.
Meanwhile, Washington has confirmed that U.S. President Donald Trump and Chinese President Xi Jinping will meet on October 30, which may have affected sentiment around gold by boosting hopes of easing trade tensions between the world’s two largest economies.
Gold prices to remain volatile in the near term: Expert
Jateen Trivedi, VP and Research Analyst for Commodities and Currency at LKP Securities, said, “Gold prices remained under pressure as profit booking extended from overbought levels, with renewed optimism around US trade deals with India and potentially China prompting investors to trim positions.”
Prices have corrected by over 3.40% this week and are currently hovering near ₹1,22,000, as traders await key US CPI data due later in the evening, which is likely to add to market volatility.
The ongoing US government shutdown and uncertainty around trade negotiations are expected to keep sentiment cautious. In the near term, he expects gold prices to remain volatile within a range of ₹1,18,000– ₹1,25,500, with a slightly negative bias until clarity emerges on these macro developments.
Gold, silver still up over 60% in 2025
Although recent profit booking has dragged both gold and silver sharply from their recent highs, they continue to trade with significant gains.
MCX gold prices remain up 60% this year, driven by geopolitical tensions, economic uncertainty, expectations of rate cuts, strong ETF inflows, and sustained central bank buying.
Silver prices on the MCX have also risen 67% in 2025 so far, supported by tight London supply, extreme backwardation, and record lease rates.
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