Gold prices weakened across domestic markets on the morning of October 30. In Delhi, 24-carat gold was priced at Rs 1,44,090 per 10 grams, while 22-carat gold traded at Rs 1,32,090 per 10 grams. In Mumbai and Kolkata, 24-carat gold was available at Rs 1,43,940 and 22-carat gold at Rs 1,31,940 per 10 grams.
Internationally, gold prices also remained under pressure. Spot gold was trading at approximately $4,008.76 per ounce. A day earlier, gold prices in the global market had declined by more than 1%.
Gold prices varied slightly across major Indian cities on October 30. In Delhi, Jaipur, Lucknow and Chandigarh, 22-carat gold was priced at Rs 1,32,090 per 10 grams, while 24-carat gold stood at Rs 1,44,090 per 10 grams. In Mumbai, Chennai, Kolkata and Hyderabad, 22-carat gold traded at Rs 1,31,940 and 24-carat gold at Rs 1,43,940 per 10 grams. Meanwhile, Ahmedabad and Bhopal recorded prices of Rs 1,31,990 for 22-carat gold and Rs 1,43,990 for 24-carat gold per 10 grams.
Silver prices also witnessed a significant decline alongside gold. On October 30, silver futures on the MCX fell 1.32%, or Rs 2,503, to Rs 1,86,950 per kilogram. Silver had closed at Rs 1,89,453 per kilogram in the previous trading session.
According to the All India Sarafa Association, silver was priced at Rs 1,98,500 per kilogram in Delhi's bullion market, inclusive of all taxes. This highlights the difference between prices in the futures market and the physical bullion market.
In the retail market, silver prices were uniform across several major Indian cities on October 30. Delhi, Mumbai, Kolkata, Chennai, Lucknow, Patna, Jaipur, Ahmedabad, Pune, Bengaluru, Hyderabad, Bhopal, Chandigarh, Noida and Gurugram recorded a silver price of Rs 2,10,000 per kilogram.
Precious metals also faced selling pressure in international markets. On October 30, gold on COMEX was trading approximately 0.68% lower at $4,004 per ounce. Silver prices declined by around 2.07% to $51.295 per ounce. Meanwhile, spot silver was reported at approximately $51.59 per ounce. Continued selling in international markets has also affected domestic bullion prices.
Rising inflation in the United States has increased market concerns over the Federal Reserve's interest rate outlook. Investors are now worried that the US central bank could raise interest rates towards the end of this year. Expectations of higher interest rates reduce the appeal of assets such as gold, which do not generate regular interest income.
However, the Federal Reserve left its benchmark interest rates unchanged at its October 28 meeting. Despite the decision, concerns about a possible rate increase in the coming months continue to weigh on gold prices.
The outlook for silver remains uncertain, with market experts pointing to continued weakness in its daily spot price chart. Silver has been declining since breaking out of a triangle pattern from the $58-per-ounce level in October 2026. The metal has also fallen below its support level of $55 per ounce.
According to experts, silver prices could decline further towards the $48-$50-per-ounce range. If this level is also breached, the next potential range could be $45-$46 per ounce.
However, the Relative Strength Index (RSI) is approaching oversold territory. This suggests that silver could witness some recovery after the prolonged selling pressure. The coming price movements will therefore depend on whether the metal stabilises after its recent decline or continues its downward trend.
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