Gold rates in India nosedived sharply on October 30th, despite US Federal Reserve trimming key rates by 25 basis points. On Thursday, 10 grams gold price dropped by Rs 1,910 in 24 carat, and 100 grams gold crashed the most by Rs 19,100. Gold lost momentum even US dollar is under pressure. Despite cutting key rates, FOMC sounded cautious which triggered profit-booking in yellow metal. Similarly, silver rates in India dropped as well.
100 grams gold price crashed by Rs 19,100 to Rs 12,04,900, while 10 grams gold plunged by Rs 1,910 to Rs 1,20,490. Further, 8 grams gold is down by Rs 1,528 to Rs 96,392 and 1 gram gold is lower by Rs 191 to Rs 12,049.
22 Carat Gold Prices:
In this carat, 10 grams gold price dropped by Rs 1,750 to Rs 1,10,450 and 100 grams gold plunged by Rs 17,500 to Rs 11,04,500. Also, 8 grams gold price slipped by Rs 1,400 to Rs 88,360 and 1 gram gold is down by Rs 175 to Rs 11,045.
18 Carat Gold Prices:
Under this carat, 10 grams gold price dipped by Rs 1,430 to Rs 90,370, while 100 grams gold tumbled by Rs 14,300 to Rs 9,03,700. Meanwhile, 8 grams and 1 gram gold rates plummeted by Rs 1,144 and Rs 143 to Rs 72,296 and Rs 9,037 respectively.
"The Fed Chair's cautious tone on further easing triggered profit-taking. Additionally, optimism over upcoming US-China trade talks, where Presidents Trump and Xi may finalize a deal, reduced safe-haven demand," said Rahul Kalantri, VP Commodities, Mehta Equities.
Silver rates in India plunged by Rs 1,000 to Rs 1,51,000 per 1Kg. Furthermore, 100 grams and 10 grams silver rates dropped by Rs 100 and Rs 10 to Rs 15,100 and Rs 1,510 respectively. 8 grams and 1 gram gold price is down by Rs 8 and Re 1 to Rs 1,208 and Rs 151 respectively.
Gold & Silver Prices Outlook Ahead:
"Gold has support at $3900-3860 while resistance at $3995-4040. Silver has support at $46.80-46.15 while resistance is at $48.15-48.80. In INR gold has support at Rs1,20,070-1,19,480 while resistance at Rs1,21,450-1,22,100. Silver has support at Rs1,44,950-1,43,750 while resistance at Rs1,47,240, 1,48,180," said Kalantri.
MCX Gold Price + MCX Silver Price
MCX gold with December 2025 expiry plunged by Rs 588 or 0.49% to trade at Rs 1,20,078 per 10 grams, after hitting an intraday low of Rs 1,18,665 per 10 grams.
Meanwhile, MCX silver with December expiry dropped by Rs 477 or 0.33% to trade at Rs 1,45,604 per 1kg, which was near its intraday low of Rs 1,44,402 per 1Kg.
According to analysts at Axis Securities, Comex Gold slipped more than 0.6% in the last session after Fed Chair Powell warned that a December cut is not a foregone conclusion. His comments reduced market expectations for another 25 bps move and lifted the 10-year Treasury above 4%, increasing the financing cost of holding non-yielding bullion. Meanwhile, progress on a US-China trade framework has pared some safe-haven flows but has not erased the deeper drivers for gold, such as persistent macro uncertainty and worries about currency debasement
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