Silver, gold rates resume losing run, drop over 2% — Check analyst targets and outlook

Precious metals, gold and silver, resumed their losing streak in Friday’s trade on October 24, following a brief rally in the previous session, as easing trade tensions prompted bullion traders to trim their exposure.

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.

The 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 and silver by boosting hopes of easing trade tensions between the world’s two largest economies.

Trade tensions between the two nations have escalated in recent weeks, marked by tit-for-tat retaliatory measures from both sides.

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. 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.

Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.