Crashed! MCX Gold Price Down Rs 1,639 & MCX Silver Fell Rs 2,732 On Oct-24; What Will Push Gold Up Or Down?

Gold and silver rates crashed sharply on October 24th, as investors booked profits due to renewed optimism over a potential US-China trade deal. Also, the US dollar rally impacted precious metals. Gold rate at MCX dropped by Rs 1,639 per 10 grams on Friday, while MCX silver plunged by a whopping Rs 2,732. The outlook for precious metals looks volatile ahead.

Two factors could potentially lead to a fall or rise in gold rates in India. A successful agreement between the US and China is a spoilsport for gold and silver prices, but an escalation between US and Russian tensions due to the matter of the Ukraine war could contribute as positive factor for gold which is seen as safe haven amidst geopolitical risks.

MCX Gold Price:

At the time of writing, MCX gold traded at Rs 1,22,850 per 10 grams, down by Rs 1,254 or 1.01%. However, the bullion with December 2025 expiry, has overall plunged by Rs 1,639 after hitting an intraday low of Rs 1,22,465 per 10 grams, compared to the previous day's print of Rs 1,24,104 per 10 grams.

The MCX gold price with November 2025 also slipped by Rs 1,353 or 1.10% to trade at Rs 1,21,952 per 10 grams, which is near its intraday low of Rs 1,21,719 per 10 grams.

MCX Silver Price:

The MCX silver with December 2025 expiry, has overall nosedived by Rs 2,732 on October 24 by hitting an intraday low of Rs 1,45,780 per 1kg. The current trading price is of Rs 1,46,397 per 1kg, which is down by Rs 2,115 or 1.42%.

Why Gold & Silver Prices Are Falling?

As per Darshan Desai, CEO - Aspect Bullion & Refinery, gold prices are set to break their nine-week winning streak after a sharp decline from recent highs. The drop comes as investors book profits amid stretched valuations, renewed optimism over a potential US-China trade deal, and a stronger US dollar.

Along the similar lines, Axis Securities note explained that market participants are now focused on the upcoming U.S.-China trade talks, which could potentially reduce safe-haven demand for the precious metal.

What Will Impact Gold & Silver Rates?

Looking ahead, Desai added, looking ahead, markets will focus on the release of US CPI data later, updates on the US government shutdown, and next week's meeting between US President Donald Trump and Chinese President Xi Jinping. A successful trade agreement between the two nations could put additional downward pressure on gold prices, while any escalation in US-Russia tensions or sanctions could help support prices at lower levels."

Should You Buy Or Sell Gold & Silver In India?

Analysts at Nirmal Bang in their technical report dated October 24th said, gold prices are expected to correct. Traders can sell at 125000 with a stop loss of 125700 for the target at 124000- 123000. Traders can also buy 122500 with a stop loss of 122000.

Furthermore, analysts added, silver prices are expected to correct. One can sell at 150500 with a stop loss of 152000 for the target at 148000-145000. Traders can buy at 146000 with a stop loss of 144000.

Spot Gold Price + Spot Silver Price

Spot Gold prices fell below $4,100 per ounce on Friday, on track to end its nine-week winning streak, pressured by heavy selling after repeatedly hitting record highs in recent sessions. The metal dropped more than 5% early in the week, marking its largest intraday loss in five years, as per Trading Economics.

Also, spot silver price dropped to around $48.6 per ounce, leading to lose over 6% for the current week.

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