Gold, Silver Prices Today: MCX Rates Fall Before Dhanteras
Gold fell to Rs 1,41,685 and silver lost over Rs 4,000 per kg on MCX after the Fed’s hawkish pause. Check today’s rates, key support levels and festive outlook.
“Gold, Silver Prices Today: MCX Rates Fall Before Dhanteras”
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30 Oct 2026
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Gold, Silver Prices Today: MCX Rates Fall Before Dhanteras
Key Highlights
Silver hit hardest: MCX silver fell Rs 4,282 (2.26%) to an intraday low of Rs 1,85,171 per kg.
Gold under pressure: December gold futures fell Rs 911 (0.63%) to an intraday low of Rs 1,41,685 per 10 grams.
Fed trigger: The US Federal Reserve held rates at 3.75–4% in a 10-2 vote, and two policymakers reportedly wanted a hike.
Festive relief: The dip comes just before Dhanteras and Diwali, so buyers may get better prices.
Levels to watch: Gold support is at Rs 1.40–1.41 lakh and silver support at Rs 1.83–1.85 lakh.
New Delhi, Oct 30: Gold and silver prices fell up to 2 per cent on Friday as traders priced in the chance of another US interest rate hike. The fall comes just as Indian households prepare for Dhanteras and Diwali shopping, the busiest buying season of the year.
On the Multi Commodity Exchange (MCX), silver fell the most. It dropped Rs 4,282, or 2.26 per cent, to an intraday low of Rs 1,85,171 per kg. At last count, the white metal was at Rs 1,85,500, down Rs 3,953, or about 2 per cent.
December gold futures fell as much as 0.63 per cent, or Rs 911, to an intraday low of Rs 1,41,685 per 10 grams. At around 12:20 pm, the yellow metal was trading at Rs 1,41,800, down Rs 796, or 0.56 per cent, from its previous close.
Global prices fell too. Spot gold slipped 0.7 per cent to around $3,991 per ounce, and spot silver declined 1.6 per cent to $51.27 per ounce.
According to market experts, precious metals are under pressure after a hawkish pause by the US Federal Reserve. It kept interest rates unchanged at 3.75–4 per cent in a 10-2 vote, and policymakers said they were still worried about high inflation. Fed Chair Kevin Warsh indicated that inflation remains stubbornly high, while two policymakers reportedly voted for a rate hike.
Since the announcement, strong US economic data has added to the view that borrowing costs will stay higher for longer. Gold pays no interest, so it usually loses appeal when that happens.
For Indian consumers, the timing helps. Demand for jewellery, coins and bars rises sharply around Dhanteras, which is traditionally considered an auspicious day to buy precious metals. Silver's steep fall of over Rs 4,000 per kg could bring more buyers into the market, especially those buying coins, utensils and gifts.
Silver has now corrected significantly from its historic peak. This shows how quickly bullion can swing when global rate expectations change. Jewellers who stocked up at higher levels may need to adjust their festive pricing. Retail buyers who waited may now find better prices.
What Experts Say: Key Levels to Watch
"Gold is currently approaching a crucial support zone between Rs 1.40 lakh and Rs 1.41 lakh per 10 grams. A decisive break below this range could drag prices towards Rs 1.37-1.38 lakh," commodity experts said.
For silver, experts see the next major support in the Rs 1.83–1.85 lakh per kg range.
Analysts believe current levels may be attractive for long-term investors and festive buyers. However, they warn that the near-term direction depends mainly on the Fed's policy outlook, the US dollar index, Treasury yields and crude oil prices. Crude is also in focus because of rising geopolitical tensions in West Asia, developments involving Iran and fears of supply disruptions. Any of these could quickly reverse the current trend.
Buyers may want to buy in stages rather than all at once. If the Fed's tone stays hawkish, prices could fall further.