Gold prices slip over Rs 3,000 per 10 grams as global sentiment turns weak

Mumbai, Oct 28 The downward trend in gold prices continued on Tuesday, with rates falling close to Rs 1.18 lakh per 10 grams amid weak global cues and renewed optimism over trade talks between the US and China.

According to the India Bullion and Jewellers Association (IBJA), the price of 10 grams of 24-carat gold dropped by Rs 3,034 to Rs 1,18,043, compared to Rs 1,21,077 in the previous session. Similarly, 22-carat gold slipped to Rs 1,08,127 per 10 grams from Rs 1,10,907, while 18-carat gold fell to Rs 88,532 from Rs 90,809.

Silver prices also declined sharply, falling by Rs 3,135 to Rs 1,41,896 per kg, against Rs 1,45,031 earlier. IBJA releases gold and silver prices twice a day — at 12 noon and 5 p.m.

"After a spectacular rally from Rs 110,000 to Rs 170,000 per kg, Silver has formed a textbook Head and Shoulders pattern, a well-known reversal formation that typically signals exhaustion after a sharp uptrend. Prices have already broken below the neckline, with current levels near Rs 1,40,000 coinciding almost perfectly with the 50 per cent Fibonacci retracement of the prior rally," said SAMCO Securities.

Futures on the Multi-Commodity Exchange (MCX) mirrored the weakness in the spot market. The December 5, 2025, gold contract fell 1.87 per cent to Rs 1,18,700, while the silver contract for the same expiry slipped 0.74 per cent to Rs 1,42,301.

"Gold traded weak by another Rs 2,500 at Rs 1,18,450 per 10 grams as sentiment turned negative following renewed optimism around a possible US-China trade deal. The focus now shifts to the US Fed’s interest rate decision on Wednesday night, which will guide the next leg of the trend. Gold remains under pressure with key support at Rs 1,16,500–Rs 1,18,000, while resistance is seen near Rs 1,21,000–Rs 1,22,000," Jateen Trivedi of LKP Securities.

In the international market, gold prices were down 1.98 per cent at $3,939 per ounce on Comex, while silver traded 0.52 per cent lower at $46.53 per ounce.

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