Gold and silver prices have taken a sharp knock in October, offering some relief to buyers ahead of Dhanteras and Diwali 2026.
On the Multi Commodity Exchange (MCX), gold futures fell around 7% during the month, while silver futures plunged nearly 20% — almost three times gold's decline. The correction has brought prices well below their January 2026 record highs, raising a familiar festive-season question: Is this the right time to buy precious metals, or could prices fall further?
Analysts say the sell-off reflects a combination of rising interest-rate concerns, elevated crude oil prices and pressure across global commodity markets. While lower prices may offer an opportunity for those planning festive or wedding purchases, experts caution that the trend remains weak. Their advice is to avoid investing the entire amount at once and instead accumulate in phases, with greater caution around silver because of its sharper price swings.
MCX gold and silver futures rebounded on Monday, 2 November, recovering from the sharp sell-off towards the end of October as global bullion markets stabilised ahead of Dhanteras and Diwali. December gold futures traded around ₹1,39,065- ₹1,39,179 per 10 grams, gaining around 0.23%-0.42% from the previous close.
Silver outperformed gold, rising over 1.3% to nearly 2%, with MCX futures trading around ₹1,81,611- ₹1,82,701 per kg.