Gold, silver decline sharply on weekly basis as crude prices rise - DT Next

AI desk brief

Gold fell 3.28% on the week and silver dropped 7.83% as rising crude prices stoked inflation fears and reinforced expectations that global rates will stay higher for longer. On Friday, MCX December gold closed down 0.81% at Rs 1,42,150 and MCX December silver fell 1.75% to Rs 1,96,100/kg; analysts also flagged Comex gold support at $3,970–$4,000 and resistance at $4,070–$4,100, with MCX gold support at Rs 1,40,000–Rs 1,41,000 and resistance at Rs 1,43,000–Rs 1,43,700.

The selloff was amplified by weakness in US tech stocks, which triggered margin calls and forced liquidation across precious metals. Physical buying in India during Dussehra offered some support, but Chinese jewellery demand remained subdued; traders now watch the Oct. 27–28 Fed meeting and next week’s PCE inflation data, with markets pricing about a 78% chance of another rate hike in December.