{
  "type": "article",
  "title": "Gold and Silver Prices Plunge as Crude Oil Rally Sparks Rate Hike Fears, MCX Silver Hits One-Year Low",
  "summary": "Precious metals registered steep losses on MCX and international spot markets on October 23, 2026, driven by surging global crude oil prices and fears of further US Fed rate hikes. MCX silver slumped to a one-year low while gold dropped below key support levels.",
  "content": "Surging global crude oil prices and heightened expectations of further interest rate hikes by the US Federal Reserve triggered a heavy sell-off in precious metals on October 23, 2026. On India's Multi Commodity Exchange (MCX), both gold and silver traded under heavy pressure, with silver suffering the worst decline to hit its lowest level in almost a year. Spot markets worldwide mirrored the downturn as investors reassessed the macroeconomic landscape amid persistent energy crisis concerns.\n\nSharp Sell-Off in Gold and Silver Across Global and MCX Markets\nIn the international spot markets, gold traded near $4,015 per ounce, hovering dangerously close to the psychological threshold of $4,000 per ounce. Spot silver witnessed an even sharper collapse, sinking below $54 per ounce to mark its lowest valuation since November 2025. On Thursday, international silver had plummeted by over 5% in a single session due to escalating fears regarding global growth and sustained high interest rates.\n\nOn the domestic front, overnight trading on the MCX saw silver prices break below the ₹2 lakh per kilogram mark for the first time since December 2025. Meanwhile, MCX gold attempted to steady around the ₹1.43 lakh mark. However, pressure resumed during the opening bell on October 23. MCX silver opened with a steep gap down near ₹196,590 and traded around ₹196,050, down 1.78%, extending its fall below the critical ₹200,000–₹202,000 support zone. During intraday trade, silver sank to a low of ₹1,92,800 per kilogram before consolidating near ₹1.95 lakh, marking an overall loss of nearly ₹4,550 or 2.3%.\n\nMCX gold futures also opened weaker with a gap down near ₹142,060 before recovering marginally to trade around ₹142,450, down 0.60%. Gold hit an intraday low of ₹141,806 per 10 grams, recording a drop of almost ₹1,300 or 0.9%. The decline was largely driven by international spot gold sliding closer to the $4,000 per ounce level.\n\nRising Crude Oil Prices and Geopolitical Tensions Weigh on Metals\nThe primary catalyst behind the sharp drop in precious metal valuations is the surge in global crude oil prices. Ongoing conflict in West Asia has reignited aggressive buying in energy markets. US WTI crude oil jumped 1% to cross the $100 per barrel mark, while Brent crude climbed near $114 per barrel. This surge in oil has revived worries over inflation and an ongoing energy crisis.\n\nWith elevated energy costs threatening to keep inflation high, financial markets increasingly anticipate another interest rate hike by the US Federal Reserve next week. Higher interest rates enhance the yield on US Treasuries and strengthen the US Dollar, thereby reducing the investment appeal of non-yielding assets such as gold and silver. As investors shift capital into dollar-denominated assets and yielding instruments, precious metals face sustained downside momentum.\n\nIn-Depth Technical Analysis for Silver\nProviding technical commentary on the markets, Ponmudi R, CEO of Enrich Money, highlighted that MCX silver has decisively breached its key support band of ₹200,000–₹202,000, turning that zone into immediate resistance. The next layer of technical resistance is positioned between ₹206,000 and ₹208,000.\n\nOn the downside, initial support for silver rests at ₹192,000–₹194,000, with a deeper secondary support zone located between ₹183,000 and ₹185,000. Key technical indicators reflect significant weakness: the Relative Strength Index (RSI) stands near 24, deep in oversold territory, while the Moving Average Convergence Divergence (MACD) remains below its signal line. Ponmudi R noted that while an oversold RSI indicates extreme selling, it alone cannot guarantee a trend reversal, and silver needs to sustain a move back above ₹200,000–₹202,000 to stabilize.\n\nTechnical Outlook for Gold and the Role of Rupee Depreciation\nAnalyzing gold, Ponmudi R observed that MCX gold is outperforming domestic silver and experiencing smaller percentage losses than COMEX gold. This relative strength stems from silver being disproportionately exposed to concerns over weakening industrial demand and broader global economic slowdowns.\n\nTechnically, the ₹143,000–₹143,700 band on MCX gold has shifted from support to immediate resistance, followed by ₹145,300–₹146,000. Downside support is identified at ₹140,000–₹141,000, with a breach potentially exposing the metal to ₹137,500–₹138,300. Gold's RSI sits near 32, approaching oversold levels, while a widening negative MACD histogram points to persistent bearish momentum.\n\nMeanwhile, weakness in the Indian Rupee provided a partial buffer for domestic gold prices. On Thursday, the rupee depreciated by 0.4% against the US Dollar to trade around 94.82. Because a weaker rupee increases the landed cost of imported bullion, it cushioned domestic gold contracts from reflecting the full extent of international price declines.\n\nPerformance of Other Commodities on the MCX\nBroader commodity trends on the MCX were mostly negative on October 23, with most metals trading under notable pressure. Copper and crude oil were the rare gainers, rising by 0.2% and 0.7% respectively.\n\nConversely, silver and natural gas suffered the sharpest declines, each falling by 2%. Cardamom futures dropped 0.5%, while gold, zinc, and lead registered losses ranging between 0.4% and 0.9%, pointing to widespread risk aversion across the commodities space.\n\nWhat this means for you\nThe sharp sell-off in precious metals directly impacts retail jewellery buyers, commodity traders, and retail investors.\n\n• For Retail Buyers in India: Lower gold and silver rates offer relief to consumers planning purchases for weddings and festivals.\n• For Investors: Portfolio values in gold ETFs and physical bullion may decline short-term, but dips present potential entry points for long-term holders.\n• For MCX Traders: Volatility and oversold technical levels necessitate strict risk management and tight stop-loss strategy.\n• Inflation Effect: Crude oil surging beyond $100 per barrel threatens higher fuel and transportation costs across the economy.\n\nWhy this happened\nThe sudden drop in gold and silver stems from geopolitical turbulence in energy markets and macroeconomic rate hike expectations.\n\n• Surging Energy Costs: West Asia conflicts drove WTI crude past $100 and Brent near $114 per barrel, fanning global inflation risks.\n• Fed Rate Hike Fears: Inflation pressures reinforce expectations of a US Fed rate hike, shifting capital toward the dollar and yields over non-yielding bullion.\n• Weak Industrial Sentiment: Silver took a harder hit due to growth slowdown concerns damaging industrial demand forecasts.\n\nQuestions & Answers\n\n1. What was the silver price on MCX on October 23, 2026?\nMCX silver traded around ₹196,050 per kg after touching an intraday low of ₹1,92,800.\n\n2. How low did spot silver drop globally?\nInternational spot silver dropped below $54 per ounce, reaching its lowest level since November 2025.\n\n3. What was the performance of gold on MCX?\nMCX gold fell 0.60% to around ₹142,450 per 10g, with an intraday low of ₹141,806.\n\n4. Why are gold and silver prices falling?\nSpike in crude oil prices past $100/bbl and fears of US Federal Reserve rate hikes reduced investor demand for bullion.",
  "url": "https://trendkia.com/en/money/kachche-tel-ki-bahti-kimaton-se-toote-sona-chandi-mcx-par-chandi-ek-saal-ke-nichle-stard-par-50848",
  "category": "Money",
  "publishedAt": "2026-10-23",
  "tags": [
    "Gold Rates Today",
    "Silver Price Today",
    "MCX Gold",
    "MCX Silver",
    "Crude Oil Prices",
    "Commodity Market",
    "Federal Reserve"
  ],
  "language": "en",
  "site": "TrendKia"
}