Rates crash: Gold price slips 7%, silver tanks 20% in Oct: Is Dhanteras 2026 right time to buy? What should investors do - TradingView

AI desk brief

Gold and silver sold off sharply in October on the MCX, with gold down about 7% and silver nearly 20%, before rebounding on 2 November as markets stabilized ahead of Dhanteras/Diwali. December gold traded around Rs 1,39,065-1,39,179 per 10g and silver around Rs 1,81,611-1,82,701/kg, with near-term support seen at Rs 1,38,250 for gold and Rs 1,78,800 for silver.

Analysts tie the weakness to higher US rate expectations, elevated crude oil and broader commodity pressure; one cited Fed hold at 3.75%-4.0% with two policymakers voting for a hike and markets pricing another possible move in December. Views remain cautious: some see the correction as a staggered-buying opportunity for festive demand, but silver is flagged as the riskier leg due to greater volatility and industrial demand exposure, while gold retains structural support from central-bank buying, geopolitics and inflation hedging.