Bullion Slump: MCX Gold Drops Over ₹1,400 to Slip Below ₹1.42 Lakh

• by Akanksha Mishra
• 2026-10-23 17:42:00

Precious metals witnessed sharp declines across domestic derivatives markets on Friday, October 23, 2026, as an unrelenting spike in global crude oil prices and elevated US Treasury yield expectations exerted persistent selling pressure on non-yielding assets. On the Multi Commodity Exchange (MCX), benchmark gold futures opened with a substantial gap-down of ₹1,251 and tumbled past key support barriers to touch an intraday low of ₹1,41,806 per 10 grams. Concurrently, industrial silver futures suffered an even steeper sell-off, dropping over ₹6,700 during morning trade to flirt with the ₹1.92 lakh per kg zone before recording modest technical stabilization above ₹1.93 lakh.

MCX Gold and Silver Tumble: Key Intraday Levels & Price Movements

The domestic commodity derivatives counter saw heavy institutional and retail liquidation right from the opening bell:

MCX Gold Futures Breakdown: The gold October 5 contract began trading on the MCX at ₹1,42,058 per 10 grams, down from its prior close of ₹1,43,309, before plumbing an intraday low of ₹1,41,806 (down 1.04 percent) and settling near ₹1,41,894.

Far-Month Contracts Under Pressure: The February 2026 gold contract dropped by ₹1,498 or 1.03 percent to trade around ₹1,44,437 per 10 grams with an active turnover of 762 lots.

Silver Futures Plunge over 3%: The December 4 silver contract opened at ₹1,96,587 against the previous session’s ₹1,99,599, sliding by as much as ₹6,799 (3.40 percent) to hit an intraday trough of ₹1,92,800 before changing hands around ₹1,93,598.

Technical Outlook: RSI Nears Oversold as Analysts Pinpoint Crucial Support Bands

Commodity market technicians highlight that while momentum indicators are sliding into deep oversold zones, near-term headwinds continue to dictate chart patterns:

Shifting Resistance Thresholds: Ponmudi R, CEO of Enrich Money, observed that the ₹1,43,000–₹1,43,700 band, which earlier served as reliable support, has flipped into immediate overhead resistance, followed by the higher barrier of ₹1,45,300–₹1,46,000.

Crucial Downside Support Targets: Immediate chart support for gold rests between ₹1,40,000 and ₹1,41,000, with a deeper protective safety cushion established in the ₹1,37,500–₹1,38,300 price corridor.

Indicators Signal Oversold Stress: The 14-period Relative Strength Index (RSI) hovering near 32 indicates that prices are approaching extreme oversold territory, though a widening negative MACD histogram suggests that corrective downward momentum is still actively playing out.

International Headwinds: COMEX Spot Gold Drops Below $4,020

The domestic drop mirrored sharp weakness across international commodity exchanges:

COMEX Gold Contract: New York COMEX gold futures dropped 0.73 percent to trade near $4,030.9 per troy ounce.

Spot Bullion Declines: Spot gold prices slipped by $34.31, or 0.85 percent, to hover around $4,010.41 per troy ounce during early international trade.

Macro Triggers: Surging crude oil benchmarks stoked fears of persistent inflation, prompting bond traders to price in sticky global interest rates, which strengthened the US dollar and dampened investment appetite for physical bullion.

City-Wise Retail Bullion Rates: 24K and 22K Gold and Silver Prices Across Metros

Retail physical jewelry rates across major Indian consumption centers reflected the broader correction in wholesale markets:

Delhi: 24-carat gold stood quoted at ₹1,44,520 per 10 grams, while 22-carat hallmark gold was priced at ₹1,32,490 per 10 grams; physical silver stood at ₹2,20,000 per kg.

Mumbai: Consumers paid ₹1,42,480 per 10 grams for 24-carat gold and ₹1,30,600 for 22-carat gold, with silver retailing at ₹2,20,000 per kg.

Kolkata: The 24-carat rate was marked at ₹1,42,480 per 10 grams and 22-carat at ₹1,30,600 per 10 grams, with silver prices holding steady at ₹2,20,000 per kg.

Chennai: 24-carat gold retailed at ₹1,42,480 per 10 grams and 22-carat at ₹1,30,600 per 10 grams; silver commanded a regional premium, trading at ₹2,25,000 per kg.

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