On a Friday morning at the close of October 2025, gold and silver futures on India's Multi Commodity Exchange slipped at the open, as a fragile pause in the US-China trade quarrel and a firm dollar pressed on precious metals. Such dips are a familiar rhythm in markets that answer to distant capitals and central bankers, where a modest trade arrangement can soothe nerves without settling the deeper disputes beneath them. Gold soon steadied, and the broader pattern remained one of steady accumulation by central banks, a quiet foundation that tempers short-term tremors. The day's moves hint at a
Gold and Silver Open Lower on MCX as US-China Truce and Strong Dollar Weigh, Then Recover
Gold dipped to Rs 1,20,880, then turned around
Mark
Gold opened lower but ended up positive. What actually happened?
Mimi
It dipped Rs 360 at the open, touched Rs 1,20,880, then recovered to Rs 1,21,599. Silver did the same: opened down Rs 700, then rose 0.33 per cent.
Mark
Why would a trade truce push gold down?
Mimi
A truce eases anxiety, and gold is often bought as shelter from uncertainty. The strong dollar also weighs on it, with the index above 99 at three-month highs.
Luke
Careful, though. The link between the truce and the dip is the analyst's reading, not something the market confirmed. The report doesn't show causation.
Mark
And the central bank buying?
Mimi
Kalantri cited 220 tons in Q3, led by Kazakhstan and Brazil, as a reason gold held firm.
Luke
That figure is his, with no source named in the piece. It's useful context, but treat it as attributed.
Mark
Why is Chennai's silver so different?
Mimi
Rs 1,65,000 per kg against Rs 1,51,000 elsewhere.
Luke
The report gives no explanation. That's a gap, and I wouldn't guess at it.
Mark
What should readers watch?
Mimi
Whether gold stays above the Rs 1,20,880 support, and whether the truce holds.
Il Polso
- Gold futures opened lower on the MCX, sliding to Rs 1,20,880 before a sharp rebound lifted them back toward Rs 1,21,599.
- A temporary US-China trade truce and a dollar index above 99 at three-month highs pressed on precious metals from every side.
- Silver dropped Rs 700 at the open, touching Rs 1,47,942 before climbing back to Rs 1,49,330 as buyers stepped in.
- Analysts are mapping tight support bands, with gold holding near Rs 1,20,880 and silver near Rs 1,46,750 as the key line to defend.
- Central banks bought 220 tons of gold in the third quarter, and the metal is still on track for monthly gains if the truce holds.
On a Friday morning at the close of October 2025, gold and silver futures on India's Multi Commodity Exchange slipped at the open, as a fragile pause in the US-China trade quarrel and a firm dollar pressed on precious metals. Such dips are a familiar rhythm in markets that answer to distant capitals and central bankers, where a modest trade arrangement can soothe nerves without settling the deeper disputes beneath them. Gold soon steadied, and the broader pattern remained one of steady accumulation by central banks, a quiet foundation that tempers short-term tremors. The day's moves hint at a world still searching for lasting ground, with the metal's price poised between caution and conviction.
Gold futures on the Multi Commodity Exchange opened Friday, October 31, 2025, lower than the day before. The December contract started at Rs 1,21,148 per 10 grams, down Rs 360 from the previous close, and slid to a low of Rs 1,20,880 before turning around. By the time the report was filed, it had recovered to Rs 1,21,599, up modestly on the day.
Silver followed a similar arc. The December contract opened Rs 700 lower at Rs 1,48,140 per kg, dipped to Rs 1,47,942, then climbed to Rs 1,49,330. The early weakness had two sources: a temporary truce in US-China trade tensions, which eased some pressure without resolving the deeper disputes, and a strong dollar, whose index had crossed 99 after the Federal Reserve meeting.
Analyst Rahul Kalantri of Mehta Equities noted that the European Central Bank's decision to hold rates could limit the dollar's gains and support metals. Even with the uncertainty, gold was set for monthly gains, buoyed by central banks that bought 220 tons in the third quarter, led by Kazakhstan and Brazil.
For buyers, retail prices varied by city. In Delhi, 24-carat gold was Rs 1,22,830 per 10 grams, while Chennai was highest at Rs 1,23,280. Silver was Rs 1,51,000 per kg in most cities but Rs 1,65,000 in Chennai.
The session leaves one question open: whether gold can hold Rs 1,20,880, the day's low and the bottom of the analysts' support band, and whether the trade truce endures.
Gold futures on the Multi Commodity Exchange opened the session on Friday, October 31, 2025, lower than they had closed the day before. The December 5 contract started at Rs 1,21,148 per 10 grams, a drop of Rs 360 from the previous close of Rs 1,21,508. It slid further to a low of Rs 1,20,880, then turned around. By the time the report was filed it was trading at Rs 1,21,599, up Rs 91, or 0.07 per cent, on the day.
The February 2026 gold contract told a similar story. It was up Rs 271, or 0.22 per cent, at Rs 1,23,033 per 10 grams, on turnover of 2,323 lots.
Silver followed the same arc. The contract maturing on December 5, 2025, opened Rs 700 lower at Rs 1,48,140 per kg, against a previous close of Rs 1,48,840. It touched a low of Rs 1,47,942 before climbing to Rs 1,49,330, a gain of Rs 490, or 0.33 per cent, over the prior close.
Two forces explain the early weakness. One was a temporary truce in US-China trade tensions. The other was a strong dollar. In international trade, COMEX gold was up 0.05 per cent at roughly USD 4,017.9 per troy ounce. Spot gold, at 11:43 pm, stood at USD 4,007.59 per ounce, down 4.98 points, or 0.14 per cent.
Rahul Kalantri, VP Commodities at Mehta Equities Ltd, laid out the backdrop. The dollar index had crossed 99 and was at three-month highs after the outcome of the Federal Reserve meeting. The European Central Bank held interest rates unchanged, which he said could limit the dollar index's gains and support gold and silver. The modest US-China trade arrangement, covering minerals and soybeans, brought temporary relief but did not remove longer-term uncertainty. Even so, he said, gold held firm and was set for monthly gains as central banks kept buying heavily: 220 tons in the third quarter, led by Kazakhstan and Brazil.
Kalantri also marked the levels he was watching. For international gold, support sits at $3,970-3,940 and resistance at $4,045-4,075. For silver, support is at $48.60-48.25 and resistance at $49.55-50.00. In rupee terms, gold has support at Rs 1,21,470-1,20,880 and resistance at Rs 1,21,990-1,22,500. Silver has support at Rs 1,47,450-1,46,750, with resistance at Rs 1,49,740 and Rs 1,50,880.
For buyers, retail rates differed by city. In Delhi, 24-carat gold was quoted at Rs 1,22,830 per 10 grams and 22-carat at Rs 1,12,600. Mumbai and Kolkata both showed Rs 1,22,680 for 24-carat and Rs 1,12,450 for 22-carat. Chennai was the highest, at Rs 1,23,280 for 24-carat and Rs 1,13,000 for 22-carat.
Silver was Rs 1,51,000 per kg in Delhi, Mumbai and Kolkata. Chennai stood well apart at Rs 1,65,000 per kg.
The session leaves one thing to watch: whether gold holds the Rs 1,20,880 level, which was both the day's low and the bottom of the analyst's support band, and whether the trade truce lasts.
Citazioni salienti
The trade truce brought temporary relief but failed to erase long-term uncertainty, yet gold held firm as central banks kept buying.— Rahul Kalantri, VP Commodities, Mehta Equities Ltd (paraphrased)
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