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Gold and Silver Prices Fall Sharply: Know What Impacted the Markets Today
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CNBC Awaaz•07-10-2026, 16:38
Gold and Silver Prices Fall Sharply: Know What Impacted the Markets Today
- •On October 7, gold and silver traded lower on the Multi Commodity Exchange, with gold falling 0.52 percent and silver dropping 1.12 percent.
- •Rising crude oil prices and a strong US dollar are increasing inflation concerns and putting downward pressure on precious metals.
- •The Reserve Bank of India hiked the repo rate by 25 basis points to 5.50 percent, creating short-term challenges for gold.
- •Experts note that the gold-silver ratio has reached around 68:1, indicating that gold has recently outperformed silver.
- •Investors are closely monitoring US Federal Reserve policies, treasury yields, and geopolitical developments in West Asia for future price directions.
Key Questions Answered
On October 7, December expiry gold on the MCX traded at around Rs 1.49 lakh per 10 grams, showing a decline of 0.52 percent, while December expiry silver traded around Rs 2.24 lakh per kg, down by 1.12 percent.
The Reserve Bank of India increased the repo rate by 25 basis points to 5.50 percent with a calibrated tightening stance, which experts note can create short-term challenges for gold due to high interest rates.
Prithviraj Kothari notes that technical support for gold is around $4,100 per ounce, while silver's support is near $57 per ounce. Going forward, investor focus will remain on the US dollar, treasury yields, the Fed's policy, and crude oil prices.
