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Gold and Silver Plunge as Trade Deal Optimism Returns

Mumbai, October 27, 2024 – Precious metals experienced a sharp decline on Friday, October 24th, as renewed optimism surrounding US trade negotiations with both India and potentially China led investors to reduce their positions in gold and silver.

Gold futures on the Multi Commodity Exchange (MCX) tumbled ₹2,704 per 10 grams, a 2.2% drop, reaching a low of ₹121,400. This marks the fourth decline in the last six sessions, wiping out 4.42% of its value and setting the stage for the first weekly loss in nine weeks.

Silver followed suit, with MCX futures plummeting ₹3,432 per kilogram, or 2.3%, to a low of ₹145,080 per kilogram. Silver has also faced significant selling pressure in recent sessions, with a decline of 11.5% overall.

The renewed optimism stems from confirmation that U.S. President Donald Trump and Chinese President Xi Jinping are scheduled to meet on October 30th, fueling hopes for a potential easing of trade tensions between the world’s two largest economies.

“Gold prices remained under pressure as profit booking extended from overbought levels, with renewed optimism around US trade deals with India and potentially China prompting investors to trim positions,” said Jateen Trivedi, VP and Research Analyst for Commodities and Currency at LKP Securities.

While prices have corrected by over 3.40% this week, currently hovering around ₹1,22,000, the ongoing US government shutdown and uncertainty around trade negotiations are expected to keep sentiment cautious, trivedi also added. He expects gold prices to remain volatile within a range of ₹1,18,000– ₹1,25,500, with a slightly negative bias until clarity emerges on these macro developments.

Despite the recent pullback, both gold and silver remain significantly higher for the year. MCX gold prices are up 60% in 2024, driven by geopolitical tensions, economic uncertainty, expectations of rate cuts, strong ETF inflows, and sustained central bank buying. Silver prices have surged 67% so far this year, supported by tight London supply and record lease rates.

Disclaimer: Investment in precious metals carries risk. Investors are advised to consult with a financial advisor before making any investment decisions.

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