Gold and silver futures experienced declines for the third consecutive session on Tuesday, amid a technical glitch that delayed trading operations at the Multi-Commodity Exchange (MCX).
The MCX reported that the trading commencement was postponed due to the technical issue, leading to a shift of operations to its Disaster Recovery site. Trading eventually began at 1:25 PM, with the exchange confirming that all trading systems are now functioning normally.
On the MCX, the December contract for gold plummeted by ₹2,214, or 1.83 percent, reaching ₹1,18,743 per 10 grams with a turnover of 13,086 lots. The February 2026 contract also saw a significant drop, falling by ₹2,650, or 2.17 percent, to ₹1,19,649 per 10 grams in 1,953 lots. The previously most-active December contract had peaked at a record high of ₹1,32,294 per 10 grams on October 17, but has since decreased by ₹13,794 per 10 grams—marking a decline of 10.43 percent.
Silver futures for December delivery also decreased, dropping by ₹2,181, or 1.52 percent, to ₹1,41,186 per kg, with a trading volume of 20,372 lots. The March 2026 silver contract fell by ₹2,289, or 1.58 percent, to ₹1,42,757 per kg, in 5,615 lots. This represents a significant decline for silver, which has fallen by ₹29,874 per kg, or 17.53 percent, from its record value of ₹1,70,415 per kg on October 17.
The MCX’s trading activities faced interruptions for several hours due to the technical disconnect, creating uncertainty for market participants.
In international markets, Comex gold futures for December delivery decreased by $98.06, or 2.44 percent, landing at $3,921.64 per ounce, marking a third consecutive day of decline. Jigar Trivedi, Senior Research Analyst at Reliance Securities, noted that gold prices declined to around $3,920 per ounce as safe-haven demand diminished following positive developments in US-China trade negotiations.
High-ranking officials from both Washington and Beijing announced an agreement on tariffs and other crucial issues during recent talks in Malaysia, setting the stage for President Donald Trump and Chinese President Xi Jinping to finalize the deal later this week in South Korea.
Additionally, Comex silver futures for December delivery were trading lower by 2.34 percent at $45.68 per ounce. Trivedi mentioned that investors are increasingly focusing on the forthcoming decision by the US Federal Reserve, which is widely anticipated to lower rates by 25 basis points following last week’s softer-than-expected inflation data.
Published on October 28, 2025.
