Silver slips below ₹2 lakh as gold falls on global sell-off

Gold and silver prices fell sharply on Friday, October 23, with domestic silver futures dropping below ₹2 lakh per kg amid a global market sell-off and crude oil prices above $100 a barrel, which heightened inflation concerns. On the MCX, December gold futures opened ₹1,251 lower at ₹1,42,058 per 10 gram, trading near ₹1,42,307, while silver futures opened ₹3,012 lower at ₹1,96,587 per kg, trading near ₹1,96,031. Globally, Comex gold traded near $4,032.50 per ounce and silver near $54.04 per ounce. Analysts noted gold saw fresh selling pressure with support at ₹1,42,520, while silver experienced long unwinding with support at ₹1,96,940. Both metals remain below their first support levels, with resistance seen at ₹1,44,610 for gold and ₹2,04,130 for silver.