Gold, Silver Slip After Fed Cut, Trade Optimism

On Oct. 30, gold and silver fell sharply, with MCX December gold sliding about 1–2% to roughly Rs 1.18–1.21 lakh per 10 g and silver trading near Rs 1.45–1.52 lakh/kg; Mumbai retail 24K spot was about Rs 1,22,410/10 g. The pullback followed the US Federal Reserve’s quarter-point rate cut combined with a hawkish tone that trimmed expectations for further easing and a firmer US dollar, and was reinforced by renewed optimism over a US–China trade deal that reduced safe‑haven demand. Local factors — including an earlier MCX website glitch that briefly accelerated selling and heavy derivatives flows — amplified the move. Analysts warned that precious metals remain vulnerable to short‑term volatility tied to policy and trade headlines even as gold is up strongly year‑to‑date (around 52–56%) after record highs earlier in October. Buyers and investors were advised to check live MCX and city‑specific retail quotes before transacting.