New Delhi, Oct. 31 -- Gold and silver prices have taken a sharp hit, wiping out a significant chunk of their previous gains and catching safe-haven investors off guard. In a steep sell-off on Friday, silver plunged by Rs.10,577 per kg on the multi commodity exchange (MCX), while gold tumbled Rs.4,347 per 10 grams.

As per MCX data, gold futures fell to Rs.1,38,419 per 10 grams and silver rates dropped to Rs.1,78,900 per kg at its closing hour yesterday.

Friday's decline has put silver on track for its biggest monthly fall of 2026, while gold slipped to its lowest level since late March. This further raised questions about what went wrong for the precious metals.

After a strong rally last year that extended into January 2026, a combinati...