Weekly Gold Review: COMEX futures break under $3900 per ounce to test one-year low

Precious metals saw heavy selling on the last session of October 2026, accelerating losses after St. Louis Fed President Alberto Musalem noted that additional firming of monetary policy will be necessary soon. COMEX Gold broke under $3900 per ounce while melted near $49 per ounce. Both metals tested one-year low. Gold has lost 7% this month while silver has plunged around 18%. The latest selloff occurred despite a moderation in US treasury yields. Precious metals seem to be behaving like risky assets now as soaring crude oil prices are leading to downward pressure on the bullion complex. However, such a heavy slide has pulled down both precious metals to lowest levels in this year in domestic retail markets and an uptick could be seen in spot demand ahead of the peak festive season. MCX Gold has dipped under Rs 139000 per 10 grams while Silver melted under Rs 180000 per kg.

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