Gold's Global Sell-Off Hits China, Egypt, and India Differently as Silver Faces Structural Decline

The Central Bank of Egypt unexpectedly raised interest rates by 100 basis points to 20% overnight deposit rate. A Reuters analyst poll from Oct. 27 forecasts an average gold price of $4,650 for 2027. Goldman Sachs and Bank of America predict gold's long-term trend remains upward. HSBC projects silver will average $64 per ounce in 2027. Chinese jewelers such as Chow Sang Sang and Chow Tai Fook cut gold jewelry prices to 1,161-1,165 yuan per gram. Silver's global October decline reached 19%, with industrial silver manufacturing projected to fall 2% in 2026 to approximately 650 million ounces, the lowest in four years.