New Delhi: After a volatile week, gold prices in India continued to fall on Thursday, October 23, following one of the sharpest single-day declines in recent years. The declines comes as investors engaged in profit-booking following signs of easing tensions between the United States and China.
The drop came after a period of relative stability earlier in the week, suggesting that traders were locking in recent gains amid shifting global cues. Adding to the cautious sentiment is the anticipation surrounding the upcoming US Federal Reserve’s interest rate decision, which is expected to have a significant impact on precious metal prices worldwide.
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With the Fed’s potential rate cut just around the corner, investors are closely monitoring global economic signals and currency movements. Lower interest rates typically weaken the dollar, making gold more attractive as an investment; however, short-term volatility often follows such announcements.
Gold Prices by Carat
Gold prices vary depending on its purity.
- 24-carat gold: Rs 123,907 per 10 grams
- 23-carat gold: Rs 123,411 per 10 grams
- 22-carat gold: Rs 113,499 per 10 grams
- 18-carat gold: Rs 92,930 per 10 grams
- 14-carat gold: Rs 70,486 per 10 grams
These rates can change several times a day, so IBJA provides regular updates.
Gold price in Major cities
The price of gold in India varies slightly across major cities due to factors such as local demand, transportation costs, and market conditions. As per the latest rates from Good Returns, the price of 24K gold per gram is around Rs 12,603 in Delhi, Rs 12,588 in Mumbai, Kolkata, Chennai, and Bangalore.
Similarly, the rate of 22K gold stands at Rs 11,554 in Delhi and Rs 11,539 in other major cities. For 18K gold, the price is approximately Rs 9,456 in Delhi, Rs 9,441 in most cities, and slightly higher at Rs 9,699 in Chennai.
Since gold prices fluctuate daily based on global market trends, currency rates, and economic conditions, it’s advisable to monitor the rates closely and make purchases when the prices are comparatively lower.
Big decline on MCX too
Both gold and silver fell on the Multi Commodity Exchange (MCX) as well. December futures gold opened at ₹1,24,423 but quickly fell to ₹1,20,575 per 10 grams a drop of nearly 6%. Similarly, silver fell to Rs 144,000 per kg, a decline of approximately 4%.
Last Week’s Situation
Last week marked a turbulent phase for the gold market, as prices plunged to a record low of ₹132,294 per 10 grams, signaling one of the sharpest downturns in recent years. The drop, amounting to roughly Rs 12,000 from the current price, was not only significant in magnitude but also represented the biggest single-day decline in the past five years. Such a dramatic fall shook investor confidence, particularly among those who had considered gold a safe-haven asset amid global economic uncertainties.
In the days that followed, the market witnessed a brief phase of “bargain buying”, where opportunistic investors rushed to purchase gold at lower prices, hoping for a rebound. This buying interest did lead to a temporary recovery; however, it proved short-lived as broader market trends and external pressures continued to weigh down prices. The lack of sustained upward momentum suggested that investor sentiment remained fragile, influenced by both domestic and international factors.
Global Market Impact
The decline in gold prices was not confined to India it echoed across global markets as well. On the COMEX (Commodity Exchange), gold fell sharply from its record high of $4,392 per ounce to $4,275.76 per ounce, underscoring a broad-based correction in precious metal prices.
Similarly, silver experienced a notable drop, sliding from $53.76 per ounce to $50.85 per ounce. Experts have labeled this downturn as the largest in nearly six months, attributing it to a combination of profit-booking by investors, a stronger US dollar, and easing geopolitical tensions.
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Several macroeconomic factors have also contributed to the volatility. The US Federal Reserve’s upcoming interest rate decision, ongoing fluctuations in global bond yields, and changes in investor risk appetite have all added to the uncertainty.
Typically, when interest rates rise or the dollar strengthens, gold prices tend to weaken, as investors shift toward higher-yielding assets.
In this context, both domestic and international markets are watching closely to see whether gold and silver will stabilize or continue their downward slide. Much will depend on upcoming economic data, central bank policies, and the trajectory of global inflation all of which will play a key role in determining the direction of precious metal prices in the coming weeks.