Gold Rate in India Crashes Rs. 19,000/100g in Last 24 Hours; 24K, 22K & 18K Prices Fall Sharply; Silver Tanks Too
As October is coming to an end, gold prices in India today underwent a sharp decline, bringing joy to gold enthusiasts and buyers. The 22-carat gold rate today fell by approximately Rs. 1,900 per 10 grams, the third major drop this week post Navaratri.
The rise in crude oil prices, however, could influence gold prices in the coming days. According to Reuters, Oil prices climbed around 4% to a five-month high on Thursday after the Houthi attacks on Saudi Arabia. Higher oil prices can fuel inflation and increase expectations that the US Federal Reserve may keep interest rates elevated for longer. This could put pressure on gold prices, as investors may prefer interest-bearing investments over gold. As a result, the yellow metal is now more affordable, especially during the high-demand wedding season.
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With gold prices dropping in India, many consumers are expected to take advantage of the lower rates and make fresh purchases of gold jewellery and coins. The cheaper gold prices today may boost overall gold demand in India.
Gold Rate in India Today
As of today, the 23rd October, the 22-carat gold rate in India declined by Rs. 1750 per 10 grams to cost Rs. 1,30,600 per 10 grams. While the 24-carat gold prices today fell by Rs. 1900 and are currently retailing at Rs.1,42,480 per 10 grams. Similarly, the 18-carat gold rate today also declined by Rs. 1430 per 10 grams to cost Rs.1,06,860.
In a similar manner, the 100 grams of 22-carat gold stand at Rs.13,06,000 after dropping Rs 17,500. While the 24-carat gold price in India per 100 grams is now retailing at Rs. 14,24,800, which dropped by Rs. 19,000.
MCX Gold and Silver Futures Update
On the Multi Commodity Exchange (MCX), gold futures slated to mature on December 5th, 2026, also witnessed a massive drop and are currently trading at Rs. 1,42,520 per 10 gram, after slipping 0.55%. Similarly, silver futures, which are set to expire on December 4th, 2026, declined today by 1.63% to trade at Rs 1,96,338 at the time of writing.
City-Wise Gold Rates Today
Major metropolitan cities in India, including Chennai, Mumbai, Bangalore, and Hyderabad, mirrored this humongous drop in the gold rates today. Here’s the latest city-wise update on 22-carat and 24-carat gold rates on October 23rd.
Market Outlook for Gold Prices
“Gold and silver are heading for their steepest weekly fall in over four months. Oil jumped about 4% to a five-month high after Houthi attacks on Saudi Arabia, strengthening expectations that the Fed will keep rates higher for longer. Markets await the October 27-28 Fed meeting and next week’s PCE data,” said Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd., President of India Bullion and Jewellers Association Ltd. and Chairman at Jain International Trade Organisation
“Gold has broken $4,000 (RS. 1,42,000) and may slip to $3,950 (approximately RS. 1,40,000), while silver, below $54.5 (approximately RS. 2,00,000), could test $50 (RS. 1,80,000-1,85,000). Both metals are building a strong base over the medium term, with a 10-15% rebound expected. Holding above $4,200 for gold and $62 for silver would revive the uptrend,” he added.
Silver Rate in India Today
Silver prices in India also fell sharply today; 1 kg of silver in India costs Rs.2,20,000, which dropped by Rs. 5000. While 100g of silver rates in India cost Rs. 22,000 after falling by Rs. 500. This is the second drop in silver prices this week and the white metal has fallen by Rs.10,000 in the last two days.
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