As profit-booking and a reduction in international tensions affected mood, gold and silver prices in India dropped on October 23. View the most recent city-specific rates here.
Following one of the worst one-day drops in recent memory, gold prices in India continued to plummet on Thursday, October 23, after a turbulent week. The drop occurred as investors booked profits in anticipation of the US Federal Reserve’s anticipated rate-cut decision later this week and as trade tensions between the US and China eased.
In India, 24-carat gold dropped to Rs 1,25,890 per 10 grams, while 22-carat gold dropped to Rs 1,15,400 per 10 grams, according to GoodReturns. Ten grams of the 18-carat gold version cost Rs 94,420.
The most recent decline comes after months of consistent increases propelled by trade uncertainties, geopolitical threats, and robust safe-haven purchasing. Gold has seen a significant upswing during the previous ten months, particularly the last two, reaching all-time highs prior to the current decline.
Silver prices also decline
In India, the silver rate fell on Wednesday as well and continued to be weak into early trading on Thursday. The silver price, which reflected profit-booking and decreased global cues, was Rs 160 per gram or Rs 1,60,000 per kilogram.
Despite the most recent decline, silver has seen an extraordinary 70 percent increase in 2025 due to a tighter global supply and robust industrial demand, especially from producers of solar panels and electric vehicles.
Rates of gold and silver by city
Because of regional variations in demand, municipal taxes, and logistics, the price of precious metals continues to fluctuate significantly.
Ten grams of gold
Delhi: Rs 1,26,030 for 24 carats and Rs 1,15,540 for 22 carats
Chennai, Kolkata, and Mumbai: 22-carat for Rs 1,15,390 and 24-carat for Rs 1,25,880
Hyderabad/Bengaluru: 22-carat for Rs 1,15,390
The amount of silver per kilogram
Kolkata, Mumbai, and Delhi: Rs 1,59,900
Chennai: 1,74,900 rupees
Global cues: silver steadies, gold slides
As investors locked up gains after a record-breaking rise, gold prices fell globally. US gold futures for December delivery edged up 0.4 percent to $4,124.10 per ounce, while spot gold dropped 0.53% to $4,102.09 per ounce.
Geopolitical concerns and the prospect of more rate cuts by the US Federal Reserve have helped the yellow metal rise gold over 50% so far in 2025, putting it on pace for its highest year since 1979.
While MCX December futures traded lower at Rs 1,45,751 per kilogram, spot silver moved up 0.1 percent to $48.82 per ounce.
What is causing the decrease?
According to analysts quoted by Reuters and Goodreturns, the price adjustment is due to:
booking profits after months of record gains.
lowering trade tensions between the US and China, which reduced demand for safe havens.
A rising currency and stable US rates restrict the upward potential of gold.
Following Dhanteras and Diwali, domestic demand for the festive season cooled considerably.
The fact that ETF holdings of gold are still close to a three-year high despite the drop shows that investors continue to have faith in the commodity as a long-term store of wealth.