Gold rates in India crashed for the first time in six days. On October 10th, during the occasion of Karwa Chauth, gold prices in 24 carat dropped by Rs 1,860 in 10 grams and nosedived by Rs 18,600 in 100 grams. Similar selling pressure is recorded in 22 carat and 18 carat gold prices. On the other hand, silver rates climbed to hit new record highs. Gold could not sustain its record rally on Friday due to profit booking at higher levels as the Gaza peace deal hits headlines. At MCX, precious metals witnessed a mixed trend. Should you buy when gold falls, especially in festivity?
10 gram gold price dropped by Rs 1,860 to Rs 1,22,290 on October 10th, while 100 grams gold price plunged by a whopping Rs 18,600 to Rs 12,22,900. Additionally, 8 grams and 1 gram gold price tumbled by Rs 1,488 and Rs 186 to Rs 97,832 and Rs 12,229 respectively.
Prior to this, 100 grams gold price had surged by Rs 2,200 on October 9th, Rs 19,100 on October 8th, Rs 12,500 on October 7th, Rs 13,700 on October 6th, and was higher by Rs 8,700 on October 4th. Together, gold rate in 100 grams skyrocketed by Rs 56,200 during these six days.
In 22 carat, 10 grams gold price plummeted by Rs 1,700 to Rs 1,12,100 and 100 grams gold price dipped by Rs 17,000 to Rs 11,21,000 on October 10. 8 grams gold was down by Rs 1,360 to Rs 89,680 and 1 gram gold edging lower by Rs 170 to Rs 11,210.
Under this carat, 10 grams gold slipped by Rs 1,390 to Rs 91,720, and 100 grams gold shed Rs 13,900 to Rs 9,17,200. Furthermore, 8 grams gold is down by Rs 1,112 to Rs 73,376 and 1 gram gold is lower by Rs 139 to Rs 9,172.
What Is Impacting Gold Prices?
According to Rahul Kalantri, VP Commodities, Mehta Equities, in a volatile session, gold and silver scaled new lifetime highs but unable to sustain at peak and prices cool off due to heavy profit taking at higher level amid reports of progress on a Gaza peace deal.
Also, the dollar's surge past 99 to a 2-½-month high further dampened sentiment. Despite dovish remarks from New York Fed President John Williams hinting at policy easing, inflation worries lingered. Meanwhile, the ongoing US government shutdown, now entering its second week, added volatility by delaying key data releases.
On other hand, silver price surged by Rs 3,000 to Rs 1,70,000 per 1kg, which is a new all-time high. 100 grams and 10 grams silver rates climbed to Rs 17,000 and Rs 1,700 respectively.
MCX Gold Price + MCX Silver Price
At the time of writing, MCX gold price with December 2025 expiry, stood at Rs 1,20,579 per 10 grams, up by Rs 86. The bullion ranged between Rs 1,20,023 to Rs 1,21,350 in October 10th session.
MCX silver price with December 2025 expiry, dropped by Rs 613 to trade at Rs 1,45,711 per 1Kg, after hitting an intraday high and low of Rs 1,44,418 to Rs 1,48,499 per 1kg.
Gold Price + Silver Price Outlook
"Geopolitical developments and safe-haven inflows into ETFs and central bank buying continue to underpin long-term support for both gold and silver," said Kalantri.
Looking ahead, he added, "Gold has support at $3940-3910 while resistance at $4020-4045. Silver has support at $48.70-48.20 while resistance is at $50.20-50.80. In INR gold has support at Rs1,19,870-1,19,280 while resistance at Rs1,21,850-1,22,400. Silver has support at Rs1,45,450-1,44,650 while resistance at Rs1,47,550, 1,48,450."
Should You Buy Gold & Silver?
As per analysts at Nirmal Bang, gold prices are expected to correct. Traders can sell at 121700 with a stop loss of 122500 for the target at 120500-119500.
For silver, analysts said, prices are expected to correct. One can sell at 148500 with a stop loss of 150500 for the target at 145000-143000.
Disclaimer: The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred as "we"). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.
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