Gold Rate in India Crashes! Rs 77,000 Wiped Out in 7 Days, Fresh Correction Today? 24 October Outlook

Gold Rate in India: Gold prices in India witnessed a sharp decline over the past seven days, raising concerns among investors who had expected the precious metal's bullish momentum to continue. With experts signalling a possible price correction, all eyes are now on gold and silver price movements on Friday, October 24.

The decline in gold rates in India followed the international prices of the bullion, which declined amid easing investor tension and profit booking. However, a US Fed rate cut and an extended US shutdown may weigh on investors' sentiment and boost the gold price rally, according to experts.

Gold Rate in India

The price of 24 karat gold in India declined significantly on Thursday to Rs 12,506 per gram. Likewise, the price of 22 karat gold in India fell to Rs 11,645 per gram. Meanwhile, the price of 18 karat gold in India tumbled to Rs 9,381 per gram. As per GoodReturns' data, the price of 24 karat gold has declined around Rs 77,000 per 100 gram in last seven days. Gold rate in India has surged more than 60% since the beginning of the year, marking the year 2025 as the best ever in terms of gold investment.

Silver Rate in India

Silver prices have also consolidated over the past few months. Silver rate in India stood at Rs 159 per gram and at Rs 1,59,000 per kilogram. Silver prices have also witnessed a sharp price correction over the past five days. However, the white metal has given nearly 70% returns since the beginning of 2025.

Gold, Silver MCX

THe prices of gold on MCX saw a sharp recovery on Thursday. Gold futures with December expiry closed higher at Rs 1,24,104 per 10 gram on October 23. The gold futures had touched an intraday high mark of Rs 1,24,600 per 10 gram. Silver futures with December expiry closed lower at Rs 1,45,558 per 10 gram.

Meanwhile, the international gold rates recovered from their two-days fall and increased to $4,120 per ounce on Tuesday, according to Trading Economics. Gold prices recovered amid tense geopolitical situations, US Fed rate cut expectations and other factors.

Gold, Silver Price Outlook

Domestic gold prices today may mirror the recovery trend showcased on MCX rates and international prices. In the long-term, gold continues to be in the bullish territory due to its strong demand among retail as well as institutional investors. "Recent survey data from the World Gold Council supports the bullish view with 95% of surveyed central banks expected to increase global gold holdings in the next 12 months, with none anticipating a decrease. 43% of surveyed central banks plan to increase their own gold holdings, the highest level since the survey began in 2018. None of the central banks in the survey plan to reduce their gold holdings," noted Sandip Raichura, CEO - Retail Broking & Distribution and Director at PL Capital last week.

"We continue to advise a 5% allocation at the minimum to the metal even at current prices and believe that unless USD 3950 is violated , we are headed towards 4800 USD / Oz in the near term. A move below 3950 would violate the near term bullish view seriously and profit booking may emerge," Raichura added.

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