Gold Rate In India Today Falls Sharply for 10th Day: 24K, 22K, 18K Prices Crash Across Major Cities, Aug 20

Gold prices in India today fell sharply, continuing their decline from the last 10 days, where the yellow metal rates have fallen about 3% from the record high levels it touched in early August. The gold rate in India has been shedding value since the beginning of this week and has dropped by more than Rs. 10,000 per 100 grams for 24 carat gold in the just 2 days.

Gold rates in India are mirroring international market movements on Wednesday; spot gold prices retreated to a three-month low as the market is now focusing on the Fed FOMC meeting minutes to be released today. Additionally, the rising U.S. dollar is exerting further downward pressure on gold prices.

The 24K, 22K & 18K gold prices in India have now slipped from record highs. This sharp correction in gold rates today is definitely a relief for buyers planning purchases during the upcoming festival; however, the rise in demand may push gold prices upward in the coming days.

Gold Rate in India Today

As of Wednesday, August 20th, the 22-carat gold rate in India slipped massively by Rs. 550 per 10 grams to cost Rs. 91,800 per 10 grams. While the 24-carat gold prices today dropped hugely by Rs. 600 and are currently at Rs. 1,00,015 per 10 grams. Similarly, the 18-carat gold rate today retails at Rs 75,110, which dropped by Rs 450 per 10 grams.

Similarly, 100 grams of 22-carat gold stand at Rs 91,800 after decreasing Rs 5500. While the 24-carat gold price in India per 100 grams is now retailing at Rs. 10,01,500 which dropped by Rs. 6,000.

MCX Gold and Silver Futures Update

On the Multi Commodity Exchange (MCX), gold futures maturing on October 3rd, 2025, also experienced a big decline today, trading below 1 lakh at Rs. 98,601 per 10 grams after slipping 0.10%.Similarly, silver futures, with an expiry date of September 5th, dropped today by 0.57% to trade at Rs 1,10,706 per kg at the time of writing.

City-Wise Gold Rates Today

Major metropolitan cities in India, including Chennai, Mumbai, Bangalore, and Hyderabad, mirrored the huge gold rates in India today. Here's the latest city-wise update on 22-carat and 24-carat gold rates on 20th August.

Silver Price Movement in India

Silver prices in India today also fell for the second consecutive time this week, so 1 kg of silver in India now costs Rs. 1,15,000, which dropped by Rs. 1000. While 100 g of silver rates in India cost Rs 11,500 after falling Rs 100.

Market Outlook Ahead for Gold Prices

"We expect precious metals prices on Indian bourses to trade range-bound to slightly lower for the day, as gold prices held a small decline ahead of a key address by Federal Reserve Chair Jerome Powell later this week, which may give fresh clues on the central bank's monetary path."

Gold prices are expected to correct. One can sell at 98800 with a stop loss of 99100 for the target at 98400-98000." As per the Nirmal Bang Securities report.

Spot Gold Prices & Spot Silver Price Today

According to the latest report by Reuters, "Spot gold was up 0.1% at $3,318.07 per ounce, as of 0411 GMT, after reaching its lowest level since August 1. U.S. gold futures for December delivery rose 0.1% to $3,360.70. Spot silver fell 0.4% to $37.23 per ounce."

"Spot Gold is likely to move lower towards $3280 on easing geopolitical tensions. Further, a strong dollar and a rise in US treasury yields would restrict any major up move in prices. Signs of progress in peace talks over Ukraine have curbed some safe haven demand for the precious metal. Investors will keep an eye out for further developments. Meanwhile, investors will remain cautious ahead of the FOMC meeting minutes to get more clarity on interest rate cut prospects. Furthermore, investors will also keep an eye on the speech from the Fed chair during his speech at the Jackson Hole Symposium for further clarity, as per the ICICI Commodity Market Outlook report.

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.