Gold Rate in India Today Sees A Big Crash: 24K,22K Gold Now 4% Below Record Highs; Silver Down Again on Oct 22

Gold prices in India fell sharply today, continuing their four-day losing streak and bringing relief to retail shoppers. Now that Dhanteras and Diwali festivities are over, focus has shifted to the upcoming wedding season, which is expected to encounter strong demand for gold and silver jewellery. This latest drop in prices is likely to boost over-the-counter gold purchases across major cities.

The sharp decline in the gold rate in India today is because of the global trend, as international spot gold prices tumbled due to heavy profit-booking after touching record highs.

"Spot gold prices suffered their steepest one-day drop in five years on Tuesday as investors took profits following Monday's record high of $4,382 per ounce. Spot gold plunged as much as 6.7% from the day's high of $4,375 to below $4,080 amid a stronger dollar and easing safe-haven demand. The dollar index climbed 0.4% to above 98.9, making gold more expensive for other currency holders. Despite the correction, gold remains up about 56% this year, supported by expectations of further Fed easing, strong central bank demand, and ongoing geopolitical uncertainty." According to the Kotak Securities Commodity Report.

Today's Gold Rate in India

On Wednesday, October 22, the pure or 24-carat gold rate today declined sharply by Rs. 3380 per 10 grams to cost Rs.1,27,200 per 10 grams. While the standard gold or the 22-carat gold prices today declined by Rs. 3100 per 10 grams to cost Rs.1,16,600 per 10 grams. Similarly, the 18-carat gold rate today also nosedived by Rs 2540 per 10 grams, and it currently retails for Rs 95,400 per 10 grams.

And just like that, the 100 grams of 22-carat gold cost Rs 11,66,000 after dropping Rs 31,000. While the 24-carat gold price in India per 100 grams is now retailing at Rs 12,72,000 after registering a drop of Rs 33,800 per 100 grams.

Silver Rate in India Today

Silver prices in India today fell for the fifth consecutive session, slipping off the record levels. The current silver rate in India is at Rs 1,63,900 per kilogram after slipping by Rs 100. While 100 g of silver rates in India cost Rs 16,390, which fell slightly by Rs 10.

MCX Gold and Silver Futures Update

Trading activity on the MXC is closed today, continuing Diwali celebrations. So at the end of trading on Oct 21st, gold futures, which are expected to mature on December 5th, settled at Rs. 128,000 after declining 0.21% per 10 grams. Similarly, silver futures slated to mature on 5th December dropped by 0.22%. To close at Rs 150,000.

"MCX Gold June is expected to rise towards the Rs. 93,750 level as long as it stays above the Rs. 91,800 level. MCX Silver July is expected to slip towards the Rs. 93,800 level as long as it trades below the Rs. 96,300 level." as per the ICICI Commodity Outlook Report.

Spot Gold Prices & Spot Silver Price Today

According to the latest Reuters report, "Spot gold was down 0.4% at $4,109.19 per ounce as of 0236 GMT. Bullion fell more than 5% on Tuesday in its steepest fall since August 2020. U.S. gold futures for December delivery climbed 0.4% to $4,124.10 per ounce. Spot silver edged 0.1% higher to $48.82 per ounce."

City-Wise Gold Rates Today

Some of the top metropolitan cities in India, including Chennai, Mumbai, Bangalore, and Hyderabad, experienced this huge drop in gold prices. Here's the latest city-wise update on 22-carat and 24-carat gold rates on October 22nd.

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