Gold rates in India witnessed a continued steep correction since the Diwali festival kicked off during the weekend. Extending its losses from Dhanteras, gold rates have dropped on October 20th as well. On the contrary, silver rates halted their relentless rally and were flat on Monday, ahead of the Lakshmi Puja Vidhi scheduled later in the evening. Gold and silver still continue to be an attractive investment haven despite the latest ups and downs. Check gold and silver rates in major cities here:
In this city as well, 10 grams and 100 grams gold prices fell by Rs 170 and Rs 1,700 in 24 carat, were down by Rs 150 and Rs 1,500 in 22 carat, and lastly dropped by Rs 120 and Rs 1,200 in 18 carats.
24 Carat Gold: The price of 10 grams gold stood at Rs 1,30,690 and 100 grams gold was at Rs 13,06,900.
22 Carat Gold: Here, 10 grams gold stood at Rs 1,19,800 and Rs 11,98,000.
18 Carat Gold: 10 grams and 100 grams gold is available at Rs 98,020 and Rs 9,80,200.
As per Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA), from an investment perspective, gold remains attractive as a long-term value store, particularly for equity and currency risk diversification seekers. The recent momentum confirms that the rates have shifted upwards, and the market appears ready to support higher levels in the near term.
Silver rates in India were unchanged ahead of Lakshmi Pujan Vidhi, however, stayed near its record high levels. 1Kg silver price is at Rs 1,72,000, while 100 grams and 10 grams silver rate stood at Rs 17,200 and Rs 1,720 respectively.
In case of silver, Kamboj said, institutional flows and ETF demand have added momentum, although premium pressures and liquidity limitations have also been seen. For those who are planning to invest ahead of Diwali, silver is both affordable and offers the potential for price appreciation in the current market environment.
MCX Gold Price + MCX Silver Price:
MCX gold and silver futures dropped sharply on October 20th. At the time of writing, MCX gold with December 2025 expiry, traded at Rs 1,27,000 per 10 grams, down marginally. But MCX silver with December 2025 expiry, nosedived by Rs 2,604 or 1.7% to perform at Rs 1,54,000 per 1Kg.
Should You BUY Gold & Silver?
Analysts at Nirmal Bang in their note said, "Gold prices are expected to pullback. Traders can buy at 125500 with a stop loss of 124500 for the target at 127000-128000. One can also sell at 128000 with a stop loss of 128700."
On silver, these analysts said, "silver prices are expected to pullback. One can buy at 153000 with a stop loss of 151000 for the target 157000-160000. One can also sell at 162000 with a stop loss of 164000.''
Overall, 10 grams gold rates stood at Rs 1,30,690 in 24 carat, at Rs 1,19,800 and at Rs 98,020 in 18 carat.
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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