Gold rates in India continued to crash on October 23, extending its six-consecutive days losing streak. Notably, 24 carat, 22 carat and 18 carat gold prices have dropped significantly since the Diwali festival started with Dhanteras. 100 grams gold rate has nosedived by Rs 76,900 in 6 days straight, while 10 grams gold has plunged by Rs 7,690. Silver rates in India also followed the decline trend and is currently below Rs 1.60 lakh mark. Despite the latest steep correction, precious metals continue to be significantly higher, and the next big trendsetter will be the upcoming Fed rates decision and development in global economic uncertainties.
100 grams gold rate plunged by Rs 8,100 On October 23 to Rs 12,50,800, while 10 grams gold slipped by Rs 810 to Rs 1,25,080 respectively.
Since Diwali, 100 grams gold rate saw its biggest single-day fall of Rs 46,900 on October 22nd, followed by decline of Rs 1100 and Rs 1700 on October 21st and 20th respectively. Gold took a breather on October 19, with no movement in prices. But the losing streak started on October 18th with 100 grams price falling by Rs 19,100 on Dhanteras.
From October 18th to October 23rd, 100 grams and 10 grams gold prices have nosedived by Rs 76,900 and Rs 7,690 in 24 carat. Similar sharp decline is seen in 22 carats and 18 carats as well.
22 Carat Gold Prices:
Here, 100 grams gold price declined by Rs 7,500 to Rs 11,46,500 and 10 grams gold rate dipped by Rs 750 to Rs 1,14,500.
18 Carat Gold Prices:
Additionally, in case of 18 carat, 100 grams gold price tumbled by Rs 6,100 on Thursday to Rs 9,38,100 and 10 grams gold rate dropped by Rs 610 to Rs 93,810.
The price of cheapest gold in India is currently at Rs 12,508 per gram for 24 karat gold, at Rs 11,465 per gram for 22 karat gold and at Rs 9,381 per gram for 18 karat gold (also called 999 gold).
On October 23rd, 1Kg silver price fell by Rs 1,000 to Rs 1,59,000. While 100 grams and 10 grams silver rates are at Rs 15,900 and Rs 1,590. Silver rates in India are in a losing spree since October 16th, way before gold rates.
1Kg silver price plunged by Rs 4,000 and Rs 8,000 on October 22nd and 21st, after being flat on October 20th and 19th. However, 1kg silver rate plummeted by Rs 13,000 on Dhanteras (October 18), following drop of Rs 4,000 and Rs 1,000 on 17th and 16th.
The pullback in precious metals, as per Rahul Kalantri, VP Commodities, Mehta Equities, reflected a shift toward risk assets amid optimism over US-India trade relations, weakening gold's safe-haven demand. Seasonal demand in India also eased, putting pressure on physical markets.
MCX Gold Price + MCX Silver Price
At the time of writing, MCX gold price with December 2025 expiry, traded at Rs 1,22,720 per 10 grams, up by Rs 863 or 0.71%. In the early trade, the bullion touched an intraday high of Rs 1,23,048 per 10 grams.
Meantime, MCX silver price with December 2025 expiry, traded at Rs 1,46,273 per 1Kg, up by Rs 715 or 0.49%. Silver hit its day's high of Rs 1,47,988 per 1kg in opening bell.
Gold & Silver Prices Outlook
As per Kalantri, despite the short-term correction, gold remains significantly higher for the year, buoyed by expectations of further Federal Reserve rate cuts and lingering global economic uncertainties. Investors now await Friday's US CPI report for new insights into the Fed's policy outlook.
"Gold has support at $4020-3975 while resistance at $4125-4170. Silver has support at $47.85-47.40 while resistance is at $48.75-49.30. In INR gold has support at Rs1,21,070-1,20,580 while resistance at Rs1,22,350-1,23,000. Silver has support at Rs1,44,350-1,43,450 while resistance at Rs1,46,850, 1,47,780,'' said Kalantri.
Should You Buy Gold & Silver?
Analysts at Nirmal Bang said, ''Gold prices are expected to pullback. Traders can buy at 121500 with a stop loss of 120500 for the target at 122500-123500. One can also sell at 123500 with a stop loss of 122500-121500.''
For silver, analysts note added, ''silver prices are expected to pullback. One can buy at 145500 with a stop loss of 143500 for the target 148000-150000. One can also sell at 152000 with a stop loss of 154000.''
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.
For investment related articles, business news and mutual fund advise
Click it and Unblock the Notifications
Sign in with Google