Gold Rates In India Crash For 2nd Day; Know 24K, 22K, 18K Gold Prices On Oct-3; Buy When They Fall?

Gold rates in India crashed for the second day in a row on October 3, as the Navratri cheers lulled. The 24 carat gold price in 10 grams has slipped by Rs 1,200 and 100 grams of gold dropped by Rs 12,000 in two losing streaks. Silver rates followed the downward trend, slipping to Rs 1.51 lakh per 1 kg. Meanwhile, at MCX, both gold and silver prices have corrected sharply. One of the main reasons for the latest profit-booking is that gold is overbought. Despite this, the long-term outlook for precious metals is optimistic due to strong fundamentals.

"Gold and silver witnessed sharp volatility in the international markets and saw profit booking from record highs ahead of the release of U.S. non-farm employment data. The decline in crude oil prices also weighed on the precious metals," said Rahul Kalantri, VP Commodities, Mehta Equities.

Gold Rates In India:

24 Carat Gold Prices:

In the 24 carat, 10 grams of gold dropped by Rs 650 to Rs 1,18,040, while 8 grams gold plunged by Rs 520 to Rs 94,432. The steepest decline is seen in 100 grams gold price by Rs 6,500 to Rs 11,80,400. Meanwhile, 1 gram gold is down by Rs 65 to Rs 11,804.

On the day of Dussehra, the 10 grams and 100 grams gold prices of 24 carat plummeted by Rs 550 and Rs 5,500.

That being said, from October 2nd to October 3rd, these prices have declined by Rs 1,200 (10 grams) and by Rs 12,000 (100 grams).

22 Carat Gold Prices:

Following the bearish trend, 22 carat gold prices slipped by Rs 600 in 10 grams to Rs 1,08,200, and declined by Rs 6,000 to Rs 10,82,000. Gold in 8 grams and 1 gram tumbled by Rs 480 and Rs 60 to Rs 86,560 and Rs 10,820 respectively.

18 Carat Gold Prices:

Under the 18 carat, the situation was similar. 10 grams gold dipped by Rs 490 to Rs 88,530, followed by decline of Rs 4,900 in 100 grams to Rs 8,85,300, and further down by Rs 392 to Rs 70,824 per 8 grams. The price of 1 gram gold is lower by Rs 49 to Rs 8,853.

Check Gold Prices In Your Cities:

Gold Rates In Chennai:

Gold Rates In Bengaluru:

Gold Rates In Hyderabad:

Gold Rates In Mumbai:

Gold Rates In Delhi:

Silver Rates In India:

Similarly, the price of 1Kg silver in India nosedived by Rs 2,000 to Rs 1,51,000 on October 3rd. Also, silver rates in 100 grams and 10 grams edged down by Rs 200 and Rs 20 to Rs 15,100 and Rs 1,510 respectively.

Prediction: What Will Impact Gold & Silver Prices Ahead?

According to Kalantri, market expectations of an increase in U.S. non-farm payrolls by 30,000 to 52,000 triggered profit-taking in both metals. Despite the short-term correction, the long-term outlook for gold and silver remains positive as key fundamentals stay intact. In the domestic market, rupee weakness continues to lend support to prices.

Along the similar lines, Darshan Desai, CEO - Aspect Bullion & Refinery said, while technical indicators suggest gold prices are in "overbought" territory and may be due for a short-term pullback, ongoing uncertainty around the potential U.S. government shutdown and its impact on Federal Reserve policy could limit downside pressure from a stronger U.S. dollar.

Should Investors Bid In Gold, Silver?

In a technical report dated on October 3rd, analysts at Nirmal Bang said, "Gold prices are expected to correct. Traders can sell at 118000 with a stop loss of 118500 for the target at 117500-117000. One can also buy from 116600 with a stoploss of 116200."

For silver, the broker's analysts added, "silver prices are expected to correct. One can sell at 145000 with a stop loss of 146500 for the target 143000-142000. One can also buy from 141500 with a stop loss of 140000."

Additionally, Desai said, "At these elevated levels, investors might consider booking partial profits, with an eye toward re-entering on any price correction. Lower levels are likely to attract renewed buying interest, particularly from ETF investors and central banks."

MCX Gold Price + MCX Silver Price

At the time of writing, MCX gold with December 2025 expiry dropped by Rs 237 or 0.2% to trade at Rs 1,17,351 per 10 grams. Overall in the session, the bullion ranged between Rs 1,16,780 per 10 grams to Rs 1,17,482 per 10 grams. Though, the commodity has pulled back from its record high of Rs 1,18,444 per 10 grams which was recorded in the start of October.

Furthermore, the decline MCX silver futures with December 2025 expiry was sharper by Rs 1,272 or 0.9% to trade at Rs 1,43,448 per 1Kg. This precious metal has also pulled away from its all-time high of Rs 1,45,715 per 1KG.

Looking ahead, Kalantri said, "Gold has support at $3820-3790 while resistance at $3865-3885. Silver has support at $46.40-46.00 while resistance is at $47.20-47.50. In INR gold has support at Rs1,15,500-1,14,980 while resistance at Rs1,17,550-1,18,100. Silver has support at Rs1,43,150-1,42,050 while resistance at Rs1,45,550, 1,46.350."

Spot Gold Price + Spot Silver Price

Spot Gold traded around $3,860 per ounce on Friday, aiming for its seventh consecutive weekly gain after hitting a fresh high earlier this week, supported by safe-haven demand and dovish expectations from the Federal Reserve, as per Trading Economics data. Spot Silver slipped below $47 per ounce on Friday but remained on track for a seventh consecutive weekly gain, supported by expectations of further US rate cuts and uncertainty from the government shutdown.

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