Gold and silver prices continued to decline on Friday, October 23, bringing some relief to buyers planning jewellery purchases. The latest correction in the domestic bullion market saw gold fall to ₹1,42,750 per 10 grams, while silver prices dropped to ₹1,96,510 per kilogram. The decline comes amid uncertainty over global economic conditions, rising crude oil prices and expectations surrounding the US Federal Reserve’s next interest rate decision.
Both precious metals have witnessed volatility as investors assess geopolitical risks, inflation concerns and movements in international markets. Silver has faced comparatively stronger selling pressure, reflecting its sensitivity to industrial demand and changes in investor sentiment.
For Indian consumers, falling gold and silver prices could offer an opportunity to plan purchases. However, the final retail price depends on the city, jeweller, purity, applicable taxes and making charges.
Gold prices declined across major Indian cities on Friday. In Delhi, 24-karat gold was quoted at ₹1,42,250 per 10 grams, while 22-karat gold stood at ₹1,30,396 per 10 grams.
In Mumbai, the price of 24K gold was ₹1,42,320 per 10 grams, compared with ₹1,30,460 for 22K gold. Kolkata recorded a 24K gold rate of ₹1,42,130 per 10 grams, while 22K gold was priced at ₹1,30,286.
In Bengaluru, 24-karat gold was quoted at ₹1,42,430 per 10 grams and 22-karat gold at ₹1,30,561. Hyderabad reported rates of ₹1,42,550 for 24K gold and ₹1,30,671 for 22K gold per 10 grams.
In Chennai, 24K gold was priced at ₹1,42,740 per 10 grams, while 22K gold stood at ₹1,30,845. Among the cities listed, Chennai had the highest quoted 24K gold price, while Kolkata recorded the lowest.
Pure 24-karat gold is generally used for investment products such as coins and bars. Jewellery is commonly made from 22-karat gold, which contains other metals to improve its strength and durability. Buyers should check the purity and hallmarking details before making a purchase.
Silver prices also remained under pressure on Friday, with 999-purity silver quoted at ₹1,95,810 per kilogram in Delhi. In Mumbai, silver was priced at ₹1,95,940 per kilogram, while Kolkata reported a rate of ₹1,95,680.
In Bengaluru, 999-purity silver was quoted at ₹1,96,090 per kilogram. Hyderabad recorded a rate of ₹1,96,250, while Chennai reported ₹1,96,510 per kilogram.
The decline in silver prices follows weakness in the futures market and reflects uncertainty about the global economic outlook. Unlike gold, silver has substantial industrial applications, including electronics, solar panels and other manufacturing processes. As a result, its price can respond to both investment demand and expectations for industrial consumption.
For consumers planning to purchase silver jewellery, utensils, coins or bars, the current correction may offer some relief. However, buyers should compare retail rates and account for product premiums, taxes and making charges before deciding when to buy.
One of the key factors influencing bullion prices is the movement in crude oil. Rising oil prices can increase inflationary pressures and complicate the outlook for interest rates. Geopolitical tensions and concerns about energy supplies have also contributed to uncertainty across global financial markets.
Investors are closely monitoring the US Federal Reserve’s upcoming policy meeting scheduled for October 27-28. Its decision and guidance could influence the US dollar, bond yields and demand for precious metals. Gold does not pay interest, which can make it less attractive when yields on interest-bearing assets remain high.
Currency movements also play an important role in determining domestic gold prices. India imports a large share of its gold requirements, so changes in the rupee-dollar exchange rate can affect import costs. A stronger rupee can reduce the domestic cost of imported bullion, although international prices, duties and local market conditions also influence retail rates.
Buyers should compare prices across jewellers, check hallmarking and purity, and account for making charges and applicable taxes. Retail prices can differ from MCX futures prices because they reflect different market mechanisms and additional costs.
Investors should watch global gold prices, crude oil movements, the rupee and the Federal Reserve’s policy guidance for clues about the next direction of bullion prices. Until uncertainty over inflation, interest rates and geopolitical developments eases, gold and silver prices may continue to fluctuate.