Gold price today: Gold rates crash 26% from peak, lowest in 2 months; silver price also falls

PTC News Desk: Gold prices declined on Friday, October 23, with gold futures on the Multi Commodity Exchange (MCX) falling nearly 1% to around ₹1.42 lakh per 10 grams. Silver prices dropped more sharply, with both precious metals trading lower during the morning session.

At 10:11 am, MCX gold was trading at ₹1,41,994 per 10 grams, down ₹1,315 or 0.92% from the previous close. The contract touched an intraday high of ₹1,42,581 and a low of ₹1,41,806 per 10 grams.

Meanwhile, India Bullion Rates reported gold at ₹1,42,330 per 10 grams around 10:10 am, down ₹1,300 or 0.91%. These figures come from different sources, as MCX futures and physical bullion prices are not directly comparable.

Gold rates today in India

According to India Bullion Rates data updated around 10:10 am on October 23, 24-carat gold was priced at ₹1,42,330 per 10 grams, while 22-carat gold stood at ₹1,30,469 per 10 grams.

The city-wise rates were updated around 10:10–10:15 am on Friday. The final price of jewellery may vary depending on local taxes, making charges and other applicable costs.

Why are gold and silver prices falling

Both precious metals declined on Friday, but silver recorded a sharper fall. At around 10:11 am, MCX silver was down 3.03%, compared with a 0.92% decline in gold.

Gold and silver do not always move by the same amount. Gold is often considered a store of value during periods of economic uncertainty, while silver also has substantial industrial uses. As a result, changes in investment demand and expectations about industrial activity can affect their prices differently.

The available figures confirm that both metals fell, but they do not establish one specific reason for the decline.

The drop in gold prices may attract buyers, but a one-day decline does not guarantee that prices will rebound soon. People buying jewellery should pay particular attention to the 22-carat rate, as this purity is commonly used for jewellery. Buyers should also account for making charges and applicable taxes when calculating the final cost.

Those considering gold as a long-term investment should assess their investment goals, time horizon and ability to handle short-term price fluctuations. A single day's fall is not enough to determine whether gold is undervalued or whether it is the right time to buy.

Investors can also monitor MCX gold prices, international bullion rates and movements in the rupee against the US dollar for further indications of the market's direction.