After a volatile week, gold prices in India continued their downward trend on Thursday, October 23, following one of the steepest single-day drops in recent times. The decline came as investors booked profits amid easing US-China trade tensions and ahead of the US Federal Reserve’s rate-cut decision. As per GoodReturns, 24-carat gold was priced at ₹1,25,890 per 10 grams, while 22-carat stood at ₹1,15,400. The 18-carat variety was available at ₹94,420 per 10 grams.
The correction follows months of steady gains driven by geopolitical uncertainty and safe-haven demand, with gold recently touching record highs before the current pullback. Silver prices also softened, slipping to ₹160 per gram or ₹1,60,000 per kilogram due to profit-booking and weak global cues. Despite this, silver has surged nearly 70% in 2025, supported by robust industrial demand from EV and solar sectors.
City-wise, 24-carat gold was around ₹1,26,030 in Delhi and ₹1,25,880 in Mumbai, Kolkata, and Chennai, while silver averaged ₹1,59,900 per kg. Globally, spot gold fell 0.53% to $4,102.09 per ounce, though it remains up 50% this year, marking its strongest performance since 1979.
