Gold Prices Crash Below ₹1,26,000 Check Today’s Latest Rates in Your City!

Gold Prices Dip Below ₹1,26,000: Latest 22K & 24K Rates in India on October 23

Gold prices in India witnessed a decline on October 23, 2025, as investors capitalized on the recent record-breaking rally to secure profits ahead of crucial US inflation data. The price of 24-carat gold in Mumbai stood at ₹1,25,880 per 10 grams, while 22-carat gold was priced at ₹1,15,390 per 10 grams, excluding GST and making charges. Silver, on the other hand, was available at ₹1,59,900 per kilogram across major cities. This drop in bullion prices has sparked interest among investors and consumers, particularly during India’s festive season, when gold and silver purchases surge.

On the Multi Commodity Exchange (MCX), gold futures for December 5, 2025, contracts rose by 0.80%, trading at ₹1,22,831 per 10 grams during morning trade. Silver futures also saw an uptick, gaining 0.95% to reach ₹1,46,943 per kilogram. Internationally, spot gold prices slightly recovered to $4,089.6 per ounce, while silver edged up by 0.11% to $48.55 per ounce, reflecting cautious optimism in global markets.

City-Wise Gold and Silver Prices in India on October 23

Gold prices vary slightly across Indian cities due to local taxes, transportation costs, and market dynamics. Below is a detailed breakdown of 22-carat and 24-carat gold prices per 10 grams in key cities on October 23, 2025, excluding GST and making charges:

Silver prices remained consistent across India at ₹1,59,900 per kilogram, reflecting strong demand during the festive season. These rates highlight the affordability of gold and silver for consumers looking to invest or purchase jewelry during this period.

Silver Market Faces Global Shortages Amid Festive Demand

India’s festive season has triggered a significant surge in silver demand, particularly for jewelry and investment purposes. This unprecedented buying spree has led to a global shortage of physical silver, with London facing severe supply constraints, as reported by Bloomberg News. The report highlights that India’s cultural affinity for silver, especially during festivals like Diwali, has intensified the crunch. Additionally, the solar industry’s growing appetite for silver has contributed to a long-term demand-supply imbalance, with a deficit of approximately 678 million ounces.

The combination of festive buying and industrial demand has made silver a focal point for investors. Silver prices in India are expected to remain volatile as global supplies struggle to keep pace with demand. This scarcity could further influence silver rates in the coming months, making it a critical time for investors to monitor market trends.

Factors Influencing Gold Prices in India

Several key factors drive the fluctuations in gold prices in India. These include:

• International Market Rates: Global gold prices, such as spot gold at $4,089.6 per ounce, directly impact domestic rates due to India’s reliance on imported gold.
• Import Duties and Taxes: Customs duties and GST significantly affect the final price of gold and silver in India.
• Exchange Rate Fluctuations: The Indian rupee’s value against the US dollar influences gold pricing, as gold is traded globally in dollars.
• Local Demand and Supply: Festive seasons and weddings drive up demand, pushing prices higher, while supply constraints can exacerbate price volatility.

Gold holds immense cultural and financial significance in India. It is not only a preferred investment but also a symbol of prosperity during celebrations like weddings and festivals. With gold prices dipping below ₹1,26,000, consumers and investors have a unique opportunity to make purchases, but staying informed about market trends is essential.

Why Monitor Gold and Silver Prices?

The dynamic nature of gold and silver markets requires constant vigilance. Investors and traders closely track price movements to make informed decisions. The recent dip in gold prices, coupled with silver shortages, underscores the importance of staying updated. Gold rates today reflect a balance between global economic cues and local demand, making it critical for consumers to check city-wise rates before purchasing.

For those planning to invest in gold or silver, understanding the interplay of international market trends, import duties, and exchange rates is key. The festive season, combined with global supply challenges, could lead to further price volatility, making now a pivotal moment for market participants.

Market Outlook for Gold and Silver

As India approaches the peak of its festive season, demand for gold and silver is expected to remain robust. The recent price correction in gold offers a window for buyers, but the silver market’s supply constraints could push prices higher. Globally, the anticipation of US inflation data will likely influence bullion prices in the near term. Investors are advised to keep a close eye on MCX trends and international spot prices to navigate these fluctuations effectively.

In conclusion, the current dip in gold prices in India below ₹1,26,000, alongside rising silver demand, highlights the dynamic nature of the bullion market. Whether you’re an investor or a consumer, staying informed about 22-carat and 24-carat gold rates across cities like Mumbai, Delhi, and Bengaluru is crucial for making smart purchasing decisions. With global and local factors at play, the market remains a fascinating space to watch in October 2025.