BIG Drop in Gold Rate in India Today On Dussehra; Find Out Latest 24K, 22K, 18K Prices on Oct 20

Gold prices today underwent a decline, bringing some relief to gold buyers after a 2 day surge that has been pushing the precious metal to an all-time high.

Just yesterday, 22-carat gold and 24-carat gold rate in India fell. However, the gold price drop today is a welcome sign for retail buyers who have been struggling with the continuous rise in the gold rate in India.

This rise in gold rates has also led to weakening demand in the retail market. Still, the ongoing festive season and wedding season in India is pushing the demand higher, leading to a possible fresh rise in gold rate in India.

Meanwhile, all eyes are on the US Federal Reserve's interest rate decision at the FOMC meeting next week. Any rate change by the Fed is expected to have a significant impact on the bullion market and global equity markets.

Gold Rate in India Today

On Tuesday, 20th October, 24-carat gold rates in India slipped by Rs. 870 per 10 grams to cost Rs. 1,47,170. While the 22-carat gold price today stands at Rs. 1,34,900 per 10 grams after a decline of Rs. 800. Meanwhile, the 18-carat gold decreased by Rs. 650 to retail at Rs. 1,10,380 per 10 grams.

The bulkier quantities also experience a decline; 100 grams of 24-carat gold rates now retail at Rs. 14,71,700, after slipping Rs. 8700, and the 22-carat gold rates per 100 grams now cost Rs. 13,49,000 after slipping Rs. 8,000.

Silver prices in India today

Silver rates in India today are maintaining stability and it currently costs Rs. 2,30,000, and 100 grams of silver cost Rs. 23,000.

Gold prices in Chennai, Bengaluru, and Hyderabad

A similar decline in gold prices across the country was seen. Below are the gold rates in the major cities of India on October 20

10 grams of 24-carat gold rates in Chennai stand at Rs. 1,47,170 per 10 grams, while the 22-carat gold prices in Chennai cost Rs. 1,34,900 per 10 grams.

Likewise, gold rates in Bangalore for 22 carats are now at Rs. 1,34,900 per 10 grams, while the 24-carat gold price in Bangalore is now at Rs. 1,47,170 per 10 grams of yellow metal.

Gold prices in Hyderabad are also mirroring the gold rates in India today, where the price of 22-carat gold retails at Rs. 1,34,900 per 10 grams. 24-carat gold retails at Rs. 1,47,170 per 10 grams.

MCX Gold and Silver Futures Prices Today

Trading on the Multicommodity exchange is closed today on the occasion of Dusshera So at the end of Fridays' trading, gold futures prices due to mature on December 5th ended at Rs. 1,47,300 per 10 grams, down by 0.42%. Silver futures, with an expiration date of December 4th, ended flat at Rs. 2,09,825 per kg.

Global Gold Price and Silver Price Update

As per Trding Economics, "Gold prices fell toward $4,100 per ounce on Tuesday, marking a third straight session of declines as elevated oil prices heightened inflation concerns and reinforced expectations of tighter monetary policy. The metal also faced pressure from a stronger US dollar and rising bond yields. Oil prices remained firm amid ongoing hostilities in the Middle East and Eastern Europe, while Iran continued to assert its control over the Strait of Hormuz. Meanwhile, the US Federal Reserve is widely expected to keep interest rates unchanged next week, with markets pricing in roughly a 94% probability of a rate hike in December."

Gold price Outlook Ahead

"Gold held in a tight range last week while silver slumped 6.3% to around $57, its lowest in ten weeks. Hot US inflation data, with CPI at 3.7% and PPI at 6.3%, kept December Fed hike odds near 90%, and 10-year yields above 5.1% capped gold's upside. Hormuz attacks lifted Brent above $107 a barrel but fed inflation fears rather than safe-haven buying. A 1.9% rupee rally made MCX losses deeper." said Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd., President of India Bullion and Jewellers Association Ltd. and Chairman at Jain International Trade Organisation

"In India, around 17 fund houses paused fresh gold FoF inflows. Gold's key support sits at 3,950-4,200 (~₹1,45,500-₹1,51,000); festive and central-bank demand should keep dip-buying alive heading into Dhanteras." he further added.