Fresh Drop In Gold Rate In India Today, Oct 7: 24K, 22K, 18K Gold Prices Fall Ahead Of Festive Season

The gold rate in India today fell sharply after a surge seen yesterday. The yellow metal rates are now easing, bringing some relief and a ray of hope to buyers who have been holding back due to high gold prices.

Over the past month, gold prices in India have been quite volatile with multiple ups and downs, making retail buyers cautious ahead of the festive season. The next major trigger for gold demand is expected during Navratri, Dhanteras and Diwali 2026, which are traditionally the biggest gold buying occasions in India. The price trends in the coming weeks will determine whether retail buyers step in strongly during the festive demand surge.

In the international market, spot gold prices also fell on Wednesday to $4,138.34 per ounce at the time of writing. Meanwhile, the US dollar index has been consolidating and has risen around 0.2%, which has capped further upside in global gold prices for now.

Gold Rate in India Today

On Wednesday, 7th October, 24-carat gold rates in India slipped by Rs. 650 per 10 grams to cost Rs. 1,49,570. While the 22-carat gold price today stands at Rs. 1,37,100 per 10 grams after a decline of Rs. 550. Meanwhile, the 18-carat gold decreased by Rs.490 to retail at Rs. 1,12,180 per 10 grams.

The bulkier quantities also experienced a decline; 100 grams of 24-carat gold rates now retail at Rs. 14,95,700 after slipping Rs. 6,500, and the 22-carat gold rates per 100 grams now cost Rs. 13,71,000 after slipping Rs. 5500.

Silver prices in India today

In contrast to gold, silver rates in India today have remained stable and currently cost Rs. 2,35,000, and 100 grams of silver cost Rs. 23,500.

MCX Gold and Silver Futures Prices Today

Currently, gold futures prices due to mature on December 4th are trading at Rs. 1,49,554 per 10 grams, down by 0.38%. Silver futures, with an expiration date of December 4th, also dropped slightly by 0.75% and are now trading at Rs. 2,25,547 per kg.

Global Gold Price and Silver Price Update

As per Reuters, "Spot gold fell 0.6% to $4,138.34 per ounce by 0451 GMT. US gold futures dropped 0.5% to $4,164.70.Spot silver fell 1.5% to $60.79."

MCX Gold closed positive in yesterday's session and witnessed demand near the support of the former consolidation range. However, daily momentum remains weak as the price is trading near the short-term EMAs, which are trending lower. Sustained weakness can drag the price towards the 200 DEMA line," as per a commodity report from Way to Wealth.

"For the day, the outlook remains negative, with intra-day support placed at 148150-146000 and resistance at 151190. Sustained weakness can extend the downside towards the 200 DEMA support zone. The outlook will require a review of sustained strength above 152000," the report further stated.

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 7th.

10 grams of 24-carat gold rates in Chennai stand at Rs. 1,49,570 per 10 grams, while the 22-carat gold prices in Chennai cost Rs. 1,37,100 per 10 grams.

Likewise, gold rates in Bangalore for 22 carats are now at Rs. 1,37,100 per 10 grams, while the 24-carat gold price in Bangalore is now at Rs. 1,49,570 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. 1,37,100 per 10 grams. 24-carat gold retails at Rs. 1,49,570 per 10 grams.

Disclaimer: The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred as "we"). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.