Gold Rate Crashes Rs 55,600/100 Grams This Week; Today's 24K, 22K, 18K Gold Prices In Chennai, Mumbai, Cities

Gold rates in India have crashed by Rs 55,600 in 100 grams and dropped by Rs 5,560 in 10 grams this week. On October 23, 10 grams of gold plunged below the Rs 142,500 mark, 22-carat gold struggled near the Rs 1.30 lakh mark, and the 18-carat gold price declined below the Rs 1.07 lakh level. The reason behind physical gold rates' decline is the weakness in the global bullion market as crude oil prices rise to breach the $114 per barrel level, keeping inflationary pressures on high alert and the chances of aggressive rate hikes heightened. MCX gold slipped below Rs 1.42 lakh and spot gold struggled near $4,000 per ounce. Accordingly, gold prices across major cities were impacted on Friday.

This comes as a good deal to buyers who are looking to buy a piece of gold during the Diwali festival. The demand for yellow metal is high usually during Dhanteras and Laxmi Pujan of Diwali, as they are seen as auspicious moment for investors.

"Gold and silver are heading for their steepest weekly fall in over four months. Oil jumped about 4% to a five-month high after Houthi attacks on Saudi Arabia, strengthening expectations that the Fed will keep rates higher for longer," said Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd.

Gold Rates In India Today, October 23, 2026:

24-carat gold price declined by Rs 19,000 to Rs 14,24,800 per 100 grams and dropped by Rs 1,900 to Rs 1,42,480 per 10 grams on October 23, 2026. 22-carat gold price plunged by Rs 17,500 to Rs 13,06,000 per 100 grams and slipped by Rs 1,750 to Rs 1,30,600 per 10 grams mark. In case of 18-carat, gold prices are down by Rs 14,300 to Rs 10,68,600 per 100 grams and tumbled Rs 1,430 to Rs 1,06,800 per 10 grams.

Gram	24K Gold	22K Gold	18K Gold
1 g	₹14,248 (-₹190)	₹13,060 (-₹175)	₹10,686 (-₹143)
8 g	₹1,13,984 (-₹1,520)	₹1,04,480 (-₹1,400)	₹85,488 (-₹1,144)
10 g	₹1,42,480 (-₹1,900)	₹1,30,600 (-₹1,750)	₹1,06,860 (-₹1,430)
100 g	₹14,24,800 (-₹19,000)	₹13,06,000 (-₹17,500)	₹10,68,600 (-₹14,300)

Yesterday, 24-carat gold had plunged by Rs 17,000, while the prices were down by Rs 19,600 on October 20th. Gold was unchanged on October 21st, while up by Rs 3,800 on October 19th. From October 20th to 23rd, gold price have nosedived by Rs 55,600 in 100 grams.

Gold Rates In Top Cities

In cities like Chennai, Mumbai, Kolkata, Hyderabad, Bangalore, Pune and Kerala, 24-carat gold prices are at Rs 14,248 per 1 gram and at Rs 1,42,480 per 10 grams. In these cities, 22-carat gold is priced at Rs 13,060 per 1 gram and at Rs 1,30,600 per 10 grams. But 18-carat gold prices are expensive in Chennai to Rs 10,690 per 1 gram and at Rs 1,06,900 per 10 grams, in the other mentioned cities, gold is available at Rs 10,686 per 1 gram and at Rs 1,06,860 per 10 grams.

Further, in Delhi, 24-carat gold price stood at Rs 14,263 per 1 gram and at Rs 1,42,630 per 10 grams. Here, 22-carat gold rates are at Rs 13,075 per 1 gram and at Rs 1,30,750 per 10 grams. Also, 18-carat gold prices stood at Rs 10,686 per 1 gram and at Rs 106,680 per 10 grams.

Going ahead, Kothari said, markets await the October 27-28 Fed meeting and next week's PCE data. Gold has broken $4,000 (Rs1,42,000) and may slip to $3,950 (~ Rs1,40,000), while silver, below $54.5 (~ Rs2,00,000), could test $50 (~ Rs1,80,000-1,85,000). Both metals are building a strong base over the medium term, with a 10-15% rebound expected. Holding above $4,200 for gold and $62 for silver would revive the uptrend.

Gold also remained under pressure from rising oil prices, which heightened inflation concerns and strengthened expectations that interest rates could stay elevated for longer. However, growing doubts about the sustainability of AI investments, a key driver of US economic growth, prompted markets to scale back expectations for further Federal Reserve rate hikes, potentially providing some support for precious metals, as per Trading Economics.

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