Gold Rate In India Crash Ahead of Diwali: 24K, 22K Rates Drop Rs 5070 in 2 Days; Check Latest Rates on Oct 31

As October comes to an end, the bullion market has come under pressure, with gold and silver prices extending their decline for another session. Gold prices recorded another sharp correction this morning, continuing their downward trend for the second consecutive day. Over the last two trading sessions, the price of the yellow metal has declined by around Rs 5,070 per 10 grams.

The continued fall in the gold rate in India comes as a potential relief for retail buyers planning to purchase gold ahead of Diwali and the ongoing festive season. With the wedding season also approaching towards the end of November, lower gold prices could encourage jewellery purchases in the coming weeks.

In the international market, gold and silver prices were also under pressure, declining by more than 1% and 2%, respectively. The weakness in precious metals is due to the concerns over elevated US inflation, which has reinforced expectations of another interest rate hike by the US Federal Reserve later this year. Meanwhile, the US Dollar Index edged lower as investors continued to assess the Federal Reserve's monetary policy outlook. Despite the decline in bullion prices, stronger-than-expected US GDP data provided some support to safe-haven demand, limiting the downside to an extent.

Gold Rate In India Today, October 31

For those planning to buy gold, the 24 carat gold price today stands at Rs 1,38,880 for 10 grams, down Rs 3,380 from the previous rate. Similarly, the 22 carat gold price today is available at Rs 1,27,300 per 10 grams, registering a decline of Rs 3,100. Meanwhile, the 18 carat gold price today stands at Rs 1,04,160 per 10 grams, down Rs 2,530.

Looking at larger quantities, the gold rate today for 100 grams stands at Rs 13,88,800 for 24K gold, Rs 12,73,000 for 22K gold and Rs 10,41,600 for 18K gold. All prices have declined considerably compared to the previous session.

Silver prices in India today

Silver rates in India today fell for the second time this week. Currently 1 kg of silver in India costs Rs. 2,00,000. While 100 g of silver rates in India retail at Rs. 20,000.

Latest 22-Carat & 24-Carat Gold Rates City-Wise

Below is a city-wise breakdown of the latest 22-carat gold price and 24-carat gold price in major Indian cities on October 31.

Gold Price in Chennai

The current 22-carat gold price in Chennai is Rs 1,27,300 per 10 grams, while the 24-carat gold price in Chennai stands at Rs. 1,30,850 per 10 grams.

Gold Price in Bengaluru

As of today, the 24-carat gold rate in Bengaluru is Rs 1,38,880 per 10 grams, whereas the 22-carat gold rate in Bengaluru is Rs 1,27,300 per 10 grams.

Gold Rate in Hyderabad

The 24K gold price in Hyderabad is Rs 1,38,880 per 10 grams, while the 22K gold price in Hyderabad is Rs 1,27,300 per 10 grams.

Gold Price in Mumbai

The 24-carat gold price in Mumbai is Rs 1,38,880 per 10 grams, whereas the 22-carat gold price in Mumbai stands at Rs 1,27,300 per 10 grams.