Gold Rate in India Declines Below Rs 1.22 Lakh; Will 24, 22, 18 K Gold Rate Rise Today? 31 Oct Outlook

Gold Rate in India: Gold prices in India slipped on Thursday, reversing the gains recorded a day earlier. The decline in gold rates came as investor sentiment improved amid easing US-China trade tensions. As October draws to a close and a new month begins, all eyes are now on the gold price movement on Friday, October 31.

The prices of gold in India mirrored the trend in international gold and silver prices. Gold and silver are currently witnessing price correction after a relentless rally in September and in the first half of October.

Gold Rate in India

The price of 24 karat gold in India stood at Rs 12,148 per gram on Thursday, October 30. Whereas, the rate of 22 karat gold in India declined by Rs 85 per gram to Rs 11,135 per gram. Likewise, the price of 18 karat gold in India fell by Rs 69 per gram to Rs 9,111 per gram. Gold prices in India have surged by more than 50% since the beginning of the year 2025.

Silver Rate in India

The price of silver in India saw some correction on Thursday. Silver rate in India declined to Rs 151 per gram and to Rs 1,51,000 per kilogram. Silver prices have witnessed a sharp jump over the past four to six months. The massive surge in silver rates is driven by strong industrial demand of the precious metal and its supply side crunch.

Gold, Silver MCX Rates

Gold futures with December expiry saw some price surge and closed higher at Rs 1,20,633 per 10 gram. Whereas, silver futures with December expiry increased to Rs 146081 per kilogram. The international gold rate on Thursday increased to $3,990 per ounce, as per Trading Economics.

Gold, Silver Price Outlook

Gold and silver prices are likely to remain volatile on Friday, October 31. However, the domestic gold pricses may reflect the price recovery seen in international gold rates. In the long-term gold prices will continue their upward trajectory as they will emerge as a safe-haven asset for investors. However, investors must remain cautious while investing in the precious metal in the current phase of consolidation.

"Although gold has risen this year, today's decline shows that it is wiser to be cautious than to buy without restraint. Investment-wise, this change indicates that although gold is still a good portfolio hedge, the short-term trend is one of decline, and that investors should not try to catch up with recent highs. As global projections are revised downward, we view the current phase as more of a consolidation than a new climb," noted Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures earlier.