Fresh Drop in Gold Rate in India Today, Oct 2: 24K, 22K, 18K Prices Fall From Peak on Vijayadashami/Dussehra

Gold rate in India today fell sharply on the occasion of Vijayadashami or Dussehra, ending a five-day upward rally. After continuous gains in the past week, the yellow metal rates finally eased, bringing some relief and a ray of hope to buyers who have been holding back due to sky-high prices.

Over the past month, gold price in India has been trading near record levels, making retail buyers cautious ahead of the festive season. With Navratri now over, the next major trigger for gold demand is expected during Dhanteras and Diwali 2025, which are traditionally the biggest gold buying occasions in India. Analysts suggest that 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 price held steady on Thursday after trading an all-time high near $3,900 per ounce. Meanwhile, the US dollar index has been consolidating around 97.72, which has capped further upside in global gold prices for now.

Gold Rate in India Today

On Thursday, 2nd October, 24-carat gold rate in India slipped by Rs. 550 per 10 grams to cost Rs. 1,18,690. While the 22-carat gold price today stands at Rs. 1,08,800 per 10 grams after a decline of Rs. 500 Meanwhile, the 18-carat gold decreased by Rs. 380 to retail at Rs. 89,020 per 10 grams.

The bulkier quantities also experience a decline; 100 grams of 24-carat gold rates now retail at Rs. 11, 86,900 after slipping Rs. 5,500, and the 22-carat gold rates per 100 grams now cost Rs. 10, 88,000 after slipping Rs. 5000.

Silver prices in India today

In contrary to gold, Silver rates in India today jumped by Rs. 2000 per kg and currently cost Rs. 1,53,000 and 100 grams of silver cost Rs. 15,300.

MCX Gold and Silver Futures Prices Today

Currently, gold futures prices due to mature on December 5th are trading at Rs. 1,17,558 per 10 grams, down by 0.03%. Silver futures, with an expiration date of December 5th, also dropped slightly by 0.11% and are now trading at Rs. 1,44,566 per kg.

Global Gold Price and Silver Price Update

As per Reuters,"Spot gold held its ground at $3,862.07 per ounce, as of 0451 GMT, after hitting an all-time high of $3,895.09 on Wednesday. U.S. gold futures for December delivery eased 0.3% to $3,887.50. Spot silver slipped 0.3% to $47.17 per ounce."

"Gold eased to $3,845 an ounce after touching a record high above $3,860, as profit-taking and reduced Chinese demand ahead of Golden Week weighed on prices. Still, bullion remains up over 10% this month, 16% this quarter, and 47% year-to-date, driven by Fed cuts, trade tensions, and safe-haven demand." as per a commodity report from Way to Wealth

"On the technical front, MCX Gold is trading at all-time high levels, with the daily, weekly, and monthly charts remaining bullish. It is trading above the short-term 10- and 20-day EMAs, as well as the long-term 50-, 100-, and 200-day EMAs on the daily chart. The RSI remains above 80, indicating strong momentum. Immediate support is placed at 115,500, while resistance is seen at 117,780- 118,550. Overall, the trend remains bullish, and traders can look to buy near support for targets of 117,780- 118,550, with a stop-loss below 115,400." 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 2nd.

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