Gold Rates Today, October 31: Rs 55,700 Drop! Check 24, 22, 18 Carat Gold Prices In Chennai, Mumbai, Cities

Gold rates continued to witness deep cuts across carats for the second consecutive day. On October 31st, the last day of the month, gold recorded one of its largest single-day declines by Rs 33,800 in 24-carat and by Rs 31,000 in 22-carat. Accordingly, 18-carat prices also slipped sharply. The precious metals are under pressure due to higher energy costs, persistent inflationary fear, elevated crude oil prices and heightened sell-offs in tech stocks due to AI infra overspending fear. The probability of a rate hike in December by central banks is also weighing on gold.

However, the decline comes as good news for buyers looking to invest in safe haven assets during Dhanteras festival if a similar trend continues next week.

Gold Rates Today In India:

Gold rates in India on October 31st fell by Rs 33,800 in 24-carat of 100 grams to Rs 13,88,800 and dropped by Rs 3,380 in the same carat's 10 grams metal to Rs 1,38,880. Meanwhile, 22-carat crashed by Rs 310 to Rs 31,000 across grams and 18-carat plunged by Rs 253 to Rs 25,300 across grams.

Weight	24K Gold Price	Change	22K Gold Price	Change	18K Gold Price	Change
1 gram	₹13,888	-₹338	₹12,730	-₹310	₹10,416	-₹253
8 grams	₹1,11,104	-₹2,704	₹1,01,840	-₹2,480	₹83,328	-₹2,024
10 grams	₹1,38,880	-₹3,380	₹1,27,300	-₹3,100	₹1,04,160	-₹2,530
100 grams	₹13,88,800	-₹33,800	₹12,73,000	-₹31,000	₹10,41,600	-₹25,300

This is the second consecutive decline in all carats. Yesterday, 24-carat gold price tumbled by Rs 16,900 in 100 grams and dropped Rs 1,690 in 10 grams.

From October 30th to 31st, gold rates nosedived by Rs 55,700 in 100 grand plummeted by Rs 5,570 in 10 grams.

Gold and silver came under significant selling pressure as higher energy costs, persistent inflation concerns and a sharp correction in technology stocks weighed on broader risk appetite. The equity-market sell-off also appears to have triggered margin calls and forced liquidation of leveraged positions, adding to selling pressure across precious metals, as per Ponmudi R, CEO of Enrich Money.

Gold Rates Today in Chennai vs Mumbai vs Delhi vs Hyderabad vs Bangalore:

24 Carat Gold Prices Today

24K gold prices are the same in cities like Mumbai, Chennai, Hyderabad, Kerala, Kolkata, Pune and Bangalore. Here, 24-carat gold price stood at Rs 13,888 per 1 gram, at Rs 1,38,880 per 10 grams, and at Rs 13,88,800 per 100 grams. In Delhi, 24-carat gold price stood at Rs 13,903 per 1 gram, at Rs 1,39,030 per 10 grams and at Rs 13,90,300 per 100 grams.

22 Carat Gold Prices Today

In the 916 purity, gold is available at Rs 12,730 per 1 gram, at Rs 1,27,300 per 10 grams and at Rs 12,73,000 per 100 grams in cities like Bangalore, Chennai, Mumbai and Hyderabad. In Delhi, 22-carat gold rates are at Rs 12,745 per 1 gram, at Rs 1,27,450 per 10 grams and at Rs 12,74,500 per 100 grams.

18 Carat Gold Prices Today

Just like above carats, 18-carat gold are same in Chennai, Mumbai, Bangalore, Hyderabad and Kerala to Rs 10,416 per 1 gram, at Rs 1,04,160 per 10 grams and at Rs 10,41,600 per 100 grams.

Going ahead, Ponmudi said, the week ahead is likely to be shaped by the interplay between U.S. monetary policy expectations, inflation trends and geopolitical developments, with precious metals and energy markets facing contrasting pressures.

He added that gold and silver may struggle to regain ground as persistent inflation and the prospect of another Federal Reserve rate hike in December keep Treasury yields and the dollar in focus. However, the sharp recent correction has left both metals vulnerable to short-covering rallies, while lower prices could also attract renewed central-bank demand, offering some support to gold.

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.