Massive CRASH in Gold Rate Today In India (30-10-2026): 22K Gold Becomes Cheaper By Rs. 16,900

Gold prices in India suffered a massive crash on Friday, October 30, with 22K gold rates plunging by a whopping Rs. 16,900 per 100 grams. The sharp decline in gold rates in India today is now a huge relief to gold buyers, especially those planning jewellery purchases ahead of the festive and wedding season. Silver prices, on the other hand, have also fallen sharply today in the domestic retail market.

Gold prices were also under pressure in the international market, with spot gold slipping below the $4,000 per ounce mark this morning.

According to Trading Economics, the main reason behind this drop is concerns over rising US inflation and stronger economic growth, which have raised expectations of another interest rate hike by the US Federal Reserve in December.

The stronger economic data has weighed on gold prices as higher interest rates tend to reduce the appeal of non-yielding assets such as gold. According to the CME FedWatch Tool, markets are now pricing in nearly a 75% chance of a rate hike in December.

Gold Rate In India Today

On 30th October, 24-carat gold rates in India crashed by Rs.1690 per 10 grams to cost Rs.1,42,600. The 22-carat gold price stands at Rs.1,30,400 per 10 grams after a fall of Rs. 1550. The cheaper variant, 18-carat gold, slipped by Rs. 1270 to retail at Rs.1,06,690 per 10 grams.

The bigger weight variant was seen at the same drop: 100 grams of 24-carat gold rates now retail at Rs. 14,22,600, and the 22-carat gold rates per 100 grams now cost Rs.1,30,400.

Silver rates in India Today

Silver rates in India today also saw a drop, with prices falling by Rs.5000 to Rs. 2,10,000 per kg, and 100 grams of silver costs Rs. 21,000, which slipped by Rs.500.

Gold and Silver Futures Prices on the Multi Commodity Exchange

Gold prices on the MCX are trading in red on Friday. Currently, gold futures prices due to mature on December 4th are trading at Rs.1,41,927 after slipping by 0.47%. Silver futures, which are set to mature on December 4th, also ended in red, down by 1.45% to Rs. 1,86,697.

"Gold and silver are holding near key supports as markets digest the Fed's decision to keep rates unchanged and wait for today's US inflation data. Two policymakers voted for a 25-bps hike, which has raised the odds of a December increase as energy-driven inflation persists. Chair Kevin Warsh's idea of cutting rate meetings from eight to six adds to the uncertainty. High oil prices keep inflation risks alive, which could weigh on silver. Technically, gold has slipped below $4,000 and silver below $54.5, with near-term downside possible. Still, the $3,950-4,000 and $50-55 zones look like strong accumulation areas." said Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd., President of India Bullion and Jewellers Association Ltd. and Chairman at Jain International Trade Organisation.

Spot Gold and Spot Silver Price Update

"Spot Gold is expected to remain under pressure and dip towards $3950 as elevated crude oil prices have raised inflation concerns and may persuade Fed to tighten monetary policy. Additionally, the ECB kept interest rates unchanged, but warned that inflation risks were on the rise from surging energy costs. Meanwhile, strong ETF inflows and Central Bank buying may help prices find some cushion. Investors will keep an eye on today's Bank of Japan's monetary meeting and other U.S economic data for further cues." as per the ICICI Commodity Report.