Sharp Fall In Gold Rate In India, 24K Below Rs 1.26 Lakh/10 Gram; Will Prices Rebound Today? 23 Oct Outlook

Gold Rate in India: Gold prices in India witnessed a sharp decline on Wednesday, October 22, as investors continued to book profits amid easing US-China trade tensions. With the US Federal Reserve's rate-cut announcement around the corner, market participants are closely tracking the gold price movement. After beginning the week on a note of consolidation, the key question now is, will gold and silver rates extend their fall today, Thursday, October 23? Let's find out.

Gold rate in India witnessed its biggest ever decline on Wednesday and provided an opportunity for investors to make purchases amid the ongoing festive season.

Gold Rate in India

The price of 24 karat gold in India declined significantly to Rs 1,25,890 per 10 grams. Likewise, the price of 22 karat gold in India fell to Rs 1,15,400 per 10 grams. Meanwhile, the price of 18 karat gold in India declined to Rs 9,44,200 per 10 grams.

There has been a sharp surge in the gold rate in India over the past ten months, especially in the last two months. The precious metal's relentless rally was fuelled by rising tensions around trade, geopolitical tensions, and tariff uncertainty.

Silver Rate in India

The price of silver in India also declined on Wednesday. Silver rate in India stood at Rs 160 per gram and at Rs 1,60,000 per kilogram. Silver rates on MCX as well as ETF have witnessed a sharp decline over the past few days. The precious metal showcased a stella 70% rally since the beginning of the year 2025 amid strong industrial demand and supply side crunch.

Gold, Silver Rate MCX

The international gold rate on Wednedsay continued their sharp decline on Wednesday. The prices fell nearly more than 2% below $4,050 per ounce as traders booked profits after record rallies amid strong risk appetite. Gold futures with December expiry declined on Wednesday and closed at Rs 1,21,857 per 10 gram. Silver futures with December expiry closed at Rs 1,45,558 per kilogram.

Gold, Silver Price Outlook

Gold rate in India may see some further consolidation on Thursday if the domestic prices mirrored the international gold price movement. Several experts have indicated that the gold prices are currently in their bubble territory and a price correction may happen anytime soon. Others argued that regardless of gold demand, the precious metal may see a strong demand due to festive season buying.

"The outlook for gold remains constructive amid policy uncertainty, slower growth, and persistent geopolitical risks. While short-term corrections are possible after the recent rally, the underlying supports - strong central bank buying, ETF inflows, and currency diversification - remain intact,' noted Motilal Oswal in its report.