Gold prices in India witnessed a significant correction on October 23, 2025, continuing their downward trajectory for the third consecutive day. After reaching unprecedented highs earlier this month, the precious metal has surrendered substantial gains as investors rushed to book profits amid easing global tensions and shifting market dynamics.
Today's Gold Rates Across India
The price of 24-carat gold in India today stands at ₹12,508 per gram or ₹1,25,080 per 10 grams, marking a decline of ₹81 per gram from the previous day. Meanwhile, 22-carat gold is priced at ₹11,465 per gram (₹1,14,650 per 10 grams), down by ₹75 per gram.
For those interested in 18-carat gold, the current rate is ₹9,381 per gram, reflecting a drop of ₹61 from yesterday's levels.
City-Wise Gold Price Breakdown
Gold rates vary slightly across major Indian cities due to local demand, transportation costs, and state taxes. Here's a snapshot of today's prices for 24-carat and 22-carat gold per 10 grams in key metropolitan areas:
City | 24K Gold (₹/10g) | 22K Gold (₹/10g) |
|---|---|---|
Mumbai | ₹1,25,880 | ₹1,15,400 |
Delhi | ₹1,26,040 | ₹1,15,550 |
Bangalore | ₹1,25,880 | ₹1,15,400 |
Chennai | ₹1,25,880 | ₹1,15,400 |
Kolkata | ₹1,25,880 | ₹1,15,400 |
Hyderabad | ₹1,25,880 | ₹1,15,400 |
*Note: These are indicative rates and do not include GST, TCS, and making charges.
What's Driving Gold Prices Down?
The sharp decline in gold rates follows one of the most aggressive sell-offs in over a decade. International gold prices tumbled from their record high of $4,381 per ounce on October 21 to around $4,080 per ounce on October 23. This represents a drop of approximately 6.7% in just a matter of days—the steepest decline since 2013.
Several factors are contributing to this correction:
Profit-Booking After Record Highs: After gold surged nearly 55% in 2025, investors have been cashing in on their gains. Many traders who had been sitting on substantial profits decided this was the right time to exit.
Stronger US Dollar: The US dollar index climbed 0.4% to above 98.9, making gold more expensive for holders of other currencies and reducing its appeal.
Easing Geopolitical Tensions: Optimism surrounding potential US-China trade negotiations and Trump's more conciliatory remarks toward China have reduced gold's safe-haven appeal.
Federal Reserve Rate Decision Ahead: Market participants are adopting a wait-and-see approach ahead of the US Federal Reserve's upcoming interest rate announcement, which could impact gold's trajectory.
Technical Correction: Analysts suggest that gold's rally had become technically overstretched, triggering automatic selling as prices breached key support levels.
Should You Buy Gold Now or Wait?
The million-dollar question for investors and households is whether this dip presents a buying opportunity or if further declines are on the horizon.
For Festive and Wedding Purchases: If you're buying gold for the upcoming wedding season or festive occasions, current prices offer some relief compared to last week's record highs. Jewellery demand typically remains strong through November.
For Investors: Experts recommend a disciplined, staggered approach rather than lump-sum investments at current levels. "Avoid chasing price spikes," advises market analyst Abhilash Koikkara. He suggests that the ₹1,24,000–₹1,31,000 range on MCX is likely to act as a key short-term trading zone.
If gold sustains below ₹1,24,000, further correction could be on the cards. However, a move above ₹1,31,000 could reinstate bullish momentum.
Long-Term Outlook: Will Gold Hit ₹1.5 Lakh?
Despite the short-term volatility, the long-term outlook for gold remains robust. Global financial institution HSBC has projected that international gold prices could surge to $5,000 per ounce by the first half of 2026—nearly $1,000 higher than current levels.
The forecast is driven by persistent geopolitical tensions, global economic uncertainty, and strong central bank buying. HSBC has revised its 2025 average gold price estimate from $3,355 to $3,455 per ounce, and its 2026 forecast from $3,950 to $4,600.
For the Indian market, gold price predictions for the next five years suggest a steady upward trend. By 2030, gold could potentially reach around ₹4.41 lakh per 10 grams, according to some long-term forecasts.
Key Factors That Will Shape Gold Prices in 2025-26
Central Bank Policies: Central banks, particularly in emerging markets, continue to accumulate gold to diversify reserves and reduce dependency on the US dollar.
Inflation Trends: Rising inflation rates globally drive up gold prices as investors seek to protect their purchasing power.
Rupee Depreciation: India imports nearly 86% of its gold. When the rupee weakens against the dollar, gold becomes costlier domestically. Over the past 30 years, gold's annualized returns in rupee terms stand at 11% compared to 7.6% in dollar terms.
Industrial Demand: Growing demand for gold in technology, electronics, and medical devices supports prices. Silver, in particular, benefits from green energy and electric vehicle sectors.
Geopolitical Uncertainty: Ongoing conflicts, trade tensions, and political instability typically drive investors toward safe-haven assets like gold.
Frequently Asked Questions
Gold vs Silver: Where Should You Invest?
With both gold and silver experiencing significant rallies in 2025, investors are often confused about which metal to choose. Gold has delivered approximately 49-55% returns this year, while silver has outperformed with gains of 53-68%.
Experts recommend a 60:40 allocation favoring gold over silver for most investors. Gold is seen as the safer bet with steady upside potential, while silver's higher volatility offers potentially greater rewards but with increased risk.
For those seeking inflation hedges, gold remains the go-to choice due to its scarcity and universal acceptance. Silver, while also effective, has greater exposure to industrial demand, causing more price fluctuations.
Many seasoned investors opt for a balanced approach, allocating portions of their portfolio to both metals through gold and silver ETFs or mutual fund FoFs to manage volatility while participating in long-term trends.
Bottom Line
Gold rates today reflect a natural correction after an extraordinary rally that saw the precious metal gain nearly 55% in 2025. While short-term volatility may continue, the medium to long-term outlook remains positive, supported by global economic uncertainties, central bank buying, and India's strong festive and wedding season demand.
Whether you're buying gold for ornamental purposes or as an investment, staying informed about daily price movements and understanding the factors driving these changes can help you make smarter decisions. Keep monitoring gold rates regularly to time your purchases strategically during price dips.
Disclaimer: Gold rates mentioned are indicative and sourced from reputable jewelers. Actual rates may vary based on local market conditions, and buyers should verify current prices before making purchases. Always factor in GST, TCS, and making charges when buying gold jewelry.
