Gold and silver prices fell in major cities, including Delhi and Mumbai, on October 30, 2026

For those planning to purchase gold and silver during holidays such as Dhanteras and Diwali, as well as during the wedding season, there is positive news. The trend of decreasing precious metal prices continues. On the domestic market on October 23, 2026, the cost of both gold and silver was observed to fall.

Specifically, the price of 24-karat gold decreased by 0.61%, reaching 142,750 rubles per 10 grams. The price of silver fell by 1.93%, amounting to 196,510 rubles per kilogram. Pressure is also being observed in the international gold market.

Globally, gold has been at low levels for over two weeks. The main reason is growing concern about inflation linked to rising crude oil prices. This forces investors to closely monitor the upcoming statement from the US Federal Reserve regarding interest rates.

Since gold does not generate regular income, when interest rates and bond yields rise, alternative income-generating instruments become more attractive to investors. The next meetings of the US Federal Reserve, scheduled for October 27 and 28, may provide insight into the future direction of interest rates, which could potentially affect the dollar exchange rate, bond yields, and gold prices.

On the domestic futures market, prices for both metals also recorded a decline on Friday morning. At approximately 9:13 AM on the Multi Commodity Exchange (MCX), the futures price of gold dropped by 0.66%, reaching 142,680 rubles per 10 grams. The futures price of silver decreased by approximately 1.99%, reaching 196,390 rubles per kilogram. It is important to note that futures market prices may differ from retail prices in the country and in different cities. Furthermore, the final cost when purchasing jewelry may change due to labor markup, VAT, and other applicable fees.

24-karat gold is considered the purest sample, while 22-karat gold is more often used for making jewelry. Other metals are added to it to give the items greater durability. Silver with a purity of 999 contains 99.9% silver and is used for coins, bars, and other investment forms.

The future direction of precious metal prices will depend on several factors: US Federal Reserve meetings, crude oil prices, inflation concerns, and the dynamics of the dollar exchange rate. If signals point to a tight monetary policy, gold may remain under pressure. Conversely, if expectations of rate cuts increase, gold may receive support.

Despite today's price drop, this does not guarantee that the metal's value will rise again in the near future. Therefore, before purchasing, one must decide whether they are buying jewelry for personal use or gold as a long-term investment. If the goal is to buy jewelry, one should focus on the price of 22-karat gold, as this purity is typically used to make items. In the final receipt, the labor markup and corresponding taxes will be included.

Investors should not make decisions based solely on daily price declines. They must consider the investment horizon, the share of gold in the portfolio, and the risks associated with future price fluctuations. A price drop itself does not prove that gold has become cheap or that the right time to buy has arrived. To understand the further movement of gold, one should monitor MCX prices, global prices, and the ruble exchange rate against the US dollar.

On the Multi Commodity Exchange (MCX), precious metal prices experienced a sharp decline on Thursday following the start of futures trading. Prices for both metals plummeted: the cost of silver fell by more than 5,000 rupees, reaching a level of 2.03 lakh rupees per kilogram, while the futures gold rate dropped to 1.44 lakh rupees per 10 grams.

The drop in silver prices accelerated on Thursday, although a decrease had been observed over the past four days. On MCX, the price of silver with a December 4 expiry fell to 2,03,798 rupees, compared to closing at 2,09,168 rupees on the previous trading day. Thus, silver lost 5,370 rupees per kilogram in a single move.

Comparing current prices to the historical high, silver on MCX had previously exceeded the 4 lakh rupee mark for the first time at the end of January, peaking at 4,20,048 rupees. Based on current prices, silver is now available 2,16,250 rupees cheaper than its maximum value.

Not only silver, but also futures prices for gold sharply decreased. On MCX, 24-carat gold with a December 4 expiry fell to 1,44,311 rupees from an opening price on Thursday. Previously, on Wednesday, it traded at 1,46,079 rupees per 10 grams, representing a decrease of 1,768 rupees per 10 grams.

The decline in gold prices has continued since the beginning of this week. On Friday, the last trading day of last week, the futures price of gold was 1,47,918 rupees per 10 grams. As of the writing of this news on Thursday, the gold rate had fallen by 3,607 rupees. Furthermore, compared to September 30, when 10 grams of gold cost 1,49,036 rupees, it is now cheaper by 4,725 rupees per 10 grams.

The global precious metals market is showing an influence from the growing tensions between the United States of America and Iran. In India, on October 16, a slight increase in gold and silver prices was noted.

On the Multi Commodity Exchange (MCX), the price of gold increased by 0.11%, reaching 147,970 rupees per 10 grams. As for silver, the futures price rose by 0.51% to 212,370 rupees per kilogram. These figures are current as of the morning around 9:13 AM. Against the backdrop of heightened international tension, investors are closely monitoring further developments, as the prices of precious metals like gold and silver may fluctuate.

According to a CNN report from Thursday, the US military has prepared options for a renewed attack on Iran, including the potential use of one of the largest US non-nuclear bombs. In turn, Iran has stated its determination to continue fighting for its demands. The rising tension between the two nations fuels uncertainty in global markets, causing investors to pay attention to gold as an asset considered safe in such conditions.

Nevertheless, the value of gold and silver is influenced not only by geopolitical conflicts but also by dollar dynamics, interest rates, and demand in the international market.

On October 16, there were differences in gold prices across various cities. Prices per 10 grams were provided for 24-karat and 22-karat gold. According to this data, Chennai recorded the highest price for 24-karat gold, while Kolkata had the lowest. It is important to remember that these are city prices, and the final cost when purchasing jewelry may differ due to store tariffs, manufacturing fees, and applicable taxes.

Like gold, silver also showed a price increase. The prices for 999 purity silver in different cities were as follows. The highest price for silver in these cities was recorded in Chennai, and the lowest in Kolkata. Before making a purchase, it is recommended to check the current prices for precious metals in the local market.

When buying gold, it is crucial to understand its purity. 24-karat gold is considered the purest, but due to its relative softness, it is usually not used for making jewelry. Meanwhile, other metals are added to 22-karat gold, making it more durable for jewelry creation. This is why the purity of gold can differ for investment purposes and for purchasing jewelry. When acquiring gold jewelry, it is essential to check the stamp and purity information.

In the near future, the prices of gold and silver may be affected by tensions between the US and Iran, dollar movements, expectations related to interest rates, and global demand. If tensions rise, this could support demand for safe-haven assets. However, changes in the international market could also lead to price decreases. As of October 16, prices for both metals rose in the futures market, but this daily increase cannot be taken as a guarantee of further price increases.