Gold and silver prices in India declined at the start of October, reflecting global policy uncertainties and a wider market correction after recent strength, with domestic rates closely linked to global movements and US economic data.
Gold prices in India opened October on a softer note, with rates across key categories easing after recent strength. According to Goodreturns, 24-carat gold fell by ₹330 per 10 grams to ₹1,49,240, while 22-carat gold slipped by the same amount to ₹1,36,800. The lower-purity 18-carat variety declined by ₹250 to ₹1,11,930 per 10 grams, putting the benchmark 24-carat rate back below ₹1.5 lakh for the first time in this move.
Silver also weakened, ending a brief pause in trading. Goodreturns reported that 1 kilogram of silver dropped by ₹5,000 to ₹2,35,000, while 100 grams was priced at ₹23,500. The report said the retreat in bullion came as stronger inflation readings and firmer US economic data shifted expectations for Federal Reserve policy, with spot gold slipping below $4,200 an ounce and traders weighing the chance of further tightening.
City-level prices largely mirrored the national trend. Goodreturns listed 24-carat gold at ₹1,49,240 per 10 grams in Chennai, Hyderabad and Mumbai, while 22-carat gold was shown at ₹1,36,800 in those markets. The same report also gave mixed exchange-style figures for Bangalore, underscoring the broader point that domestic prices remain closely tied to global bullion moves, the rupee-dollar exchange rate and local retail premiums.
Broader market context suggests the pullback is part of a wider correction rather than an isolated one-day move. Nirmal Bang Securities said gold was on track for its sharpest monthly fall since June, after the Federal Reserve raised rates for the first time since 2023 and signalled that more tightening could still be needed. Historical Kerala price data supplied in related reports shows how sharply gold can move over short periods, with 22-carat rates in October 2023 averaging around ₹5,160 a gram and swinging by several hundred rupees within the month, a reminder that the metal remains highly sensitive to global policy expectations and investor sentiment.
Disclaimer: This article is intended to inform and educate, not to recommend or endorse any financial product, investment or strategy. Please consider your own financial circumstances and seek professional advice where appropriate before making financial decisions.
