As of October 23, 2025, gold prices in India continue to reflect a volatile yet generally downward trend amid global economic cues, including anticipation around the US Federal Reserve’s interest rate decisions and easing geopolitical tensions. The Multi Commodity Exchange (MCX) gold rate for 24-carat gold stands at approximately ₹1,23,910 per 10 grams, marking a slight dip from recent highs seen during the Diwali festive season earlier this week. This translates to about ₹12,391 per gram for 24K gold. For 22-carat gold, commonly used in jewelry, the price is around ₹1,13,500 per 10 grams or ₹11,350 per gram.
Prices can vary slightly across cities due to local taxes, transportation costs, and making charges (typically 5-15% for jewelry). Here’s a snapshot of today’s indicative rates per 10 grams in major Indian cities, based on 24K and 22K purity:
| City | 24K Gold (₹) | 22K Gold (₹) |
|---|---|---|
| Delhi | 1,26,030 | 1,14,800 |
| Mumbai | 1,25,080 | 1,14,650 |
| Chennai | 1,25,460 | 1,15,000 |
| Kolkata | 1,25,080 | 1,14,650 |
These figures are updated as of early morning IST and may fluctuate throughout the day based on international spot prices, which hovered around $2,650 per troy ounce globally today.
Recent Trends and Market Insights
- Daily Change: Gold prices fell sharply by about ₹810 per 10 grams (or ₹81 per gram for 24K) compared to October 22, 2025, extending a corrective phase after peaking above ₹1,30,000 per 10 grams on Diwali (October 20). This pullback is attributed to profit-booking by investors and a stronger US dollar.
- Weekly Outlook: Over the past week, prices have declined by nearly 4%, influenced by reduced safe-haven demand post-Diwali and expectations of a 25-basis-point Fed rate cut. However, analysts predict a potential rebound if US-China trade talks progress positively, which could boost global commodity sentiment.
- Festive Impact: Despite the dip, physical demand remains robust due to ongoing wedding season purchases and cultural buying in states like Kerala and Tamil Nadu. Silver, often bought alongside gold, is trading at around ₹1,60,000 per kg, up 1% today.
Factors Influencing Today’s Prices
- Global Cues: International gold is stable but pressured by a rebounding equity market and lower inflation fears in the US.
- Rupee Movement: The INR-USD exchange rate at around 84.20 is adding mild support to import-dependent prices.
- Domestic Demand: Post-Diwali lull, but Muhurat trading on November 1 could spark renewed buying.
- Supply Dynamics: India’s gold imports rose 20% year-on-year in Q3 2025, tightening local supply and premiums.
For investors, gold remains a hedge against inflation, with Sovereign Gold Bonds offering a 2.5% annual interest alongside price appreciation. Always check with certified jewelers for real-time quotes, as rates exclude GST (3%) and TCS (1% above ₹2 lakh). If planning a purchase, consider 22K for better value in ornaments versus pure 24K bars for investment. Prices are dynamic—monitor MCX or apps like Groww for live update