Gold and Silver Prices Plunge Ahead of Dhanteras

Mumbai, October 25: Ahead of Dhanteras and Diwali, gold and silver prices have witnessed a significant drop, providing relief to those planning to purchase these precious metals for the festive season. Recent data indicates that both metals have seen a decline in their prices. Silver has fallen below ₹2 lakh per kilogram, while gold has also dropped considerably from its record highs.

According to the Indian Bullion and Jewellers Association (IBJA), from September 30 to October 23, 2026, the price of 24-carat gold decreased by ₹6,258 per 10 grams, while silver prices fell by ₹26,020 per kilogram during the same period. Additionally, pressure has been observed in the futures prices of gold and silver on the Multi Commodity Exchange (MCX).

For those looking to buy silver coins, utensils, and other items during the festive season, this price drop is significant. However, it is advisable to check the retail rates on the day of purchase.

The following are the price changes for gold over the last 24 days:
24-carat gold: ₹1,47,888 (September 30) to ₹1,41,630 (October 23)
22-carat gold: ₹1,35,915 (September 30) to ₹1,29,566 (October 23)

The decline in silver prices is even more pronounced. On September 30, 2026, one kilogram of silver was priced at ₹2,20,435, which dropped to ₹1,94,415 by October 23, marking a decrease of ₹26,020 in just 24 days.

The futures prices for silver on MCX have also seen a significant decline, falling from a record high of ₹4,20,048 per kilogram on January 29, 2026, to below ₹2 lakh per kilogram by October 23. This represents a nearly 50% drop from its peak.

Gold futures have also faced downward pressure, closing at approximately ₹1,41,994 per 10 grams on October 23, down by 0.92% or ₹1,315. Over the week, gold futures prices have decreased by about 4%.

Several global factors influence the prices of gold and silver. The recent decline is attributed to uncertainties surrounding interest rates and inflation concerns. Investors are closely monitoring the decisions of the U.S. Federal Reserve, as high-interest rates may reduce the attractiveness of gold as an investment.

For those considering investing in gold, there are various options available beyond physical gold. These include Gold ETFs, which are linked to market prices and can be traded on stock exchanges, and Sovereign Gold Bonds, which may be available in secondary markets.

As the festive season approaches, the recent price drop may encourage purchases of gold and silver. However, buyers should remain cautious and consider local rates, purity, making charges, and buyback policies before making a purchase.