New Delhi, October 30 (TNA) Gold prices fell sharply in India on Friday, with domestic rates declining across 24-carat, 22-carat and 18-carat categories as international bullion prices weakened and investors reassessed the outlook for US interest rates.
The price of 24-carat gold was quoted at about ₹1,42,260 per 10 grams, down ₹1,690 from the previous session. The 22-carat rate fell by approximately ₹1,550 to around ₹1,30,400 per 10 grams, according to market-rate reports.
MCX Gold Drops
Gold futures on the Multi Commodity Exchange also came under pressure. The December contract fell about 1.25% to ₹1,40,808 per 10 grams, after touching an intraday low of ₹1,40,768. International spot gold slipped below $4,000 an ounce, its lowest level in several months. The decline in global prices was reflected in Indian markets, although domestic retail rates vary by city, jeweller, purity, taxes and making charges.
Rate Outlook Weighs on Bullion
Market analysts attributed the sell-off to expectations that US interest rates could remain higher for longer. A stronger dollar, rising bond yields and concerns over inflation have reduced the appeal of non-yielding assets such as gold.
Higher crude-oil prices have also added to inflation concerns and reinforced expectations that central banks may delay interest-rate cuts or maintain restrictive monetary policies. These factors have contributed to recent volatility in global bullion markets.
City-Wise Rates
Indicative retail rates on Friday showed variations across major Indian cities. Delhi’s 24-carat gold was quoted at approximately ₹1,41,750 per 10 grams, while Mumbai’s rate was around ₹1,41,990. Chennai recorded one of the higher city rates at nearly ₹1,42,400 per 10 grams.
Silver Also Under Pressure
Silver prices continued to weaken alongside gold. The metal traded below the ₹2-lakh-per-kilogram mark, with benchmark rates reported at about ₹1,89,480 per kilogram.
The fall in gold and silver comes shortly before Dhanteras and Diwali, when demand for precious metals traditionally rises. Lower prices could attract some retail buyers, although investors may remain cautious because bullion markets continue to react sharply to currency movements, global interest-rate expectations and geopolitical developments.