Gold and silver prices in India declined on Thursday, October 23, 2025, as investors booked profits amid easing global tensions. Here’s a detailed look at the latest city-wise gold and silver rates and the factors driving the correction.
Gold Prices Fall Across India
The price of 24-carat gold in India dropped to Rs 1,25,890 per 10 grams, while 22-carat gold stood at Rs 1,15,400 per 10 grams, according to GoodReturns.
The 18-carat gold variant was priced at Rs 94,420 per 10 grams.
Experts said that after months of steady gains, the fall was expected due to profit-booking and cooling safe-haven demand ahead of the US Federal Reserve’s rate-cut decision later this week.
Over the past two months, gold had reached record highs driven by global uncertainty and strong investor demand.
Silver Prices Also Decline
Silver prices also fell slightly on Thursday. The metal traded at Rs 1,60,000 per kilogram, down from previous highs.
Despite the drop, silver has gained nearly 70% in 2025, supported by industrial demand from electric vehicle and solar panel manufacturers and a tight global supply.
City-Wise Gold and Silver Rates (October 23, 2025)
| City | 24-Carat Gold (Rs/10 gm) | 22-Carat Gold (Rs/10 gm) | Silver (Rs/kg) |
|---|---|---|---|
| Delhi | 1,26,030 | 1,15,540 | 1,59,900 |
| Mumbai | 1,25,880 | 1,15,390 | 1,59,900 |
| Kolkata | 1,25,880 | 1,15,390 | 1,59,900 |
| Chennai | 1,25,880 | 1,15,390 | 1,74,900 |
| Bengaluru | — | 1,15,390 | — |
| Hyderabad | — | 1,15,390 | — |
Note: Prices vary due to local taxes, logistics, and regional demand.
Global Market Trends
Globally, spot gold dropped by 0.53% to $4,102.09 per ounce, while US gold futures rose 0.4% to $4,124.10 per ounce.
Silver showed mixed signals — spot silver increased 0.1% to $48.82 per ounce, while MCX December futures traded lower at Rs 1,45,751 per kilogram.
Analysts noted that gold remains on track for its strongest year since 1979, gaining over 50% in 2025, driven by geopolitical tensions and expectations of US rate cuts.
Why Prices Are Falling
According to analysts from GoodReturns and Reuters, the latest correction is driven by:
-
Profit-booking after months of record highs
-
Easing US-China trade tensions
-
A stronger US dollar and stable bond yields
-
Seasonal dip in domestic festive demand after Dhanteras and Diwali
Despite the temporary fall, ETF holdings of gold remain near a three-year high, showing continued confidence in the metal as a long-term store of value.
Summary
Gold and silver prices have cooled after strong rallies, but experts expect renewed buying in November as wedding and festive demand picks up in India.
Investors are advised to watch the Federal Reserve’s policy decisions and global market cues for further direction.
