Gold prices extended their post-Diwali decline on Tuesday as the yellow metal entered a correction phase after reaching record highs earlier this month.
In Mumbai, 24-carat gold is priced at ₹1,23,270 per 10 grams, while 22-carat gold stands at ₹1,12,990 per 10 grams. Silver also saw a marginal dip, trading at ₹1,54,900 per kg.
Gold Prices Across Major Indian Cities (October 28, 2025)
| City | 22K Gold (₹/10g) | 24K Gold (₹/10g) |
|---|---|---|
| Delhi | ₹1,13,140 | ₹1,23,420 |
| Jaipur | ₹1,13,140 | ₹1,23,420 |
| Ahmedabad | ₹1,13,040 | ₹1,23,320 |
| Pune | ₹1,13,040 | ₹1,23,320 |
| Mumbai | ₹1,12,990 | ₹1,23,270 |
| Hyderabad | ₹1,12,990 | ₹1,23,270 |
| Chennai | ₹1,12,990 | ₹1,23,270 |
| Bengaluru | ₹1,12,990 | ₹1,23,270 |
| Kolkata | ₹1,12,990 | ₹1,23,270 |
Global Market Trends
In the international market, spot gold slipped 0.33%, trading near $3,991 per ounce as of 9:20 AM IST. Silver remained steady at $46.02 per ounce.
Analysts attribute the decline to a stronger US dollar, profit booking, and expectations of a US-China trade agreement. The global correction follows a prolonged rally earlier this year that pushed gold prices to record highs.
Expert Insights: Why Gold Prices Are Correcting
According to Aksha Kamboj, Vice President of the India Bullion & Jewellers Association (IBJA), the market is witnessing profit-booking after an extended bull run.
“Although gold continues to be a safe-haven asset, its short-term bias looks cautious. Investors should wait for clearer signals before increasing their exposure,” she said.
Mahendra Luniya, Chairman of Vighnaharta Gold Ltd, added that the correction was “expected and healthy.”
“After gold surged from ₹75,000 to ₹1.30 lakh per 10 grams, a 10–15% correction was natural. Prices could ease further to around ₹1.15 lakh,” he explained.
Domestic Sentiment: Correction Brings Opportunity
Despite the pullback, demand for gold remains steady. Jewellers report continued buyer interest during Dussehra and anticipate renewed demand during the wedding season.
Luniya noted:
“When gold crossed ₹1 lakh, investors recognized its long-term value. If prices dip slightly, we expect buying to accelerate again.”
Industry experts believe this phase is a pause, not a reversal, with the broader outlook remaining positive for gold investors.
Technical Outlook for Traders
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Gold Range (Near Term): ₹1.20 lakh – ₹1.24 lakh per 10 grams
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Silver Support: ₹1.44 lakh per kg
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Silver Resistance: ₹1.50 lakh per kg
A breakout beyond these levels could shift prices by 3–4% in either direction.
What Influences Gold Prices in India?
Gold rates in India are shaped by several key factors, including:
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International market trends
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Import duties and taxes
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Exchange rate fluctuations
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Local demand during festivals and weddings
Gold remains both a cultural symbol and a trusted investment option for Indian households.
Key Takeaway
With prices cooling after a sharp rally, this post-Diwali correction could be an attractive buying window for long-term investors and wedding shoppers alike. Analysts expect gold to stabilize before resuming its upward momentum later this year.
