Gold and silver rates fell steeply in Indian markets today on Thursday, October 23, 2025, as reports over a historic India-US trade agreement was supported by a strong American currency, leading to mass profit-booking. On an average basis in major cities, 24-carat gold is priced at ₹1,25,890 per 10 grams, and silver at ₹1,59,900 per kilogram.
Gold & Silver Rates: Delhi NCR
In Delhi, 24-carat gold is selling at ₹1,26,030 per 10 grams, while 22-carat is at ₹1,15,540 per 10 grams. Silver is steady at ₹1,59,900 per kilogram
The price meltdown came unexpectedly as easing geopolitical tensions and positive sentiment on global trade cut bullion’s safe-haven demand.
Gold & Silver Rates: Mumbai
In Mumbai, 24-carat gold is priced at ₹1,25,880 per 10 grams and 22-carat at ₹1,15,390 per 10 grams. Silver prices matches Delhi’s at ₹1,59,900 per kilogram.
Traders cited heavy selling in multi-commodity exchanges and a rise in equity market sentiment supports by the nearing India-US trade pact.
Gold & Silver Rates: Chennai
Chennai quotes 24-carat gold at ₹1,25,880 per 10 grams and 22-carat at ₹1,15,390 per 10 grams. Silver is quoted higher at ₹1,74,900 per kilogram, incorporating local taxes.
Analysts at ICICI Direct observed that retail buying after Dussehra had weakened as investors expected price stabilisation in the face of global volatility.
Gold & Silver Rates: Hyderabad
In Hyderabad, gold at 24-carat trades at ₹1,25,880 per 10 grams, with 22-carat is quoted at ₹1,15,390 per 10 grams; silver is at ₹1,59,900 per kg.
Market participants attributed the decline to profit-taking and a better macroeconomic environment owing to expected cuts in India-US trade tariffs.
Gold & Silver Rates: Bengaluru
The price of Bengaluru’s 24-carat gold is ₹1,25,880 for 10 grams and that of 22-carat gold is ₹1,15,390 for 10 grams. Silver is at ₹1,59,900 per kilogram.
The price correction could attract festive season consumers again once volatility fades, said local jewellers.
Gold & Silver Rates: Key Reasons Behind the Crash
- India-US Trade Deal Hope: Reports say that India and the U.S. are near the finish line on a historic trade agreement cutting U.S. tariffs on Indian exports from 50% to 15–16%, in return for India phasing out Russian crude oil imports. The agreement has bolstered the rupee and enhanced investment sentiment, cutting gold demand as a hedge.
- Rising U.S. Dollar: A rallying dollar made dollar-priced commodities pricier in the world, triggering sell-offs in bullion.
- Festive Rally Followed by Profit Booking: After hitting record highs this month, dealers booked profits during improving U.S.-China ties and expectations of consistent Fed rates.
Analysts predict that although the current correction is likely to drag a bit longer, gold prices will get support around ₹1,24,000 for 10 grams, with local jewelry demand likely to improve nearer to Diwali.
