New Delhi: Just days ahead of Dhanteras and Diwali, buyers looking to purchase precious metals have received a massive festive bonus. Gold and silver prices have crashed significantly in the domestic market, offering great relief to consumers. Data released by the Indian Bullion and Jewellers Association (IBJA) highlights a steep decline in the rates of both metals over the past three weeks.
According to IBJA data, the price of 24-carat gold stood at Rs 1,47,888 per 10 grams on September 30, 2026. By October 23, it had dropped to Rs 1,41,630, marking a steep decline of Rs 6,258 in just 24 days. Similarly, the rate for 22-carat gold, which is highly preferred for jewellery making, slipped from Rs 1,35,915 to Rs 1,29,566 per 10 grams, becoming cheaper by Rs 6,349 during the same period.
However, silver has witnessed an even more dramatic crash. IBJA figures reveal that silver was priced at Rs 2,20,435 per kilogram at the end of September. Fast forward to the third week of October, the price has plummeted to Rs 1,94,415, registering a massive drop of Rs 26,020 per kilogram.
This heavy downward trend was also mirrored on the Multi Commodity Exchange (MCX). Gold futures recently dropped by over Rs 1,300 to close around Rs 1,41,994 per 10 grams. Meanwhile, silver futures have crashed below the crucial Rs 2 lakh per kg mark on the exchange, experiencing a heavy correction from the all-time highs recorded earlier this year.
Market experts and financial analysts attribute this sharp price correction to a combination of international and domestic factors. Weak spot demand, global market volatility, rising crude oil prices, and shifting US Federal Reserve interest rate expectations have all played a part. Furthermore, extensive profit-booking by investors, who capitalized on the recent record-high prices, has added immense pressure on the bullion market.
With the auspicious occasion of Dhanteras fast approaching, this sudden price drop offers a golden opportunity for consumers planning to purchase festive jewellery, utensils, and silver coins. However, market experts caution buyers to carefully verify local retail rates, as the final price will vary depending on city-specific taxes, GST, and making charges applied by local jewellers.