As international spot rates soften, Indian gold markets closely track local demand with 24K gold trading at ₹14,225 per gram on 31 October 2026 amid speculation of a wider correction.
With gold prices suffering a heavy drop in the international market, investors and trade experts are closely watching to see if the downward trend will continue. The price of one troy ounce (31.1 grams) of fine gold recently dropped below $4,000 to touch $3,979, sparking widespread speculation over whether a steeper correction lies ahead.
Gold has long been considered a reliable hedge against inflation, leading domestic investors to view it as a critical asset class. Despite global fluctuations, domestic rates remain elevated, with 24K gold trading at ₹14,225 per gram across major Indian markets.
The 2013 crash reminiscent
In 2013, the US Federal Reserve hinted at reducing economic stimulus measures. Combined with a strengthening US dollar and investors pulling back from bullion, international gold prices plummeted by nearly 30 per cent that year, dropping to as low as $1,180 per ounce.
A US investment firm advising clients to 'short sell' gold—alongside pressure from the European Union and the IMF on Cyprus to liquidate gold reserves to cover debt—accelerated that sharp decline.
Will history repeat itself?
Although market volatility persists, current assessments suggest gold is unlikely to repeat a 2013-style collapse. Profit-taking by investors, improved yields on US dollar and bond investments, and potential interest rate hikes by the Federal Reserve continue to exert downward pressure on bullion.
However, if interest rate concerns ease and the greenback weakens, gold prices could stage a swift recovery. Fluctuations in crude oil markets also remain vital to track, as they directly influence Federal Reserve policies.
Challenges and opportunities for jewellers
S Abdul Nazar, General Secretary of the Kerala Gold and Silver Merchants Association (KGSMA), noted that price dips present both opportunities and challenges for retail jewellers. Lower prices could attract price-sensitive consumers back to stores, driving up overall volume. Conversely, if buyers hold off on purchases expecting further price drops, market momentum could slow remarkably.
Today's gold rates in India (October 31, 2026)
| Gold Purity | Price per Gram |
| 24 Karat (99.9% Purity) | ₹14,225 |
| 22 Karat (91.6% Purity) | ₹13,039 |
| 18 Karat (75.0% Purity) | ₹10,668 |
City-wise gold rates (per 1 gram — October 31, 2026)
| City | 24K Gold | 22K Gold | 18K Gold |
| Chennai | ₹14,225 | ₹13,039 | ₹10,666 |
| Mumbai | ₹14,225 | ₹13,039 | ₹10,668 |
| Delhi | ₹14,240 | ₹13,054 | ₹10,683 |
| Kolkata | ₹14,225 | ₹13,039 | ₹10,668 |
| Bengaluru | ₹14,225 | ₹13,039 | ₹10,668 |
| Hyderabad | ₹14,225 | ₹13,039 | ₹10,668 |
| Kochi | ₹14,225 | ₹13,039 | ₹10,668 |
| Pune | ₹14,225 | ₹13,039 | ₹10,668 |
| Vadodara | ₹14,230 | ₹13,044 | ₹10,673 |
| Ahmedabad | ₹14,230 | ₹13,044 | ₹10,673 |
Today's silver rates in India (October 31, 2026)
Domestic silver pricing remains tied to international market movements and the Rupee-Dollar exchange rate. A weakening Rupee combined with steady global spot rates typically pushes local silver prices upward.
| Unit Quantity | Price |
| Per 1 Gram | ₹209.90 |
| Per 10 Grams | ₹2,099 |
| Per 100 Grams | ₹20,990 |
| Per 1 Kilogram | ₹2,09,900 |
City-wise silver rates (October 31, 2026)
| City | 10 Grams | 100 Grams | 1 Kilogram |
| Chennai | ₹2,099 | ₹20,990 | ₹2,09,900 |
| Mumbai | ₹2,099 | ₹20,990 | ₹2,09,900 |
| Delhi | ₹2,099 | ₹20,990 | ₹2,09,900 |
| Kolkata | ₹2,099 | ₹20,990 | ₹2,09,900 |
| Bengaluru | ₹2,099 | ₹20,990 | ₹2,09,900 |
| Hyderabad | ₹2,099 | ₹20,990 | ₹2,09,900 |
| Kochi | ₹2,099 | ₹20,990 | ₹2,09,900 |
| Pune | ₹2,099 | ₹20,990 | ₹2,09,900 |
| Vadodara | ₹2,099 | ₹20,990 | ₹2,09,900 |
| Ahmedabad | ₹2,099 | ₹20,990 | ₹2,09,900 |
Published: 31 Oct 2026, 09:33 am IST
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