Gold, silver rates today, October 23: Prices slip; check 24K, 22K gold and 1 kg silver rates in your city

Gold and silver prices remained under pressure on Friday, October 23, as bullion markets continued to face pressure amid concerns over rising crude oil prices, inflation and the outlook for global interest rates.

On the Multi Commodity Exchange (MCX), December gold futures were trading at ₹1,43,303 per 10 grams, down ₹6 from the previous close of ₹1,43,309. December silver futures fell to ₹1,99,917 per kg, declining ₹9,251, or 4.42%, from the previous close of ₹2,09,168 at the time of writing.

Gold rates today in India on October 23

According to Goodreturns, the price of 24-carat gold stood at ₹14,437 per gram in Mumbai, Chennai, Kolkata and Bengaluru. In Delhi, the rate was slightly higher at ₹14,452 per gram.

Silver rates today in India

Silver prices were broadly the same across the major cities.

These city-wise retail rates differ from MCX futures prices and the national bullion benchmark because the sources and pricing methods are different.

Why are gold and silver prices falling?

Bullion prices came under pressure on Thursday as rising crude oil prices revived concerns about inflation and the possibility of interest rates remaining elevated for longer. In international markets, spot gold fell below $4,100 an ounce, while silver also registered a sharp decline.

Investors are also watching the US Federal Reserve’s October 27-28 policy meeting and upcoming US inflation data for clues about the direction of interest rates.

Should buyers track gold and silver rates?

Customers planning to buy jewellery or silver articles should check the latest local rates before making a purchase. Final jewellery bills may also include making charges, applicable taxes and other costs.

Gold and silver prices can change during the trading session, so buyers should confirm the prevailing rate with their jeweller before placing an order.