Gold and Silver Prices Today, October 23: 24K Gold at ₹1,25,890, Silver Tops ₹1.60 Lakh – Check City-Wise Rates

Gold and silver prices in India slipped on Thursday, October 23, as investors booked profits after a sharp rally in recent weeks. The downward trend comes amid easing global tensions and cautious sentiment ahead of key economic decisions expected later this week. According to GoodReturns, 24-carat gold was priced at ₹1,25,890 per 10 grams, while 22-carat gold stood at ₹1,15,400 per 10 grams. The 18-carat variant was available at ₹94,420 per 10 grams.

Gold Prices Ease After Sharp Rally

Gold prices have been under pressure after months of consistent gains driven by safe-haven buying, global trade uncertainty, and rising geopolitical risks. Over the past two months, the precious metal witnessed significant upward movement before seeing this week’s correction. 

The recent slide reflects investors’ decision to take profits while keeping an eye on the upcoming US Federal Reserve rate-cut decision. Despite the correction, Exchange Traded Fund (ETF) holdings of gold continue to remain near a three-year high, suggesting that long-term investor confidence in the metal remains intact.

Silver Prices Also Decline

Silver, which has seen an impressive rally of nearly 70 percent in 2025, also witnessed mild weakness on Thursday. The fall comes after strong gains driven by industrial demand from sectors such as electric vehicles and solar energy. On the Multi Commodity Exchange (MCX), December silver futures traded lower at ₹1,45,751 per kilogram.

Spot silver, however, edged slightly higher by 0.1 percent to $48.82 per ounce, showing mixed global cues.

City-Wise Gold and Silver Rates

Prices of gold and silver vary slightly across major cities due to transportation costs, local taxes, and regional demand differences.

Global Market Trends

In the international market, gold prices edged lower as traders locked in profits after record-breaking highs. Spot gold fell 0.53 percent to $4,102.09 an ounce, while US gold futures for December delivery rose slightly to $4,124.10 per ounce.

The yellow metal remains on track for a strong yearly performance, supported by ongoing rate-cut expectations and lingering geopolitical concerns. Silver, meanwhile, showed mixed movement globally, reflecting a cautious tone among investors.

Read More:RBI Gold Reserves Cross ₹100 Billion As Bullion Prices Surge

Conclusion

The current fall in prices is a combination of factors including profit-booking, easing US-China tensions, a stronger US dollar, and a temporary cooling in domestic festive demand after Dhanteras and Diwali. Despite these factors, long-term sentiment around gold and silver remains steady, with investors viewing both metals as valuable hedges in uncertain times.

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