Gold Prices Drop by Over ₹3,000 per 10 Grams Amid Weak Global Cues
SRINAGAR, OCTOBER 28: After weeks of strong gains, gold prices in India slipped sharply on Tuesday, falling by over ₹3,000 per 10 grams amid weak global sentiment and profit-booking by investors. The decline follows a similar trend seen in global bullion markets, where gold prices corrected as equity markets rallied.
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According to the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold fell by ₹3,034, closing at ₹61,043 per 10 grams, compared to ₹64,077 in the previous session. The 22-carat variety dropped to around ₹56,000, while 18-carat gold traded close to ₹46,000 per 10 grams across major Indian cities.
The correction comes after an extended rally that saw gold hit multiple all-time highs earlier this month amid geopolitical tensions and inflationary concerns.
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Analysts Cite Profit-Booking and Stronger Dollar
Market experts attributed the fall to profit-booking and a strengthening US dollar, which made gold less attractive for investors.
“After touching record highs, gold prices were due for a correction. Investors booked profits ahead of the US Federal Reserve’s policy announcement,” said Jateen Trivedi, analyst at LKP Securities.
On the Multi Commodity Exchange (MCX), December gold futures fell by 1.8% to ₹61,100 per 10 grams, mirroring the dip in spot prices.
Global Market Impact
In the international market, spot gold slipped 1.9% to $2,339 per ounce on Comex, pressured by a rebound in global equity markets and optimism over easing geopolitical risks.
Meanwhile, silver prices in India also dropped, falling by ₹3,100 per kg to ₹71,896, tracking the overall correction in precious metals.
Experts Call It a Healthy Correction
Despite the decline, analysts view this pullback as a “healthy correction” after a long rally. Technical experts pointed out that key support levels lie between ₹60,500 and ₹61,000 per 10 grams, adding that gold remains fundamentally strong in the long term due to continued central bank buying and economic uncertainty.
Gold Price Trend in India (Last 30 Days)
| Date | 24K Gold (₹/10g) | 22K Gold (₹/10g) |
|---|---|---|
| Oct 1, 2025 | 60,450 | 55,400 |
| Oct 10, 2025 | 61,700 | 56,600 |
| Oct 20, 2025 | 63,800 | 58,400 |
| Oct 27, 2025 | 64,077 | 58,700 |
| Oct 28, 2025 | 61,043 | 56,000 |
Silver Price Trend in India (Last 30 Days)
| Date | Silver Price (₹/kg) |
|---|---|
| Oct 1, 2025 | 73,200 |
| Oct 10, 2025 | 74,600 |
| Oct 20, 2025 | 75,050 |
| Oct 27, 2025 | 75,196 |
| Oct 28, 2025 | 71,896 |
Conclusion
With gold and silver prices dipping after an extended rally, experts suggest that investors view this as a short-term correction rather than a long-term reversal. The coming weeks may see price volatility as global markets await signals from the US Federal Reserve and major central banks.