Gold Prices in India Slide 2 Percent as Spot Rates Cool to Rs 1,23,920 per 10 Grams
Yellow metal dips amid global cues; city rates revealed.
Gold prices in India tumbled further on Monday, with the national average for 24-karat per 10 grams slipping to Rs 1,23,920 after two consecutive days of declines, marking a sharp 2% drop from Friday's close as investors weighed mixed global signals. The downturn reflects a cooling off from recent peaks, driven by a softer international spot price hovering around $4,090.50 per ounce, down from highs fueled by US Federal Reserve rate cuts and persistent geopolitical tensions.
In the bustling markets of Delhi, the price stood at Rs 1,23,480 for 24-karat gold per 10 grams, offering slight relief to local buyers amid the weekly slide. Mumbai mirrored the trend at Rs 1,23,700, where jewellers reported steady footfall from festive stragglers eyeing discounted rates before Diwali's extended afterglow fades. Kolkata's rates dipped to Rs 1,23,530, while Chennai bucked the trend marginally at Rs 1,24,060, highlighting regional variations influenced by local taxes and premiums.
December 2025 gold futures on the MCX exchanged mirrored the spot weakness, settling at Rs 1,23,400, as traders anticipate continued volatility from central bank purchases and ETF inflows that have propped up the metal's trajectory for its strongest annual gain since 1979. Despite the dip, analysts remain bullish, citing safe-haven demand amid uncertainties in global trade and conflicts as key supports for a potential rebound.
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Silver, gold's steadfast companion, also eased with spot prices at Rs 1,56,190 per kilogram and December futures at Rs 1,55,530, down amid similar pressures but retaining appeal for industrial users. As the market digests these shifts, experts advise monitoring US economic data and dollar strength, which could dictate whether this pullback is a buying opportunity or prelude to deeper corrections.
For investors and buyers, today's rates underscore the metal's resilience—down but not out—in a year of double-digit gains. With urban centres like Delhi and Mumbai seeing queues at bullion desks, the window for value purchases narrows as seasonal demand lingers.
Also Read: Gold Prices Plunge in India: Is This the Right Time to Buy?
