Gold and silver prices in India have dropped sharply ahead of Dhanteras 2026. As per IBJA data, 24-carat gold fell from ₹1,47,888 to ₹1,41,630 per 10 grams between September 30 and October 23, while silver slipped below ₹2 lakh per kg. Rising crude oil and fears of higher US interest rates are the main reasons.
If you were planning to buy a gold coin or some silver for Dhanteras, this fall has probably caught your eye. I’ve been watching the numbers over the weekend, so here’s a simple breakdown of what happened, why it happened, and what to keep in mind before you walk into a jewellery shop.
Gold and silver price today: where things stand
Before I get into the reasons, here are the latest numbers. Keep in mind that MCX (Multi Commodity Exchange) prices are futures prices, and the rate at your local jeweller will be different because of GST, making charges and local demand.
Key facts at a glance
- 24K gold (IBJA): ₹1,41,630 per 10 grams on October 23, down ₹6,258 from ₹1,47,888 on September 30.
- 22K gold (IBJA): ₹1,29,566 per 10 grams on October 23, down from ₹1,35,915 on September 30.
- Silver (IBJA): ₹1,94,415 per kg on October 23, down ₹26,020 from ₹2,20,435 on September 30.
- MCX gold futures: around ₹1.42 lakh per 10 grams in the last session, after roughly a 3.5–4% weekly fall.
- MCX silver futures: around ₹1.96 lakh per kg, almost 50% below the record ₹4,20,048 hit on January 29, 2026.
- Next big trigger: the US Federal Reserve policy meeting on October 27–28.
- Dhanteras 2026: Friday, November 6, with Diwali on Sunday, November 8.
The IBJA figures above come from a detailed report by NDTV India, which also notes that gold is now about ₹50,000 cheaper than its reported record high of roughly ₹1.93 lakh per 10 grams.
Why are gold and silver prices falling?
Gold usually goes up when people are scared, so it can feel strange that it’s falling while there’s tension in West Asia. But the story this time is about oil and interest rates.
1. Crude oil is pushing inflation worries
Oil prices jumped to a five-month high last week after Houthi attacks on Saudi energy infrastructure raised supply concerns. Higher oil means higher inflation, and higher inflation means central banks are less likely to cut rates. I covered the oil side of this story in my post on the Dow Jones fall and oil crossing $100.
2. US rates may stay high for longer
Gold and silver don’t pay you any interest. When interest rates are high, safe options like bonds and deposits look more attractive, so money moves away from metals. According to The Economic Times, traders largely expect the Fed to hold rates at its October 27–28 meeting, but they see a strong chance of a rate hike in December. That’s a big shift from earlier hopes of rate cuts.
3. Weak spot demand and selling pressure
CNBC-TV18 reported that on October 23, silver futures fell ₹4,191 (2.1%) and gold futures lost ₹1,230 in a single session, pointing to weak spot demand and selling pressure. Internationally, spot gold touched its lowest level since July 20 and was hovering around $4,016 an ounce.
Why silver has fallen much more than gold
This is the part that surprised me most. Silver nearly doubled earlier this year and hit ₹4,20,048 per kg on MCX in January. Now it’s trading close to half of that level.
Silver is more volatile than gold because it’s both an industrial metal and an investment metal. When it rises on hype, it tends to fall just as hard when the mood changes. Gold, on the other hand, is backed by steady demand from central banks and Indian households, so its moves are usually smaller.
Is this a good time to buy gold for Dhanteras?
I’m not a financial advisor, so I won’t tell you to buy or sell. But here’s how I think about it, and what experts quoted in the news are saying.
- If you’re buying for a festival or wedding: prices are clearly lower than a month ago. Many families buy a small coin or jewellery on Dhanteras anyway, and this dip makes that a little cheaper.
- If you’re investing: Manoj Kumar Jain of Prithvi Finmart told The Economic Times that long-term investors could build positions slowly through SIPs during the decline, while traders should be careful about fresh positions for now.
- If you’re trading short term: expect wild swings around the Fed meeting. Prices can move ₹1,000–2,000 in a single day.
A simple example: say you planned to buy 10 grams of 24K gold. At September 30 IBJA rates, that would cost about ₹1,47,888 before GST. At the October 23 rate, it’s about ₹1,41,630. That’s a saving of over ₹6,000, which is nothing to ignore. Add 3% GST on top for coins and bars, and making charges for jewellery.
Which way to buy gold makes more sense?
Physical gold
Coins and bars attract 3% GST. Jewellery also carries making charges, which you usually don’t get back when you sell. If you’re buying mainly as an investment, coins or bars are generally better than heavy-design jewellery.
Gold ETFs
Gold ETFs let you buy gold on the stock exchange through your demat account. NDTV reports that several fund houses stopped taking fresh money into their gold ETF fund-of-funds from October 16, but buying ETFs directly on the exchange is still open.
Sovereign Gold Bonds
The government has stopped issuing new SGBs, but older bonds can still be bought from other investors on the secondary market. If you like the idea of interest on top of gold returns, that’s worth checking.
If you’re thinking about other ways to put your money to work this season, you might also like my breakdown of the Jio Platforms IPO GMP and listing date.
What to watch this week
Three things will decide where gold and silver go next. First, the Fed’s decision on October 28 (it lands in the early hours of October 29 in India). Second, crude oil prices and any new developments in West Asia. Third, Indian festive demand, which usually picks up in the days before Dhanteras and can give prices some support.
Experts quoted by The Economic Times see MCX gold support around ₹1,42,200–₹1,40,400, with resistance at ₹1,44,100–₹1,45,000. For silver, support is placed at ₹1,96,000–₹1,93,300. These are trader levels, not guarantees, so treat them as a rough guide only.
FAQ
Why is gold price falling in India today?
Gold is falling mainly because high crude oil prices have raised inflation fears, which makes it likely that US interest rates stay high for longer. Higher rates make non-interest-paying assets like gold less attractive.
How much has gold fallen since September?
According to IBJA data, 24K gold fell from ₹1,47,888 per 10 grams on September 30 to ₹1,41,630 on October 23, a drop of ₹6,258.
Is silver below ₹2 lakh per kg?
Yes. IBJA silver was ₹1,94,415 per kg on October 23, and MCX silver futures have also been trading below ₹2 lakh.
When is Dhanteras 2026?
Dhanteras 2026 falls on Friday, November 6. Diwali Lakshmi Puja is on Sunday, November 8.
Will gold prices go up after the Fed meeting?
Nobody can say for sure. If the Fed sounds less aggressive about raising rates, gold could recover. If it signals a December hike, prices could stay under pressure.
Is the jeweller’s price the same as the MCX price?
No. MCX shows futures prices. Your jeweller’s rate includes local premiums, 3% GST and making charges, so it will usually be higher.
Prices change every day. Always check the latest rate with your jeweller or the IBJA website before you buy. This article is for information only and is not investment advice.