Gold Silver Price Today, October 22, 2026: Gold and silver prices witnessed a sharp decline in India's commodity futures market on Thursday, offering a fresh development for jewellery buyers and precious metal investors. Gold futures on the Multi Commodity Exchange (MCX) dropped significantly during morning trading, while silver also recorded substantial losses.

According to market figures reported on October 22, December-delivery gold futures declined to ₹1,44,338 per 10 grams at approximately 10:07 AM, representing a fall of ₹1,741 from the previous closing price of ₹1,46,079.

Silver futures also came under pressure, with the reported price falling by ₹5,365 to ₹2,03,837 per kilogram.

The decline coincided with weakness in international precious metal markets, where both gold and silver were trading lower.

Meanwhile, retail gold prices continued to vary across Indian cities, including Delhi, Mumbai, Chennai, Kolkata, Jaipur, and Patna.

Here is a detailed look at the latest reported gold and silver prices, city-wise jewellery rates, and factors influencing the bullion market.

Gold Price Today: MCX Futures Record Sharp Decline

Gold futures experienced selling pressure during Thursday's morning session.

At the beginning of trading, the reported MCX gold futures price declined by ₹1,282 to ₹1,44,797 per 10 grams, compared with the previous closing level of ₹1,46,079.

However, the decline became more pronounced as trading progressed.

By approximately 10:07 AM, December-delivery gold futures had fallen to ₹1,44,338 per 10 grams.

This represented a decline of approximately 1.19% from the previous settlement.

MCX Gold Price Movement on October 22

Prices are per 10 grams and refer to the reported MCX December gold futures contract.

These figures represent commodity futures prices rather than the final retail prices charged by jewellery stores.

Silver Price Today: Metal Drops ₹5,365 Per Kilogram

Silver also recorded a substantial correction during Thursday's trading session.

According to the reported MCX figures, silver futures declined by ₹5,365 to ₹2,03,837 per kilogram.

The decline indicates selling pressure in the precious metals market, although silver prices can fluctuate rapidly during trading hours.

Unlike gold, which is widely purchased for jewellery and investment purposes, silver also has considerable industrial applications.

Its demand is influenced by manufacturing activity, electronics, solar energy equipment, and other industrial uses.

Consequently, silver prices can react to both investment sentiment and expectations about economic growth.

Investors should remember that futures quotations may differ from physical silver prices quoted by local bullion dealers.

International Gold and Silver Prices Also Decline

The weakness in India's bullion futures market was accompanied by lower prices in international trading.

According to the reported COMEX figures at approximately 9 AM on October 22, gold declined by 0.61% to $4,124.70 per troy ounce.

Silver recorded a sharper percentage fall of 1.78%, reaching $56.680 per troy ounce.

International gold prices influence Indian bullion markets because India imports a significant portion of its gold requirements.

However, domestic prices are also affected by the rupee-dollar exchange rate, import-related costs, local demand, and other market conditions.

Gold Rates Today in 15 Indian Cities

Despite the sharp decline in futures prices, the reported retail gold rates remained considerably higher because futures and jewellery quotations represent different markets.

The following table provides the reported prices of 24-carat, 22-carat, and 18-carat gold across 15 Indian cities on October 22, 2026.

All prices are for 10 grams.

Note: These are indicative city-wise rates from the supplied market report. Actual jewellery bills may include GST, making charges, and other applicable expenses.

Which City Has the Cheapest Gold Today?

A comparison of the reported rates shows that Mumbai and Kolkata have the lowest 24-carat gold prices among the 15 listed cities.

In both locations, 24-carat gold is priced at ₹1,46,080 per 10 grams.

Patna follows at ₹1,46,130, while Delhi, Jaipur, Lucknow, and several other cities have reported rates of ₹1,46,230.

Chennai has the highest quoted 24-carat gold price in this comparison at ₹1,47,170 per 10 grams.

The difference between Chennai and Mumbai is ₹1,090 per 10 grams.

A similar pattern is visible in 22-carat and 18-carat gold prices, with Chennai recording higher quotations than the other cities in the table.

However, customers should compare the total jewellery bill rather than relying exclusively on the quoted gold rate.

Why Are Gold and Silver Prices Falling?

Several factors can influence gold and silver prices in domestic and international markets.

1. Changes in Global Market Sentiment

Gold is often considered a safe-haven asset during periods of financial uncertainty.

However, when investors adjust their expectations about interest rates, economic conditions, or other investments, gold prices can experience short-term corrections.

The decline in international gold and silver quotations on October 22 coincided with the weakness reported in Indian futures.

2. US Dollar Movements

Gold is generally quoted internationally in US dollars.

A stronger dollar can make gold more expensive for buyers using other currencies, potentially affecting demand.

Conversely, a weaker dollar may provide support to precious metal prices.

However, currency movements are only one part of the broader pricing picture.

3. Interest Rates and Bond Yields

Gold does not provide regular interest income.

When bond yields rise, interest-bearing assets may become more attractive relative to gold.

Expectations about monetary policy decisions by major central banks, particularly the US Federal Reserve, can therefore influence bullion trading.

4. Profit-Booking by Investors

Following periods of significant price increases, some investors may sell part of their holdings to realise gains.

Such activity can contribute to short-term declines, particularly in futures markets.

However, the supplied market figures do not establish how much of Thursday's decline was specifically caused by profit-booking.

5. Indian Rupee Exchange Rate

Since India imports substantial quantities of gold, the rupee's exchange rate against the US dollar can affect domestic prices.

A stronger rupee can reduce the local currency cost of imported bullion, while a weaker rupee can increase it.

What Is the Difference Between 24K, 22K and 18K Gold?

Gold buyers should understand purity differences before purchasing jewellery or investment products.

24-Carat Gold: This is approximately 99.9% pure gold and is commonly associated with bullion and investment products. Its high purity makes it relatively soft for many jewellery applications.

22-Carat Gold: Containing approximately 91.6% gold, this category is widely used for traditional Indian jewellery. Other metals are added to improve strength and durability.

18-Carat Gold: This contains 75% gold and is often used for designer jewellery, gemstone settings, and ornaments requiring greater structural strength.

The difference in purity explains why 18-carat gold is generally less expensive than 22-carat and 24-carat gold of the same weight.

Is This the Right Time to Purchase Gold Jewellery?

The latest price correction may attract consumers who have been waiting for lower gold rates.

However, a decline in futures prices does not automatically mean that retail jewellery prices will fall by an identical amount.

Jewellery buyers should consider purity, making charges, taxes, and the prevailing local bullion rate.

For investors, short-term price movements should be evaluated alongside financial goals, investment horizons, and risk tolerance.

Gold prices can remain volatile, and there is no guarantee that the current correction will continue or reverse immediately.

How to Check Gold Purity Before Buying

Consumers purchasing gold jewellery should verify the applicable BIS hallmarking details.

The Bureau of Indian Standards provides hallmarking arrangements to help consumers identify the declared purity of eligible gold jewellery.

Where applicable, buyers can verify the Hallmark Unique Identification (HUID) through the official BIS Care application.

It is also advisable to request a detailed purchase invoice specifying the gold's weight, purity, making charges, and taxes.

These precautions can help consumers make informed purchases and avoid confusion over the final price.

Gold and Silver Price Outlook: What Should Investors Watch?

The direction of precious metal prices in the coming sessions will depend on several market developments.

International bullion quotations, currency movements, US interest-rate expectations, bond yields, and investor demand are among the factors likely to influence trading.

Domestic jewellery demand may also become important during periods of increased wedding-related or festive purchasing.

Nevertheless, stronger physical demand does not guarantee an immediate rise in prices, particularly when global financial conditions are exerting downward pressure.

Investors should therefore monitor both domestic and international developments instead of relying on a single day's price movement.

Final Word

Gold and silver recorded notable declines in the reported commodity futures market on October 22, 2026.

MCX December gold futures fell by ₹1,741 to ₹1,44,338 per 10 grams by approximately 10:07 AM, while silver futures dropped ₹5,365 to ₹2,03,837 per kilogram.

Among the 15 cities compared, Mumbai and Kolkata reported the lowest 24-carat gold rates at ₹1,46,080 per 10 grams, while Chennai had the highest quoted rate at ₹1,47,170.

For jewellery buyers, the decline provides an opportunity to reassess current prices, but purchases should be based on verified local quotations, purity, and total costs rather than short-term market movements alone.

Disclaimer: This article is intended for informational purposes only and does not constitute investment advice. Gold and silver prices change throughout trading sessions. The quoted prices are based on the supplied October 22, 2026 market report and have not been independently verified. Readers should check current exchange and local dealer quotations before making financial decisions.