Gold Rate Today, October 23, 2026: Gold prices witnessed another sharp decline in the domestic market on Friday, offering potential relief to jewellery buyers ahead of the festive shopping season. On the Multi Commodity Exchange (MCX), December gold futures reportedly dropped by as much as ₹1,359 per 10 grams during morning trading.

According to market figures reported at 10:25 AM, gold futures for December 4, 2026, delivery were trading around ₹1,41,950 per 10 grams, down approximately 0.95% from the previous closing price of ₹1,43,309.

Earlier in the session, the contract was quoted at ₹1,42,270 per 10 grams, representing a decline of ₹1,039.

The downward movement comes amid volatility in precious metals, with silver also reportedly experiencing significant selling pressure.

For consumers planning to purchase jewellery, the decline may provide an opportunity to compare prices. However, futures market quotations and retail jewellery prices are not directly interchangeable.

Gold Price Crash: MCX Gold Falls ₹1,359 in Morning Trade

The latest reported movement in gold futures highlights the sharp fluctuations currently affecting precious metal prices.

MCX GOLD FUTURES • OCTOBER 23, 2026, 10:25 AM

₹1,41,950 / 10 grams

Down ₹1,359 (approximately 0.95%)

Previous reported close

₹1,43,309

Earlier session quotation

₹1,42,270

Contract delivery date

December 4, 2026

Indicative figures from the supplied market report, not independently verified live exchange data.

The reported price movement shows that gold declined further as the trading session progressed.

However, prices in commodity futures markets can change rapidly, and the quotation at 10:25 AM should not be treated as the closing price for the day.

Gold Rate Today in Major Indian Cities

Retail gold prices vary between cities due to local market conditions, dealer margins and other factors.

The supplied report lists the following indicative rates for October 23, 2026.

All prices are quoted per 10 grams.

These are indicative rates from the source report. Final retail prices may differ, and jewellery purchases generally involve additional taxes and making charges.

Gold Prices in Uttar Pradesh: Lucknow, Kanpur, Ayodhya and Varanasi

The report indicates similar gold rates across several major cities in Uttar Pradesh.

Although the reported benchmark prices are identical across these locations, individual jewellers may quote different final selling prices.

Consumers should compare rates before making a purchase.

Delhi Gold Rate Today: 24K Gold at ₹1,42,630

In the national capital, the indicative price of 24-carat gold is ₹1,42,630 per 10 grams.

The report lists 22-carat gold at ₹1,30,750 and 18-carat gold at ₹1,06,860 for the same quantity.

Buyers interested in jewellery commonly compare 22K and 18K options because different designs and jewellery categories use different gold purities.

The actual bill will depend on the weight, purity, making charges and applicable taxes.

Mumbai and Kolkata Gold Prices

Mumbai and Kolkata are both quoted at ₹1,42,480 per 10 grams for 24-carat gold.

The reported 22-carat rate in both cities is ₹1,30,600 per 10 grams.

Meanwhile, 18-carat gold is listed at ₹1,06,860.

These figures are useful for comparison, but they should not be confused with guaranteed prices available at every jewellery store.

Jaipur Gold Rate Today, October 23

In Jaipur, the report places 24-carat gold at ₹1,42,630 per 10 grams.

The indicative 22-carat rate stands at ₹1,30,750, while 18-carat gold is quoted at ₹1,06,860.

Customers planning to purchase ornaments should also check the hallmarking details and obtain an itemised bill.

This is particularly important when purchasing heavier jewellery, where even a small difference in making charges can substantially affect the final cost.

Why Are Gold Prices Falling?

Gold prices respond to several domestic and international factors.

Changes in the US dollar, international interest rate expectations, bond yields, investor demand and global economic uncertainty can influence precious metal markets.

Domestic gold prices are also affected by movements in the rupee against the US dollar.

Futures prices may experience additional short-term volatility because traders adjust their positions based on market expectations.

The supplied report does not establish a single verified reason for the October 23 decline.

Therefore, it would be premature to attribute the fall entirely to any one global development.

Silver Prices Also Under Pressure

The report indicates that silver has also experienced a substantial decline.

It refers to a fall of approximately ₹5,900 in the Delhi market, with silver reportedly reaching a 10-month low.

However, the source does not provide the exact current silver price, the unit associated with the decline or the reference date for the comparison.

Consequently, buyers should verify the latest silver quotation before making purchasing decisions.

Silver prices can be particularly volatile because the metal is influenced by both investment demand and industrial consumption.

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

Gold purity is an important factor when comparing jewellery prices.

Higher-purity gold generally commands a higher price per gram.

However, 24-carat gold is relatively soft, making lower-purity alloys more practical for many jewellery designs.

Customers should verify the purity mentioned on the invoice and look for appropriate BIS hallmarking.

How Much Will 10 Grams of Gold Jewellery Cost After GST?

The listed gold rate is not always the final amount a customer pays at a jewellery store.

For example, consider the indicative Jaipur price of 22-carat gold at ₹1,30,750 per 10 grams.

If a buyer purchases 10 grams of gold at that quoted rate, the metal value would be ₹1,30,750.

Assuming a 3% GST calculation on the metal value alone:

This is only a simplified illustration.

For a finished jewellery purchase, making charges and the applicable tax treatment must also be considered.

The final amount could therefore be higher.

Is This the Right Time to Buy Gold?

A fall in gold prices may attract buyers who have been waiting for a more favourable entry point.

However, short-term price declines do not guarantee that gold will become cheaper in the following days.

Customers purchasing jewellery for personal use should focus on their budget, purity, making charges and the reputation of the seller.

Those purchasing gold as an investment should consider their financial objectives, investment horizon and the risks associated with price fluctuations.

Buying solely because prices have declined sharply during one trading session may not be suitable for every investor.

What Should Buyers Check Before Purchasing Gold?

Before purchasing gold jewellery, customers should compare the quoted rate with prices from other established jewellers.

They should verify the purity and hallmark details, examine making charges and understand any deductions that may apply when exchanging or reselling jewellery.

An itemised invoice should clearly identify the gold weight, purity, making charges, taxes and total payable amount.

Buyers should also distinguish between MCX futures prices and physical retail prices, because the two reflect different market mechanisms.

Final Takeaway: Gold Prices Decline Sharply on October 23

Gold futures reportedly recorded a significant decline during morning trading on October 23, 2026.

The December 4 MCX gold contract was quoted at ₹1,41,950 per 10 grams at approximately 10:25 AM, down ₹1,359 from the previous reported close.

Meanwhile, indicative 24-carat retail gold prices stood at ₹1,42,630 in Delhi and Jaipur, ₹1,42,480 in Mumbai, Kolkata and Chennai, and ₹1,42,530 in Patna.

The fall may provide an opportunity for buyers to review jewellery prices, but final retail costs will depend on local quotations, purity, making charges and taxes.

Disclaimer: The prices in this article are based on the supplied October 23, 2026, market report and have not been independently verified against live MCX or bullion market data. Gold and silver rates fluctuate throughout the trading day. Readers should confirm current prices with their jeweller or an authorised market data source before making a purchase or investment decision.