Gold and Silver Price Weekly Update, October 24, 2026: Gold prices in India have witnessed a significant correction over the past week, offering some relief to jewellery buyers ahead of the festive and wedding shopping season. According to the latest figures cited by the India Bullion and Jewellers Association (IBJA), the benchmark price of 24-carat gold declined from ₹1,46,426 per 10 grams on October 16 to ₹1,41,630 on October 23, representing a fall of ₹4,796.

Gold futures also ended the previous trading session lower on the Multi Commodity Exchange (MCX). The December 4, 2026, gold futures contract reportedly declined by ₹1,159, or approximately 0.81%, to ₹1,42,150 per 10 grams.

Meanwhile, the supplied market report claims that silver is trading ₹2,61,328 per kilogram below a previously recorded peak. However, that peak figure requires independent verification before it can be treated as an established market record.

Since October 24 is a Saturday, regular MCX trading is closed, and the latest available closing prices are from Friday, October 23.

Here is a detailed look at the reported gold rates, weekly price movements, city-wise jewellery prices and factors influencing the precious metals market.

Gold Price Today: Latest MCX and IBJA Rates

Gold prices can differ depending on whether they are quoted in the futures market, wholesale bullion market or retail jewellery market.

According to the supplied October 24 report, the latest available rates are:

These prices should not be compared directly without accounting for contract specifications, taxes, local premiums and the timing of each quotation.

The MCX figure represents a futures contract, while IBJA publishes benchmark bullion rates. Retail jewellery prices may also include additional charges.

Gold Becomes ₹4,796 Cheaper in One Week

The most significant development for gold buyers is the reported decline in benchmark bullion prices over seven days.

According to the figures attributed to IBJA, 24-carat gold was priced at ₹1,46,426 per 10 grams on October 16, 2026.

By October 23, the quoted rate had declined to ₹1,41,630 per 10 grams.

This represents a reduction of ₹4,796 per 10 grams, equivalent to approximately 3.28%.

WEEKLY GOLD PRICE MOVEMENT

October 16, 2026

₹1,46,426

October 23, 2026

₹1,41,630

Weekly decline per 10 grams

₹4,796

Based on the IBJA figures cited in the supplied report. Prices have not been independently verified.

The decline may attract attention from buyers planning jewellery purchases or long-term investments.

However, a recent price correction does not necessarily indicate that gold has reached its lowest level.

Precious metal prices remain sensitive to international economic developments, currency movements and changes in investor demand.

Gold and Silver Prices Fall Sharply From Reported Peaks

The source report also highlights a substantial difference between current precious metal prices and previously quoted peak levels.

According to the report, MCX gold had earlier reached ₹2,02,984 per 10 grams.

Compared with the reported current futures price of ₹1,42,150, this represents a difference of ₹60,834.

Similarly, the report claims that silver previously reached ₹5,47,328 per kilogram and is now ₹2,61,328 below that level.

These figures imply a current silver price of approximately ₹2,86,000 per kilogram.

Important: The source does not provide the dates or contract specifications associated with these reported peak prices. The claimed record levels and silver price comparison should therefore be independently checked before publication as confirmed historical highs.

City-Wise Gold Rates on October 24, 2026

Gold prices vary slightly across Indian cities due to local market conditions, transportation costs, dealer premiums and other factors.

The following rates were quoted in the supplied report for October 24, based on the latest available market information.

Source: Rates quoted in the supplied October 24, 2026 report. These are indicative figures and may differ from final jeweller invoices.

Delhi, Lucknow, Ayodhya and Kanpur show identical reported rates across all three purity categories.

Mumbai, Kolkata and Chennai also share the same quoted prices.

Patna's 18-carat gold rate is slightly higher than the corresponding rates listed for most other cities.

Customers should verify prices with local jewellers before making a purchase.

Why Are Gold Prices Different Across Cities?

Even when international gold prices remain the same, retail rates can vary between Indian cities.

One reason is the difference in local demand and supply conditions.

Transportation and distribution expenses may also influence the prices charged by bullion dealers and jewellers.

Retail jewellery prices can include making charges, wastage charges where applicable, taxes and dealer margins.

The purity of gold is another important factor.

Generally, 24-carat gold has the highest purity among commonly quoted jewellery categories, while 22-carat and 18-carat gold contain different proportions of other metals.

Buyers should compare products of the same purity and weight rather than relying only on the headline gold rate.

Why Have Gold and Silver Prices Declined?

Gold and silver prices are influenced by several international and domestic factors.

Changes in expectations surrounding US interest rates can affect demand for precious metals.

A stronger US dollar may also influence international gold prices because bullion is commonly priced in dollars.

Investor sentiment, geopolitical developments and movements in government bond yields can further contribute to price volatility.

In India, changes in the rupee-dollar exchange rate can influence domestic bullion prices even when global prices remain relatively stable.

Silver is also affected by industrial demand, including its use in electronics, solar equipment and other manufacturing activities.

However, the supplied report does not establish a specific verified cause for the latest weekly decline. The market factors described above are general influences rather than confirmed explanations for this particular movement.

Is This a Good Time to Buy Gold Jewellery?

A weekly decline of nearly ₹4,800 per 10 grams may appear attractive to consumers planning jewellery purchases.

However, purchasing decisions should depend on personal requirements, available funds and the final retail price.

For jewellery buyers, the cost of making charges and taxes can significantly affect the total amount payable.

Customers should also verify the purity of the product and check for the appropriate BIS hallmark and Hallmark Unique Identification (HUID), where applicable.

Comparing quotations from multiple authorised jewellers may help buyers understand differences in making charges and other costs.

Those purchasing gold primarily as an investment should also consider price volatility, liquidity and the suitability of different investment options.

A short-term decline does not guarantee that prices will rise immediately afterward.

MCX Closed Today: When Will Gold Trading Resume?

October 24, 2026, falls on a Saturday.

The regular MCX commodity trading session is closed on weekends, meaning the reported gold futures closing price from Friday, October 23, remains the latest available reference.

The IBJA benchmark market also does not ordinarily publish regular new quotations on Saturdays and Sundays.

Subject to the applicable exchange holiday calendar, regular trading is expected to resume on Monday, October 26.

Retail jewellery shops may operate over the weekend, but their prices can differ from Friday's exchange quotations.

What Should Gold Buyers Watch Next Week?

Investors and jewellery buyers may want to monitor international gold prices, movements in the US dollar and developments in global financial markets.

Domestic gold prices may also respond to changes in the rupee's exchange rate.

Upcoming central bank announcements and shifts in interest rate expectations can influence precious metal demand.

However, predicting short-term gold and silver movements remains difficult.

Consumers planning a large jewellery purchase may find it useful to compare current rates with their budget rather than attempting to identify the exact market bottom.

Final Takeaway

Gold prices reportedly declined significantly during the week ending October 23, 2026.

According to the supplied IBJA figures, the benchmark rate for 24-carat gold fell by ₹4,796 per 10 grams, from ₹1,46,426 to ₹1,41,630.

MCX gold futures also reportedly closed lower at ₹1,42,150 per 10 grams.

The report additionally claims that gold and silver are substantially below their earlier peak levels, although those historical comparisons require further verification.

For consumers, the most important step is to compare the latest local gold rate, purity, taxes and making charges before purchasing jewellery.

Disclaimer: Gold and silver prices are subject to market fluctuations. The figures in this article are based on the supplied October 24, 2026 report and have not been independently verified against live MCX or IBJA data. Historical peak comparisons should be checked against official market records before publication.