Gold prices in India fell dramatically on Friday, October 10, after a remarkable six-day winning streak, and this was a great surprise to retail jewellery buyers and investors. The market correction for the Karwa Chauth festival was just in time and it certainly cooled off the momentum which had been building up during the whole week.
10-gram 24-karat gold, according to market data, was priced at ₹1,22,290, which is ₹1,860 less than before. The price of 100 grams went down by ₹18,600 and was priced at ₹12,22,900 finally. The smaller quantities of gold also showed the same downtrend with 8 grams and 1 gram dropping to ₹97,832 and ₹12,229 respectively.
The correction came as a surprise to many as gold’s six-day growth was supported by the easing of U. S. and Iranian tensions and the general market’s disappointment over the slow pace of U. S. economic recovery. The global factors have also played a part in shifting the bullion market’s sentiment with the expectation of a U. S. Fed rate cut, the possibility of a U. S. government shutdown, and general market uncertainty being the main ones.
In contrast, silver prices continued their strong upward movement, trading at ₹174.10 per gram and ₹1,74,100 per kilogram. The white metal’s surge has been supported by robust industrial demand and an optimistic market outlook. Analysts predict silver’s positive trajectory could extend into 2026, outpacing gold’s performance in the near term.
While the MCX (Multi Commodity Exchange) remains closed for trading over the weekend, experts believe minor price fluctuations may still occur in domestic markets. With the festive season in full swing, demand for gold and silver is expected to stay resilient.
Ashish Ranawade, Head of Products at Emkay Wealth Management, noted that “institutional investors and central banks increasing their gold holdings over the U.S. dollar” has contributed to the metals’ overall appreciation. He added that silver remains “technically near a breakout zone,” hinting at potential long-term strength in precious metals.
