On October 30, 2026, prices for gold and silver declined in both domestic and international markets, putting pressure on both precious metals. On the MCX exchange, the futures price of silver dropped by 1.32% at the start of trading, while gold prices also showed weakness.
In Delhi, the price of 24-carat gold was 1.44 lakh rupees per 10 grams. The domestic market showed weakness in gold prices on the morning of October 30. In Delhi, the price of 24-carat gold was recorded at 1,44,090 rupees per 10 grams, and 22-carat gold at 1,32,090 rupees per 10 grams. In Mumbai and Kolkata, the price of 24-carat gold was 1,43,940 rupees, and 22-carat gold was 1,31,940 rupees per 10 grams.
The international market was also experiencing pressure on gold prices; the spot rate reached approximately $4,008.76 per ounce. It is worth noting that just one day prior, global gold prices had fallen by more than 1%.
Throughout October 30, there were slight variations in gold prices across various major cities in the country. In Delhi, Jaipur, Lucknow, and Chandigarh, the price of 22-carat gold was 1,32,090 rupees, and 24-carat gold was 1,44,090 rupees per 10 grams. In Mumbai, Chennai, Kolkata, and Hyderabad, the price of 22-carat gold stood at 1,31,940 rupees, and 24-carat gold at 1,43,940 rupees per 10 grams. Additionally, in Ahmedabad and Bhopal, the price of 22-carat gold was 1,31,990 rupees, and 24-carat gold was 1,43,990 rupees per 10 grams.
Silver also showed a decline in prices. On October 30, the silver futures price on MCX fell by 1.32%, equivalent to a drop of 2,503 rupees, reaching the mark of 1,86,950 rupees per kilogram. In the previous trading session, the price closed at 1,89,453 rupees per kilogram. According to data from the All India Precious Metals Association, the price of silver in the jewelry market in Delhi, including all taxes, was 1,98,500 rupees per kilogram, indicating a discrepancy between futures and retail market prices.
In most major cities in the country, the retail price of silver per kilogram remained the same on October 30. In cities such as Delhi, Mumbai, Kolkata, Chennai, Lucknow, Patna, Jaipur, Ahmedabad, Pune, Bangalore, Hyderabad, Bhopal, Chandigarh, Noida, and Gurugram, the cost of one kilogram of silver was 2,10,000 rupees.
A decrease in the value of both precious metals was also recorded in external markets. On Comex on October 30, the price of gold fell by approximately 0.68%, reaching $4,004 per ounce. The price of silver dropped by about 2.07%, amounting to $51,295 per ounce, while the spot price for silver was listed at $51.59 per ounce. The ongoing sell-off internationally is also affecting domestic prices.
The main reason cited for the fall in gold prices is rising inflation in the US, which has heightened market concerns regarding interest rates set by the Federal Reserve. Investors are now worried about a potential increase in interest rates by the American central bank by the end of the current year. Since assets like gold do not generate regular income, the probability of rate hikes increases pressure on the prices of these metals. Nevertheless, no changes to the base interest rates occurred at the Federal Reserve meeting on October 28, but fears of future hikes continue to put pressure on gold prices.
According to market experts, the spot silver chart continues to show signs of weakness on a daily basis. Silver has been continuously declining since breaking the triangular pattern from the $58 per ounce level in October 2026. The price has fallen below the support level of $55. Experts predict that the price of silver could drop to the range of $48–$50 per ounce. If this level is broken, the next likely range could be $45–$46. However, since the RSI index is approaching the oversold level, there is a possibility of some price recovery after the prolonged sell-off.
