Gold and silver prices fluctuate in India amid festive season demand

Precious metal prices in India have experienced significant volatility during the Dussehra festive period. While some reports indicate a sharp decline in gold prices on October 20—with 24-karat gold dropping by approximately ₹870 per 10 grams—other market indicators show prices remaining elevated above ₹1.47 lakh per 10 grams.

In major Indian cities such as Delhi, Mumbai, and Bengaluru, 24-karat gold has been quoted in a range between ₹1,43,540 and ₹1,48,610 per 10 grams. Silver prices have similarly fluctuated, with rates reported around ₹2,10,000 to ₹2,34,900 per kilogram.

The market is currently influenced by seasonal demand for Diwali and Dhanteras, alongside global economic factors. Key drivers include international gold prices, which have hovered around $4,100–$4,200 per ounce, rising crude oil prices, and uncertainty regarding the U.S. Federal Reserve’s interest rate policies. Additionally, the strengthening of the Indian rupee and domestic supply levels are impacting local retail rates.