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After weeks of steady gains, gold prices have started to cool off following the Diwali and Dhanteras rush. The precious metal, which had been climbing sharply in recent months, is now witnessing mild profit booking. On the day after Diwali, gold prices slipped once again, marking the second consecutive day of decline across several Indian cities.

According to market data, 24-carat gold has become cheaper by ₹10 per 10 grams, while 22-carat gold has also fallen by ₹10 per 10 grams. Over the last two days, the overall decline in 24-carat gold has been around ₹180 per 10 grams. Interestingly, even before Diwali, on Dhanteras (October 18), 24-carat gold had already dropped by ₹1,910 per 10 grams due to heavy profit-taking by traders.

Silver, too, has followed a similar trend. After remaining stable for two days, silver prices in Delhi have fallen by ₹100 per kilogram, now retailing at ₹1,71,900 per kg.

Latest Gold Prices in Major Indian Cities

Here’s a look at the current rates of 22-carat and 24-carat gold in ten major cities across India:

• Delhi: 22-carat – ₹1,19,940 per 10g | 24-carat – ₹1,30,830 per 10g

• Mumbai: 22-carat – ₹1,19,790 per 10g | 24-carat – ₹1,30,680 per 10g

• Kolkata: 22-carat – ₹1,19,790 per 10g | 24-carat – ₹1,30,680 per 10g

• Chennai: 22-carat – ₹1,19,190 per 10g | 24-carat – ₹1,30,030 per 10g

• Hyderabad: 22-carat – ₹1,19,790 per 10g | 24-carat – ₹1,30,680 per 10g

• Bengaluru: 22-carat – ₹1,19,790 per 10g | 24-carat – ₹1,30,680 per 10g

• Lucknow: 22-carat – ₹1,19,940 per 10g | 24-carat – ₹1,30,830 per 10g

• Patna: 22-carat – ₹1,19,840 per 10g | 24-carat – ₹1,30,730 per 10g

• Jaipur: 22-carat – ₹1,19,940 per 10g | 24-carat – ₹1,30,830 per 10g

• Ahmedabad: 22-carat – ₹1,19,760 per 10g | 24-carat – ₹1,30,840 per 10g

Note: Prices may vary slightly depending on local taxes and market conditions.

Why Are Gold Prices Falling?

Experts attribute the mild decline in gold prices to profit booking after the festive surge. During Dhanteras and Diwali, demand for gold typically soars, driving prices upward. However, once the festive demand settles, traders often book profits, leading to a short-term correction.

Anant Padmanabhan, Founder Member and Former Chairman of the All India Gem and Jewellery Domestic Council (GJC), told news agency ANI that gold may witness both short-term corrections and long-term growth. He projected that in the coming months, gold prices could touch ₹1.5 lakh per 10 grams due to strong global and domestic demand.

He explained that increasing central bank purchases—particularly from countries like China and Japan—are expected to keep prices buoyant. However, if short-term corrections occur, gold could briefly fall to around ₹1.15 lakh per 10 grams before recovering.

Padmanabhan also mentioned that geopolitical uncertainties—such as the ongoing Russia-Ukraine conflict and trade tensions between the U.S. and China—could fuel further volatility in the gold market. If these tensions escalate, investors might turn back to gold as a safe-haven asset, pushing prices higher again.

Outlook for Investors

Financial advisors are urging caution amid these fluctuations. Wealth managers warn that chasing short-term rallies in gold and silver may lead to losses if the market corrects sharply. While the long-term outlook for gold remains positive due to inflation concerns and global economic uncertainties, investors should avoid overexposure to precious metals.

Instead, experts recommend a balanced portfolio approach—allocating a reasonable percentage to gold while keeping diversification across equities, bonds, and mutual funds.

Disclaimer:
The opinions expressed by market experts and brokerage firms are their own. Readers are advised to consult certified financial advisors before making any investment decisions.