Gold and silver prices in India have declined in both domestic and global markets on October 23, 2026. MCX spot gold fell nearly 1 percent to Rs 1,42,809, while silver dropped sharply by 2.74 percent to Rs 2,00,853. The weakening trend is attributed to a stronger rupee and concerns over elevated crude oil prices, which are fueling inflationary pressures amid the US-Iran conflict.
Internationally, gold prices edged down 0.18 percent to $4,018 per ounce in early trading, while US gold futures declined 0.62 percent to $4,035.30 per ounce. Domestic MCX gold futures for December 4 delivery closed flat at Rs 1,43,303 per 10 grams, whereas silver futures fell 4.42 percent to Rs 1,99,917 per kilogram.
The overall trend remains weak, with the stronger rupee and rising crude oil prices contributing to the downward pressure on precious metals. The geopolitical tensions between the US and Iran are also adding to market uncertainties.
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