Gold prices tumbled to a three-month low on Friday, marking their steepest weekly decline in over four months. Spot gold dropped 0.6% to $3,998.35 per ounce, dipping below the $4,000 mark for the first time since mid-July. The bullion's weekly loss reached 4%, the worst since June. US gold futures for December delivery also fell 1.3% to $4,007.90 per ounce. The decline was attributed to higher energy prices, inflation concerns, and the likelihood of no immediate rate cut from the US Federal Reserve.
Other precious metals also saw declines. Spot silver fell 1% to $53.97 per ounce, while palladium dropped 0.5% to $1,048.31, hitting their lowest points since November 2025 and June 2025, respectively. Spot platinum fell 0.9% to $1,555.84 per ounce, its lowest since July. All three metals were headed for weekly declines.
In India, gold and silver prices varied across major cities on Saturday, 24 October 2026. In Mumbai, 24-karat gold was priced at ₹1,42,230 per 10 grams, while 22-karat gold was ₹1,30,378 per 10 grams. Silver 999 Fine was ₹1,96,210 per kg. In Delhi, 24-karat gold was ₹1,41,990 per 10 grams, and silver was ₹1,95,870 per kg. Similar trends were observed in Bengaluru, Kolkata, Chennai, Hyderabad, and Ahmedabad, with slight variations in prices.
The report emphasized that the story was for educational purposes only and advised investors to consult certified experts before making any investment decisions.