On October 24, 2026, gold prices in India saw a slight dip across all purities. The price of 24-carat gold fell by Rs 1 to Rs 14,247 per gram, while 22-carat gold also dropped by Rs 1 to Rs 13,059 per gram. Similarly, 18-carat gold decreased by Rs 1 to Rs 10,685 per gram. These prices were consistent across most major cities, including Chennai, Mumbai, and Kolkata, though slight variations were observed in Delhi, Vadodara, and Ahmedabad.
The decline in gold prices comes amid escalating tensions in West Asia. Saudi air defenses intercepted a Houthi ballistic missile aimed at Riyadh, while Israeli forces conducted a targeted operation in Hebron following a shooting attack. US President Donald Trump hinted at potential renewed strikes on Iran, referencing a possible 'Epic Fury' operation. Meanwhile, Iranian President Masoud Pezeshkian is set to attend the Gas Exporting Countries Forum in Moscow, where he will hold bilateral talks with Russian President Vladimir Putin.
The geopolitical tensions have been simmering since joint US-Israeli military strikes on February 28, 2026, which killed Iranian Supreme Leader Ali Khamenei. A Pakistan-mediated interim agreement reached in June 2026 collapsed the following month, leading to maritime confrontations and diplomatic deadlock over Iran’s nuclear program and regional security concerns.