Gold prices in India have dipped sharply on October 31, 2026, with 24K gold trading at ₹14,225 per gram. This decline follows a softening of international spot rates, where the price of one troy ounce of fine gold fell below $4,000 to $3,979. Investors and experts are closely monitoring the situation to determine if this downward trend will persist.
The current drop has drawn comparisons to the 2013 gold crash, when prices plummeted nearly 30% due to a combination of factors, including the US Federal Reserve's hint at reducing economic stimulus, a strengthening US dollar, and investors pulling back from bullion. However, analysts suggest that a repeat of such a steep decline is unlikely, citing profit-taking by investors and potential interest rate hikes by the Federal Reserve.
S Abdul Nazar, General Secretary of the Kerala Gold and Silver Merchants Association (KGSMA), noted that the price dip presents both opportunities and challenges for jewellers. Lower prices could attract price-sensitive consumers, but if buyers wait for further drops, market momentum could slow significantly.
Meanwhile, silver rates in India remain tied to international market movements and the Rupee-Dollar exchange rate, with domestic pricing steady at ₹209.90 per gram.