Gold, Silver Prices Fall On October 23: Check Latest Bullion Rates Today, Outlook For Coming Months

Gold prices in India were trading lower on Monday, October 23, amid lacklustre bullion demand in the spot market. In Delhi, the gold prices stood at Rs 56,500 and Rs 61,600 per 10 grams for 22-carats and 24-carats, respectively. Silver prices were also down by Rs 200 to Rs 75,100 per kg.

In Mumbai, 22-carat and 24-carat gold prices were selling at lower Rs 56,350 and Rs 61,450 per 10 grams, respectively. In Chennai, gold prices stood at Rs 56,600 and Rs 61,750 per 10 grams. In Kolkata, the prices of the yellow precious metal stood at Rs 56,350 and Rs 61,450 per 10 grams for 22-carats and 24-carats, respectively.

Among other cities, gold prices in Hyderabad stood at Rs 56,350 and Rs 61,450, respectively. In Thiruvananthapuram, gold prices stood at Rs 56,350 and Rs 61,450 per 10 grams. In Bhopal, the prices were Rs 56,400 and Rs 61,500.

Gold Prices On MCX

In the futures market, gold prices were trading lower by 0.32 per cent to Rs 60,540 per 10 grams on the MCX and silver were down by 0.41 per cent to Rs 72,612 per kg.

Outlook for Gold and Silver Prices in India

Veer Mishra, co-founder of Plus, said, “Gold and silver prices in India are expected to remain volatile in the coming months, as they will be influenced by a number of factors, including global economic conditions, US Federal Reserve interest rates, and the rupee-dollar exchange rate.”

However, in the long term, gold and silver are generally considered to be good investments, as they are seen as safe-haven assets. This is because gold and silver prices tend to rise during times of economic uncertainty, he said.

“Overall, the price of gold and silver in India is likely to remain elevated in the coming months, but there is also potential for volatility. Investors should carefully consider their investment goals and risk tolerance before investing in gold or silver,” Mishra said.