Gold and silver prices witnessed another decline on October 23, 2026, bringing some relief to buyers planning jewellery purchases for weddings and upcoming festivals. With Karwa Chauth approaching and Diwali around the corner, many consumers are watching the market closely to decide whether to buy gold now or wait for a possible further price drop.
Gold prices have already declined by around 5% over the past month, according to the figures provided. However, whether prices will fall further before Diwali remains uncertain.
Gold Prices Fall by Around 5% in One Month
According to data from a bullion website, 24-carat gold was priced at ₹1,46,270 per 10 grams on October 22, 2026. The price of 22-carat gold stood at ₹1,34,081 per 10 grams on the same date.
For comparison, 24-carat gold was trading at ₹1,53,780 per 10 grams on September 21, 2026. This represents a decline of approximately ₹7,510 per 10 grams over one month.
The downward movement continued on October 23, when gold and silver prices recorded losses for the third consecutive trading day, according to the reported figures.
Latest Gold and Silver Rates on October 23
The India Bullion and Jewellers Association (IBJA) reported a decline of ₹1,411 in the price of 10 grams of 24-carat gold, bringing it to ₹1,42,694. Silver prices also fell sharply, with the rate for one kilogram dropping by ₹8,973 to ₹1,99,777.
Here are the reported gold prices for different purity levels:
| Gold purity | Price per 10 grams |
|---|---|
| 24-carat gold | ₹1,42,694 |
| 23-carat gold | ₹1,42,123 |
| 22-carat gold | ₹1,30,708 |
| 18-carat gold | ₹1,07,021 |
| 14-carat gold | ₹83,476 |
These rates are based on the figures attributed to IBJA in the supplied information. The final price paid by jewellery buyers may differ depending on applicable taxes, making charges and the seller’s pricing.
Will Gold Prices Fall Further Before Diwali?
Market levels highlighted in the supplied report suggest that ₹1.44 lakh to ₹1.45 lakh per 10 grams could act as a support range for 24-carat gold. On the upside, resistance has been identified near ₹1.55 lakh, while the ₹1.53 lakh level could also be important for price movements ahead of Diwali.
These levels indicate that further price declines are possible, but they do not guarantee that gold will become cheaper. Prices may move in either direction depending on market conditions.
Consumers planning to purchase gold for weddings or festivals should compare the latest local rates before making a decision. Checking the price of the required purity and the additional charges applied by jewellers can help buyers estimate the final cost.
Disclaimer
This article is intended for general informational purposes only and should not be considered financial or investment advice. Gold and silver prices can change frequently, and the rates and market levels mentioned above are based on the information provided and have not been independently verified. Support and resistance levels are indicative, not guaranteed price forecasts. Readers should confirm current rates with IBJA or a trusted jeweller before making purchasing or investment decisions.