Gold and Silver Prices October 23, 2026: Jewellery Gets Cheaper Ahead of Karwa Chauth, Check Latest Rates
Gold Silver Price Today, October 23, 2026: The festive shopping season has brought some relief for jewellery buyers as gold and silver prices continue to show a downward trend across major Indian cities. With Karwa Chauth celebrations approaching, consumers planning to surprise their spouses with gold ornaments, silver jewellery or other precious metal gifts may find the latest price correction encouraging.
According to the reported morning rates for Friday, October 23, 24-carat gold declined by ₹10 per 10 grams to ₹1,44,370 in Mumbai, Kolkata and Chennai. Similarly, silver became cheaper by ₹100 per kilogram, bringing its indicative retail price to ₹2,24,900 in several cities.
Although the latest daily decline is relatively small, the broader correction in precious metal prices has attracted attention from consumers who postponed purchases when gold was trading at higher levels earlier this month.
Gold Price Today: 24-Carat Gold Available at ₹1,44,370 per 10 GramsGold prices have remained under pressure during recent trading sessions, with both 22-carat and 24-carat varieties recording lower quotations.
According to the supplied market report, the price of 24-carat gold in Mumbai stood at ₹1,44,370 per 10 grams on October 23, compared with ₹1,44,380 on October 22.
This represents a decline of ₹10 per 10 grams, equivalent to ₹1 per gram.
Meanwhile, 22-carat gold, commonly preferred for making jewellery, was quoted at ₹1,32,340 per 10 grams in Mumbai.
The latest movement follows a broader correction from the reported October 10 price level of approximately ₹1.51 lakh per 10 grams.
While the daily reduction may appear modest, the cumulative decline from earlier higher quotations could make a noticeable difference for buyers purchasing larger quantities.
Gold Rates in Major Indian Cities on October 23Here is a comparison of indicative 24-carat gold prices across seven major cities.
City October 22 Price (₹/10g) October 23 Price (₹/10g) Change| Patna | ₹1,44,430 | ₹1,44,420 | −₹10 |
| Lucknow | ₹1,44,530 | ₹1,44,520 | −₹10 |
| Ranchi | ₹1,44,430 | ₹1,44,420 | −₹10 |
| Delhi | ₹1,44,530 | ₹1,44,520 | −₹10 |
| Kolkata | ₹1,44,380 | ₹1,44,370 | −₹10 |
| Mumbai | ₹1,44,380 | ₹1,44,370 | −₹10 |
| Chennai | ₹1,44,380 | ₹1,44,370 | −₹10 |
Note: The above figures are indicative market quotations based on the previous trading session and early morning price updates. Actual jewellery prices may vary between retailers.
Among the listed cities, Delhi and Lucknow recorded slightly higher gold quotations than Mumbai, Kolkata and Chennai.
Such differences can arise from local market conditions, dealer premiums, transportation expenses and other pricing factors.
How Much Has Gold Fallen From Its October High?The source report indicates that 24-carat gold was trading around ₹1.51 lakh per 10 grams on October 10, 2026.
Compared with the October 23 Mumbai quotation of ₹1,44,370, this represents a decline of approximately ₹6,630 per 10 grams.
That works out to a correction of roughly 4.4% from the reported earlier price level.
For consumers planning to purchase 20 grams of gold, the difference in the indicative metal value would be approximately ₹13,260 compared with that earlier benchmark.
However, these calculations do not include GST, making charges or other applicable costs.
The comparison also does not guarantee that prices will continue falling.
Silver Price Today: White Metal Drops to ₹2,24,900 per KilogramSilver prices have also moved lower, providing another option for consumers considering festive gifts.
According to the reported figures, silver declined by ₹100 per kilogram on October 23, reaching ₹2,24,900 per kilogram.
The previous day's indicative rate was ₹2,25,000 per kilogram.
The latest reduction follows a much larger reported decline of ₹5,000 per kilogram on October 22.
Silver is commonly purchased during festive occasions in the form of coins, utensils, decorative articles, jewellery and religious gifts.
The recent price correction may encourage buyers to compare options, particularly those considering silver articles for family celebrations.
| Patna | ₹2,25,000 | ₹2,24,900 | −₹100 |
| Lucknow | ₹2,25,000 | ₹2,24,900 | −₹100 |
| Ranchi | ₹2,25,000 | ₹2,24,900 | −₹100 |
| Delhi | ₹2,25,000 | ₹2,24,900 | −₹100 |
| Kolkata | ₹2,25,000 | ₹2,24,900 | −₹100 |
| Mumbai | ₹2,25,000 | ₹2,24,900 | −₹100 |
| Chennai | ₹2,25,000 | ₹2,24,900 | −₹100 |
These figures represent indicative retail quotations and may differ from silver futures prices on the Multi Commodity Exchange (MCX).
The final price paid by consumers may also depend on purity, product type, taxes and retailer margins.
Why Are Gold and Silver Prices Declining?Precious metal prices are influenced by several domestic and international factors.
Gold prices generally respond to movements in the US dollar, global interest rates, inflation expectations, geopolitical developments and investment demand.
Silver is affected by many of the same factors, but it also has substantial industrial applications.
Demand from electronics manufacturing, solar energy equipment and other industrial sectors can influence silver prices.
Changes in international market sentiment may therefore affect both metals, although the magnitude of price movements can differ.
Domestic gold and silver quotations are also influenced by the Indian rupee's exchange rate against the US dollar.
A stronger rupee can reduce the local currency cost of imported precious metals, while a weaker rupee can have the opposite effect.
However, the supplied report does not establish one specific cause for the October 23 decline.
Karwa Chauth Jewellery Shopping: What Should Buyers Consider?Gold and silver jewellery remain popular gift choices during family celebrations and festive occasions.
For Karwa Chauth, buyers may consider gold rings, earrings, pendants, chains, bracelets or silver accessories depending on their budget and personal preferences.
However, the advertised metal price is only one component of the final jewellery bill.
Making charges, product design, purity and applicable taxes can significantly affect the total amount payable.
A simple gold chain may carry lower making charges than an intricately designed necklace, even when both contain the same quantity of gold.
Consumers should therefore compare complete invoices instead of relying only on headline gold rates.
Understanding gold purity is important before purchasing jewellery.
Gold Type Approximate Purity Common Use| 24-Carat | 99.9% | Investment bars and coins |
| 22-Carat | 91.6% | Traditional gold jewellery |
| 18-Carat | 75% | Designer and gemstone jewellery |
Pure 24-carat gold is comparatively soft, making 22-carat and 18-carat gold more practical for many jewellery designs.
Buyers should verify the applicable BIS hallmark and Hallmark Unique Identification details to confirm the product's stated purity.
The indicative gold and silver rates mentioned in market reports usually do not represent the complete amount payable at a jewellery showroom.
A 3% GST generally applies to the value of gold and silver jewellery sold to consumers, subject to the applicable transaction and invoicing rules.
Making charges and other product-specific costs can further increase the final price.
For example, if the quoted value of 10 grams of gold is ₹1,44,370, a simple 3% GST calculation on that amount alone would be ₹4,331.10.
The resulting amount would be ₹1,48,701.10 before any additional making charges.
The actual invoice may be higher depending on the jewellery design and pricing structure.
Tax collected at source (TCS), where applicable under the prevailing legal requirements, should not be assumed to apply automatically to every jewellery purchase.
The recent decline may appear attractive to consumers who have been waiting for prices to soften.
However, short-term gold and silver movements are difficult to predict.
Prices could fall further, stabilise or recover depending on international market developments and domestic demand.
For jewellery purchases linked to a specific occasion, consumers may find it more useful to establish a budget and compare retailers rather than attempt to identify the lowest possible market price.
Those purchasing gold or silver primarily for investment should consider their financial objectives, liquidity requirements and tolerance for price fluctuations.
Final Update: Gold and Silver Become Slightly Cheaper on October 23Gold and silver prices recorded another modest decline on Friday, October 23, 2026.
In Mumbai, Kolkata and Chennai, 24-carat gold was quoted at ₹1,44,370 per 10 grams, while Delhi and Lucknow reported ₹1,44,520.
Silver was quoted at ₹2,24,900 per kilogram across the cities covered in the report, representing a daily reduction of ₹100.
The broader correction in precious metal prices may offer consumers an opportunity to review their festive jewellery shopping plans.
Nevertheless, buyers should confirm the latest local rates, purity, making charges and applicable taxes before completing any purchase.
Disclaimer: This article is based on the supplied October 23, 2026, market report. The rates have not been independently verified in real time and may change during the day. Jewellery prices vary by retailer, location, purity and applicable charges. The reported price correction does not guarantee further declines or investment returns.