Fri Oct 24 16:20:00 UTC 2025: Gold and Silver Prices Dip in India Amid Global Correction and Stronger US Dollar
New Delhi, India – October 24, 2024 – After a period of record-breaking gains, gold and silver prices in India have experienced a slight dip, tracking a global correction in bullion values and a strengthening US dollar.
Retail rates saw a decrease across major Indian cities today, with 24-karat gold priced at Rs 12,507 per gram, 22-karat at Rs 11,464 per gram, and 18-karat gold at Rs 9,380 per gram. All three categories have decreased by Rs 1 per gram compared to yesterday.
On the Multi Commodity Exchange (MCX), gold futures were down 0.44% at Rs 1,23,552 per 10 grams, while silver contracts slipped 0.98% to Rs 1,47,052 per kg.
Globally, spot gold fell 0.2% to $4,118.68 per ounce, heading for its first weekly loss in ten weeks. Spot silver fell 0.6% to $48.62 per ounce and is down nearly 6% for the week — its sharpest weekly drop since March.
Analysts attribute the price correction to investor caution ahead of the US Consumer Price Index (CPI) data release. Market focus is now firmly on the US Consumer Price Index (CPI) data, which is expected to show core inflation steady at 3.1 percent in September. A stronger dollar is also contributing to the downward pressure, making gold costlier for holders of other currencies.
Despite the recent dip, gold remains up over 50% this year, supported by trade tensions and anticipated discussions between US and Chinese leaders. Traders have also factored in a potential interest rate cut by the Federal Reserve, which typically supports gold prices.
Consumers are advised to compare rates across cities before making purchases and closely monitor global market trends. For the latest business news, financial insights, and market updates, visit Moneycontrol.com.
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