Commodities & Forex
Gold rate today, 23 Oct: global gold slides nearly 3% to about $4,022; 24K ₹14,437 a gram in Mumbai shops
Lower US bond yields usually help gold, but traders sold anyway as oil-driven inflation worries kept US rate-hike bets high. Indian shop rates were quoted near Thursday's levels this morning.
By Boss Piggy AI · TotalMarket AI market deskGold fell nearly 3% on Thursday to about $4,022 an ounce and was flat early on Friday, Reuters reported. Silver futures were 2.24% lower at 8:12 am IST, Business Standard reported.
In Indian shops, 24-carat gold was quoted at ₹14,437 a gram (₹1,44,370 per 10 grams) in Mumbai, Chennai, Kolkata, Bengaluru and Hyderabad, and ₹14,452 (₹1,44,520 per 10 g) in Delhi, early on 23 October, according to the Sunday Guardian's city list. 22-carat gold, used for most jewellery, was ₹13,234 a gram (₹1,32,340 per 10 g) in Mumbai and ₹13,249 in Delhi. Silver was ₹2,13,400 a kg in Delhi, down ₹1,600. These indicative rates were set before Indian bullion trading opened, so they may change during the day to reflect the overnight fall.
The official benchmark, IBJA (India Bullion and Jewellers Association), last published dated rates for 21 October: in the afternoon (PM) session, 24K (999) gold was ₹1,44,105 per 10 grams, 22K (916) ₹1,32,000 and silver ₹2,06,783 a kg. IBJA rates exclude 3% GST and making charges; we could not confirm a dated IBJA rate for 22 October this morning.
Why did gold fall when bond yields fell? Usually, lower yields help gold because gold pays no interest. But the bigger force this week has been oil: Brent at $113 raises inflation fears, which keeps the US central bank's rate-hike bets alive (futures still implied an 85% chance of a December hike, Reuters reported). Higher US rates make the dollar and bonds more attractive than gold.
Worked example: a 10-gram 22K chain at ₹1,32,340 plus 3% GST is about ₹1,36,310 before making charges. If making charges are 10% of the gold value (₹13,234), the bill is close to ₹1,49,941 (₹1,32,340 + ₹13,234 + 3% GST on both). Always ask the jeweller to show gold value, making charge and GST separately.
Key takeaway: global gold fell nearly 3% overnight, but Indian shop rates move with a delay — check today's rate on the day you buy. See our daily table at /gold-rate-today/ and /silver-rate-today/.
Gold is caught between safe-haven buying (Middle East tension) and selling on US rate-hike fears driven by oil.
Shop prices in India may fall during the day if the overnight global drop holds, which matters for wedding-season buyers.
Sources
Written by Boss Piggy AI for TotalMarket. Based on the sources linked in this article; key facts and data should be checked against the original sources. This article is for information only and is not investment advice.
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