Silver falls Rs 9,134 in a day, gold also cheaper in bullion market

There is relief for customers planning to buy gold and silver during the festival season. According to figures from the India Bullion and Jewellers Association (IBJA), prices of precious metals have fallen sharply in the bullion market.

In a single day, silver became cheaper by Rs 9,134 and came down to Rs 1.81 lakh per kg. On Thursday, silver was priced at Rs 1.90 lakh. Gold has followed suit. The rate for 10 grams of 24-carat gold fell by Rs 2,201 to Rs 1.40 lakh.

Looking at the whole of October, both metals had earlier surged sharply and have now taken a heavy hit. On October 1, 2026, a kg of silver cost Rs 2.20 lakh. It is now down by Rs 39,485. At the start of the month, 10 grams of gold was priced at Rs 1.48 lakh. It has fallen by Rs 8,084 this month.

Several reasons are being cited for the fall in gold. Ahead of the festivals, gold prices had reached a high level. Large investors then began heavy selling to book profits. In the international market, the US dollar and bonds strengthened, which put pressure on gold prices globally. With prices at record levels, ordinary customers have also turned away from buying for now.

The reasons for silver's fall are different. Silver is used extensively in the solar and electronics industries, but demand from these industries has slowed because of the global slowdown. Volatility in the share and futures markets led large traders to sell silver suddenly, and prices fell rapidly. In the bullion market, silver always moves in the wake of gold, so as gold prices dropped, selling of silver also rose. The strengthening dollar and profit-booking by large investors at high levels are considered the main reasons for the fall in prices.

According to IBJA, the price of 24-carat gold on Saturday (October 31) is Rs 1,40,054 per 10 grams. On the same day, silver is priced at Rs 1,81,344 per kg.

The rates by purity, all per 10 grams, are: 22-carat gold Rs 139,493, 20-carat Rs 128,289, 18-carat Rs 105,041 and 14-carat Rs 81,932.

The same rate applies across the list of cities. In Mumbai, Thane, Ratnagiri, Pune, Nagpur, Kolhapur, Chhatrapati Sambhajinagar, Jalgaon, Sangli and Baramati, the price of 24-carat gold is Rs 140,054 per 10 grams.