Significant Drop in Gold and Silver Prices: October Sees Silver Plummet by ₹40,000

Gold and Silver Prices Experience Major Decline

Gold and Silver buyers have received some surprising news. The month of October has proven to be challenging for precious metals, with silver prices dropping by nearly ₹40,000 per kilogram. Gold prices have also seen a significant decline, falling thousands of rupees from their previous highs. Once reaching record levels, the prices of gold and silver are now rapidly decreasing.

This drop in prices, occurring just before the festive and wedding seasons, has stirred activity in the jewelry market. The substantial decrease in silver prices has particularly caught everyone's attention. Let's explore how much gold and silver have decreased in price this October and what the current rate for 10 grams of 24-carat gold is.

Silver Prices Drop by Approximately ₹40,000 in a Month

October has witnessed a significant decline in silver prices. According to data from the India Bullion and Jewelers Association (IBJA), the price of silver was ₹2,20,829 per kilogram on October 1, 2026. By the last trading day of the month, October 30, it had fallen to ₹1,81,344 per kilogram.

This indicates a decrease of about ₹39,485 per kilogram in just one month, equating to a drop of nearly ₹40,000. On Friday, silver futures also saw a notable decline, with December delivery silver prices dipping below ₹1.80 lakh per kilogram on the MCX.

Gold Prices Also Experience Significant Decline

Alongside silver, gold prices have also weakened throughout October. As per IBJA, the price of 24-carat gold was ₹1,48,138 per 10 grams on October 1. By October 30, this had decreased to ₹1,40,054 per 10 grams.

This means that during October, the price of 24-carat gold fell by approximately ₹8,084 per 10 grams. Additionally, gold futures on the MCX recorded a significant drop, with prices plummeting to ₹1,38,249, down by ₹4,347 per 10 grams on Friday.

Comparison of Current Prices to Record Highs

When comparing the current prices of gold and silver to their record highs, the decline appears even more pronounced.

• Silver: In January 2026, silver reached a record price of ₹4,20,048 per kilogram. It has since fallen by over 50%.




• Gold: In January, gold peaked at ₹1,80,779 per 10 grams. It has now dropped by approximately ₹42,321 from that record price.

This clearly indicates that after a record surge earlier this year, both gold and silver have undergone a significant correction.

Reasons Behind the Decline in Gold and Silver Prices

Several international factors are contributing to the decline in gold and silver prices. Rising crude oil prices and inflation concerns have increased uncertainty regarding interest rates set by the U.S. Federal Reserve.

High interest rates or the potential for rate hikes can negatively impact the demand for precious metals like gold and silver. Additionally, the strength of the dollar and selling pressure from investors in global markets have also contributed to the price drop.

The impact has been more pronounced on silver, as it is used not only for investment but also in solar panels, electronics, and various industrial sectors. Changes in industrial demand can lead to fluctuations in silver prices.

Potential Price Increase for Gold and Silver in November?

November is expected to be a crucial month for the gold and silver markets. With Dhanteras and Diwali approaching, along with the wedding season, demand for precious metals may rise.

Dhanteras falls on November 6, 2026, a day when many people purchase gold and silver coins, jewelry, and other items. Increased demand during the festive season could provide support for prices. However, international market conditions and decisions regarding interest rates may continue to influence prices.

In summary, October has seen a significant decline in both gold and silver prices, with silver dropping by nearly ₹40,000 per kilogram and 24-carat gold falling by about ₹8,000 per 10 grams. Whether prices will rise again or continue to fall will depend on the trends in the international market.

Note: The prices mentioned for gold and silver are based on IBJA's reference rates as of October 30, 2026. Local taxes, GST, and other charges may cause variations in purchase prices across different cities.