Gold price falls Rs 3,200 to a 10-month low of Rs 1.42 lakh in Delhi

Gold price in Delhi fell Rs 3,200 to Rs 1,42,000 per 10 grams on Saturday, 31 October 2026, a gold price 10-month low. The figure comes from the All India Sarafa Association for 99.9 per cent purity gold and includes all taxes. It was the second straight session of losses. Silver fell Rs 4,200 to Rs 1,86,000 per kilogram over the same period.

The fall followed a sharp sell-off in precious metals on global markets, where prices move in dollars.

Gold and silver prices at a glance

• Delhi gold (99.9%): down Rs 3,200 to Rs 1,42,000 per 10 grams, from Rs 1,45,200 at Friday’s close.
• Delhi silver: down Rs 4,200 to Rs 1,86,000 per kilogram, from Rs 1,90,200.
• Spot gold (global): down $145.84, or nearly 4%, to close at $3,875.55 an ounce on Friday. That is the lowest level in over a year.
• Spot silver (global): down $3.04, or 6%, to settle at $49.12 an ounce.

Spot price is the rate for metal traded in global markets for immediate delivery. The Delhi figures are local rates that include taxes, so they follow the global move but are quoted in rupees per 10 grams.

Why gold and silver fell

Market participants gave several reasons. Rahul Khetawat of 360 ONE Asset said rising energy prices fuelled inflation concerns and that hawkish comments from the US Federal Reserve weighed on both metals. In his view, these developments reduced hopes of interest rate cuts, which tend to support gold because it pays no interest.

Manav Modi, Commodities Analyst at Motilal Oswal Financial Services, said higher oil prices and firm inflation had revived expectations of a rate hike by the Fed in December. He also said an AI-led sell-off in equities forced some investors to sell assets to raise cash. Silver fell more because it is also used in industry, he added.

Two other factors were mentioned but not confirmed. Reports from China said some investors were selling gold to raise cash. Modi also said speculative short positions, bets that prices will fall, had built up ahead of the US mid-term elections.

What to watch next

Modi said the direction of bullion prices will depend partly on the outcome of the US mid-term elections and the policy direction that follows. In our view, the next moves will hinge on two things: US inflation data and what the Fed says about rates. Both can change the outlook for gold quickly, so buyers and sellers should check the latest local rate before acting. For more market coverage, see more economy news. This article is for information only and is not investment advice.