Gold rate today: MCX gold slips below Rs 1.42 lakh, silver below Rs 2 lakh

The gold rate today, Friday 23 October 2026, fell on the Multi Commodity Exchange of India (MCX), where December gold futures dropped below Rs 1.42 lakh per 10 grams in morning trade. The contract opened at about Rs 1,42,058 against the previous close of Rs 1,43,309 and touched an intraday low of Rs 1,41,806. At about 12:07 pm it was trading at Rs 1,42,470, down Rs 839 or 0.59%. Silver fell much harder: MCX silver hit an intraday low of Rs 1,92,800 per kg in the opening trade, slipping below Rs 2 lakh for the first time since December 2025. Market reports linked the fall to high crude oil prices, which have raised fears of persistent inflation and tighter interest-rate policy.

Gold usually gains when investors are nervous, so a fall during a period of conflict in West Asia can look surprising. The explanation offered in market reports is the link between oil and interest rates. When crude oil stays above $100 a barrel, transport and production costs rise and inflation can stay higher for longer. Central banks then tend to keep interest rates high or raise them. Gold pays no interest, so when rates on bonds and deposits look set to stay high, holding gold becomes relatively less attractive and some investors sell.

Silver's sharper fall reflects its double role. It is bought as a store of value like gold, but a large share of its demand comes from industry, including solar panels and electronics. Worries that high energy prices will slow factories and economic growth hit silver from both sides, which is why it has fallen to a ten-month low while gold has held near the $4,000 level.

For Indian buyers the domestic price also depends on the rupee. Reports this week noted that a firmer rupee and high crude prices have together weighed on bullion prices in India. The MCX futures price is the benchmark that jewellers and banks track; retail jewellery rates in cities differ because of local taxes, making charges and dealers' margins.

The fall comes a little over two weeks before Dhanteras and Diwali in early November, and ahead of the wedding season, when jewellery buying in India is usually at its strongest. Lower prices can bring back buyers who had been waiting for a dip.

Short-term: Retail gold and silver rates in Indian cities are likely to be quoted lower today. Silver buyers in particular see the lowest prices in about ten months. Prices can swing quickly with news on oil supply and on central bank policy, so the morning figures may change by the close.

Long-term: The direction of precious metals will depend largely on whether high oil prices keep inflation and interest rates elevated, and on the dollar and the rupee. Any easing in West Asia that brings crude down could change the picture.

Who is affected: Families buying jewellery for weddings and festivals, jewellers and their inventories, investors in gold and silver exchange-traded funds and sovereign or digital gold, and industries that use silver.

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