Gold Rate Today: 24K Gold at ₹1,41,448 per 10g on 23 October 2026, Down ₹1,704

Key Takeaways

• IBJA 999-purity gold was quoted at ₹1,41,448 per 10 grams in the 23 October AM fixing, compared with ₹1,43,152 in the previous trading day's AM fixing.
• The benchmark declined by ₹1,704 per 10 grams, or 1.19%, on a like-for-like AM basis.
• IBJA silver 999 was quoted at ₹1,95,027 per kg, down ₹5,721 or 2.85% from ₹2,00,748 per kg on 22 October AM.
• International gold was also under pressure, trading around $4,025 an ounce as higher energy prices and expectations around US interest rates remained part of the global bullion backdrop.

Gold Rate Today

Gold prices were lower in the India Bullion and Jewellers Association's morning benchmark on Friday, 23 October 2026.

IBJA's 999-purity gold rate stood at ₹1,41,448 per 10 grams, against ₹1,43,152 per 10 grams in the previous trading day's AM fixing. That represents an absolute decline of ₹1,704, or approximately 1.19%.

Silver recorded a larger percentage decline. IBJA silver 999 was quoted at ₹1,95,027 per kg, compared with ₹2,00,748 per kg previously, a fall of ₹5,721 or 2.85%.

Gold Rates on 23 October 2026

The IBJA rates are benchmark bullion rates and exclude GST and making charges.

How Much Did Gold Fall Today?

On an AM-to-AM basis, 999 gold declined ₹1,704 per 10 grams, taking the benchmark from ₹1,43,152 to ₹1,41,448.

The percentage change was approximately -1.19%.

The proportional movement was similar across the other quoted gold purities, while silver recorded a sharper 2.85% decline.

For a fixed quantity of 10 grams of 999 gold, the benchmark value was therefore ₹1,704 lower than in the previous trading day's AM fixing, before GST, making charges and other retail costs.

What Is Driving Gold Prices?

International bullion prices remained under pressure on 23 October. Spot gold was trading near $4,025 an ounce, while gold was heading for a weekly decline of more than 3.5%. Higher energy prices had increased inflation concerns and contributed to expectations that US interest rates could remain elevated.

Interest-rate expectations matter for bullion because gold does not generate interest income. Changes in Treasury yields, the US dollar, liquidity conditions and demand for safe-haven assets can therefore affect international gold pricing.

The domestic IBJA benchmark also reflects the interaction of global bullion values and the rupee-denominated cost of gold in India.

What Can Lower Gold Prices Mean for Indian Markets?

Jewellery Companies

A lower bullion benchmark can reduce the replacement cost of gold inventory when quantities and other variables remain unchanged. The actual impact on jewellery companies depends on their inventory position, hedging arrangements, working-capital cycle and how quickly changes in bullion costs are passed through to retail prices.

Consumer Demand

For consumers purchasing a fixed quantity, lower benchmark prices reduce the underlying bullion cost.

The 23 October AM benchmark for 10 grams of 999 gold was ₹1,704 lower than the previous AM rate. Retail jewellery bills can still differ because GST, making charges, design costs and retailer margins are additional components.

Gold Imports

India imports a substantial share of its gold requirements. For an unchanged quantity of imported gold and an unchanged exchange rate, a lower international gold price reduces the value of the import bill.

Actual import expenditure also depends on volumes, the USD/INR exchange rate and the timing of imports.

Gold-Loan Businesses

Gold prices influence the assessed value of jewellery pledged as collateral. A lower gold valuation can reduce the collateral value attached to a given quantity of gold and, consequently, the amount that can be lent at a specified loan-to-value ratio.

The effect on existing loans depends on lenders' valuation, margin and risk-management policies.

Broader Markets

Gold is monitored alongside interest rates, currencies, inflation expectations and broader liquidity conditions. Its price movements can therefore provide cross-asset context, but a change in gold prices alone does not determine the direction of Indian equities.