Gold rate today: Gold price falls Rs 1,300 per 10 grams; check 22K, 24K rates

Gold prices declined on Friday, October 23, with MCX gold futures falling nearly 1% to around Rs 1.42 lakh per 10 grams. The decline came alongside a sharper fall in silver prices, with both precious metals trading lower during the morning session.On the Multi Commodity Exchange (MCX), gold was trading at Rs 1,41,994 per 10 grams at 10:11 am, down Rs 1,315, or 0.92%, from the previous close. The contract had touched an intraday high of Rs 1,42,581 and a low of Rs 1,41,806 per 10 grams.Separately, India Bullion Rates showed the price of gold at Rs 1,42,330 per 10 grams at around 10:10 am, down Rs 1,300, or 0.91%. These prices are from different sources and may vary because MCX futures and physical bullion rates are not directly comparable.TODAY GOLD RATE IN INDIAThe 24-carat gold rate was Rs 1,42,330 per 10 grams in the India Bullion Rates data updated at 10:10 am on October 23. The 22-carat gold rate stood at Rs 1,30,469 per 10 grams. Here are the rates for 24-carat and 22-carat gold in selected cities, based on the supplied data.City24-carat gold per 10g22-carat gold per 10gDelhiRs 1,41,820Rs 1,30,002MumbaiRs 1,42,130Rs 1,30,286KolkataRs 1,41,940Rs 1,30,112ChennaiRs 1,42,540Rs 1,30,662 The city-wise rates were last updated at around 10:10–10:15 am on Friday. Actual jewellery prices can differ because of local taxes, making charges and other applicable costs.GOLD MCX PRICE: WHAT THE LATEST DATA SHOWSThe MCX gold contract was down Rs 1,315 per 10 grams during the morning session. Its intraday range stood between Rs 1,41,806 and Rs 1,42,581 per 10 grams at the time of the update.The international gold contract on US Comex was also trading lower, at $4,020 per ounce, down $40.40, or 0.99%, according to the supplied exchange-rate data.The simultaneous decline in domestic and international prices points to weakness across the displayed markets. However, the figures provided do not establish the specific trigger for Friday's fall.Gold prices can respond to movements in the US dollar, bond yields, interest-rate expectations, central bank demand and geopolitical developments. Investors should check the latest market news before attributing a particular price movement to any one factor.WHY ARE GOLD AND SILVER PRICES FALLING?Both metals were trading lower on Friday, but silver recorded a steeper decline. MCX silver fell 3.03%, compared with a 0.92% fall in MCX gold at around 10:11 am.The difference reflects the fact that gold and silver do not always move by the same magnitude. Gold is widely used as a store of value and a hedge during periods of uncertainty, while silver also has significant industrial uses. Changes in investment demand and expectations for industrial activity can therefore affect the two metals differently.The available data confirms the price declines but does not provide enough evidence to identify a single reason for the fall.SHOULD YOU BUY GOLD AFTER TODAY'S FALL?A decline in the gold rate today may make the metal appear more affordable, but it does not guarantee that prices will recover in the near term. Buyers should consider whether they are purchasing jewellery for personal use or investing in gold for the longer term.For jewellery buyers, the 22-carat gold rate is generally more relevant than the 24-carat rate because 22-carat gold is commonly used in jewellery. The final bill will also include making charges and applicable taxes.Investors should look beyond a single day's movement and consider their investment horizon, portfolio allocation and the risks of short-term price fluctuations. The current fall alone is not enough to determine whether gold is cheap or whether it is a good time to buy.The MCX gold price, international bullion prices and the rupee's movement against the US dollar are among the indicators worth tracking for the next session.(Disclaimer: The views, opinions, recommendations, and suggestions expressed by experts/brokerages in this article are their own and do not reflect the views of the India Today Group. It is advisable to consult a qualified broker or financial advisor before making any actual investment or trading choices.)- Ends