The gold price in Delhi fell to a 10-month low on Saturday, dropping Rs 3,200 to Rs 1.42 lakh per 10 grams amid a continued selloff in global precious metal markets. The metal of 99.9 percent purity fell to Rs 1,42,000 per 10 grams, inclusive of all taxes, from Friday’s close of Rs 1,45,200 per 10 grams, according to the All India Sarafa Association. The fall extended losses for a second straight session. It was the lowest comparable level since 26 December 2025, when gold was quoted at Rs 1,42,300 per 10 grams.
Silver fell with gold. The white metal declined Rs 4,200 to Rs 1,86,000 per kilogram, inclusive of all taxes, from Rs 1,90,200 per kg at the previous close. Silver was last trading around these levels on 8 December 2025, when it was quoted at Rs 1,85,000 per kg. The two metals fell together in domestic and overseas markets, as rising energy prices, inflation concerns and expectations of higher United States interest rates weighed on bullion.
Why the gold price fell in Delhi
Rahul Khetawat, senior vice president and fund manager at 360 ONE Asset, said gold and silver prices were weighed down by rising energy prices, which fuelled inflation concerns, and by hawkish commentary from the United States Federal Reserve. Those developments tempered expectations of monetary easing and put pressure on precious metals, leading to a correction in prices, he said. Gold pays no interest, so when rates are expected to stay higher, money tends to move towards deposits and bonds that do pay interest. That shift was visible across markets on Friday.
Manav Modi, commodities analyst at Motilal Oswal Financial Services, pointed to the same chain of causes and added detail from overseas trading. Higher oil prices and firm inflation have revived expectations of a December rate hike by the Federal Reserve, strengthening the case for higher-for-longer interest rates in the United States, he said. Modi also noted that an equity rout led by artificial intelligence stocks added forced liquidation and cash-raising pressure. Silver’s industrial exposure amplified its fall, he said.
Gold price in global markets
In overseas markets, spot gold plunged by 145.84 dollars, or nearly 4 percent, to close at 3,875.55 dollars per ounce on Friday, hitting its lowest level in over a year. It was last quoted around this level at 3,887.09 dollars per ounce on 3 October 2025. Spot silver tumbled 3.04 dollars, or 6 percent, to settle at 49.12 dollars per ounce. That metal was last quoted at 48.02 dollars per ounce on 6 November 2025.
The scale of the overseas fall explains the size of the Delhi gold price move. The Indian retail gold price follows global prices with a lag for currency, duty and local charges, so a near 4 percent overnight fall abroad translates into a sharp adjustment at home. The Delhi gold price fall of Rs 3,200 is about 2.2 percent of Friday’s close, smaller than the overseas percentage fall, which reflects the mix of taxes and charges already built into the Indian quote. A separate market report put MCX gold for December delivery at Rs 1,40,808 per 10 grams on Friday, down 1.25 percent.
What the gold price fall means for buyers
Timing gives the fall a wider audience than a normal market move. Dhanteras falls on Friday, 6 November, and many households buy gold in the days around the festival. A lower gold price reduces the cash needed for the same weight. Retail rates vary by city and jeweller, so the Delhi gold price from the Sarafa Association is a guide for the capital rather than a single national price. Buyers should check the gold price at the shop on the day, and check hallmarking, before paying.
Traders are watching whether the fall has further to run. Modi noted that speculative short positions had built up ahead of the United States midterm elections, with President Donald Trump’s majority likely to be an important factor towards the trajectory of bullion prices. Dr Renisha Chainani, chief research officer at Augmont, was quoted in a separate report as saying gold has fallen below support level of 4,000 dollars, which could lead to further declines towards 3,950 dollars within the next 10 to 15 days.
For now, the facts are plain. Gold in Delhi closed Saturday at Rs 1,42,000 per 10 grams, down Rs 3,200 on the day and at its lowest since December 2025. Silver closed at Rs 1,86,000 per kg, down Rs 4,200. Overseas, spot gold closed Friday at 3,875.55 dollars per ounce, its lowest in over a year, and spot silver at 49.12 dollars. The next test comes with United States jobs data and the midterm elections in the week ahead, and with Dhanteras buying in India itself.