Gold Price Today: Sharp Fall Brings Relief To Buyers Before Wedding Season; Experts Bullish On Long-Term Trend

Over the past week, gold prices in India have dropped dramatically, providing a much-needed breather for both investors and families planning weddings. As per IBJA data, the price of 24-carat gold stood at ₹1,30,874 per 10 grams on October 17, but by October 24 had plummeted to ₹1,22,419—a decline of ₹8,455 in just 8 days. Silver too witnessed a steep correction, falling from ₹1,78,100 per kilogram on October 14 to ₹1,47,033 on October 24—a massive drop of ₹28,000 per kilo.

Why Did Gold and Silver Fall Recently?

Strengthening of the US dollar in global markets
Profit booking by investors after a sustained rally
Physical gold demand cooled post-Diwali festive season
Markets waiting for US inflation data and Fed Reserve’s next step

Global Factors and Market Sentiment
While precious metals hit record highs earlier this year (with gold surging over 50–60% in 2025 so far), recent days brought a healthy correction, widely considered an opportunity for new buyers. Internationally, central bank purchasing remains robust, but shifting currency strategies, expected US rate changes, and lower physical demand post-festivals have led to this pullback.

Expert & Bank Forecasts: Bullish for the Long Term
Global financial experts see this correction as temporary, expecting prices to rebound and surge further in the coming years.

Morgan Stanley projects gold could average $3,800/oz in Q4 2025, with continued demand from central banks and possible new highs near $4,400/oz by 2026.
JP Morgan forecasts gold prices may climb to $5,055/oz (roughly ₹1,70,000 per 10 gm at today’s rates) by the end of 2026, with a bold target of $6,000/oz by 2028, driven by Fed rate cuts, currency diversification, and geopolitical uncertainty.
Analysts widely agree that, while the current decline is substantial, it represents a healthy phase in a long-term upward trajectory for gold and silver.

Bottom Line
For buyers, this could be the most favourable time to purchase gold for weddings or investments in months. Market experts continue to recommend holding a long-term outlook, citing strong central bank demand and global inflationary pressures as key drivers for a renewed rally ahead.