Gold Rate / Gold prices see a sharp drop ahead of Dhanteras, Diwali

Bhubaneswar, Oct 31: Gold prices have witnessed a significant decline over the past several days. After witnessing a sharp rise in recent months, gold rates have reportedly dropped by around Rs 7,000 to Rs 8,000 in the last 10 to 15 days, bringing fresh hope for customers ahead of Dhanteras, Diwali and the wedding season.

According to sources, on October 31, 2026, the price of 22-carat gold stood at Rs 1,27,300 per 10 grams, while 24-carat gold was priced at Rs 1,38,870 per 10 grams in Bhubaneswar. Earlier, gold prices had climbed to nearly Rs 1.57 lakh to Rs 1.60 lakh per 10 grams, making jewellery purchases expensive for middle-class families. However, the recent decline has brought some relief to consumers.

According to the city-wise rates provided, on October 31, gold prices are:

With Dhanteras, Diwali and the wedding season approaching, jewellery shops have reportedly witnessed increased customer footfall over the past week.

Several international factors, including uncertainty surrounding the US elections, movements in the US dollar and decisions related to American interest rates, are influencing gold and silver prices. The decline in international bullion prices may also affect domestic gold rates.

Market observers believe gold prices could witness further fluctuations in the coming days. However, the future trend will depend on international market conditions and currency movements. The recent fall in gold prices has created renewed interest among jewellery buyers. Consumers planning festive purchases are hoping for further relief in the coming days.