Gold prices in India have corrected for the third straight day, amid concerns that the bullion market was overheating after a blistering rally to record highs.
On 23 October 2025, MCX gold rate fell 0.73% to ₹1,22,751.00 per 10 gm even as MCX silver rate eased 0.84% to ₹1,46,775 per kg, according to data on the Multi Commodity Exchange. That’s a stepp decline from record highs seen on 20 October 2025 and 16 October 2025, respectively.
Essentially, gold and silver prices in India are tracking global cues.
Gold fell for a third day, descending toward $4,000 an ounce on investors’ concerns the market was overheating after a blistering rally to record highs.
Spot gold was down about 0.5% Thursday, with a technical reset compounded by an exodus of investors from Gold ETF. The single-day outflow from gold-backed ETFs on Wednesday was the biggest in five months, according to data compiled by Bloomberg.
“After an overstretched rally, gold is behaving like an elastic band that’s been pulled too far and is now snapping back hard,” Hebe Chen, analyst at Vantage Global Prime Pty Ltd., told Bloomberg News. “Prices holding firm above the $4,000 mark point to a technical reset rather than a fundamental shift, with safe-haven demand and the ‘debasement trade’ still very much intact.”