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Gold prices in India saw a drop on October 30, 2026, according to Good Returns. The price of 24 carat gold decreased to Rs 14,226 per gram, down from Rs 14,395 on October 29. 22 carat gold fell to Rs 13,040 per gram, a reduction of Rs 155 compared to the previous day. Meanwhile, 18 carat gold's price settled at Rs 10,669 per gram, marking a decline of Rs 127 from October 29.

Vikram Subburaj, CEO of Giottus.com, noted that both gold and silver futures are experiencing renewed selling pressure in India. This decline is largely attributed to stronger US inflation data, which has heightened expectations of continued high interest rates or additional Fed rate hikes in December. Consequently, investors are reassessing the value of non-yielding assets like precious metals.

Internationally, the spot price of gold opened at $4,006.06 per ounce in early Asian trading, while US gold futures hit $4,018.50. Spot silver, on the other hand, saw a 3.5% drop to $52.08 an ounce. US Personal Consumption Expenditures (PCE) inflation surged 0.5% in September, up from 0.3% in August, further fueling speculation of a possible rate hike in December.