BusinessGold Prices Drop 23% Since January High Ahead of Diwali
Gold prices have fallen by up to 23% from their record highs in January, with international spot gold dropping from $5,419 per ounce on January 28, 2026, to just above $4,155 by October 5. Similarly, domestic prices on the MCX fell from Rs 2,47,917 to Rs 1,49,270 per 10 grams. Despite the festive season, high prices are making consumers cautious, potentially reducing jewellery sales compared to last year. Prices vary by city and purity, with 24-carat gold at Rs 14,902 per gram in Mumbai.
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