Gold and silver prices in India fell on October 23 as profit-booking and easing global tensions weighed on sentiment. Check latest city-wise rates here.

Gold and silver prices are exhibiting weakness following correction and profit booking, says Abhilash Koikkara, Head - Forex & Commodities, Nuvama Professional Clients Group. He shares his views on gold and silver:MCX GOLD OutlookMCX Gold has witnessed notable profit booking after a strong rally,

Precious metal prices are down today, after a record-setting recent rally amid the government shutdown and tariff wars. Here’s what’s up. After a record-setting rally over the past week, commodities traders went all in on a massive gold sell-off on Tuesday.

Gold ( GC=F) and silver ( SI=F) prices tumbled in their biggest daily drops in years as stunning rally in precious metals came to a halt. Spot gold dropped as much as 6.3% to just under $4,100 per troy ounce, its largest intraday drop since 2013. Silver also tumbled more than 8% in its worst day since 2021.

In fact, prices of spot gold and silver saw record plunges in international markets on Thursday. Spot gold fell 6.1% to $4,092/ounce from $4,356/ounce, while spot silver fell 7.1% to $48.74/ounce from $52.49/ounce.

Gold and silver saw their sharpest declines in years as easing tensions and a stronger dollar triggered profit-taking.

Prices of the yellow metal have been volatile, with spot gold hitting an all-time high of about $4,380 per ounce on Monday before falling sharply.

Gold and silver prices have plunged sharply after hitting lifetime highs earlier this week. Gold has fallen over 6 per cent globally and around Rs 4,300 in India, while silver prices have dropped nearly 12 per cent from their peak.

Despite the latest steep correction, precious metals continue to be significantly higher, and the next big trendsetter will be the upcoming Fed rates decision and development in global economic uncertainties.