Gold price today: MCX gold rate crashes to ₹128,000; silver rates down by ₹327 on Diwali 2025. Opportunity to buy?

Gold price today: Gold prices on India's Multi Commodity Exchange (MCX) crashed to their level of ₹128,000 per 10 grams on Tuesday, 21 October 2025, on the occasion of Diwali after dropping 2% during the morning market session.

Gold futures for the December 2025 contract on the MCX dropped by ₹271 per 10 grams or 0.21% to ₹128,000 per 10 grams as of 3:28 p.m. (IST) on Tuesday, 21 October 2025, compared to the previous close at ₹128,271 per 10 grams, according to the official data.

The MCX silver futures for the December 2025 contract also dropped by ₹327 per kilogram or 0.22% to ₹150,000 per kilogram as of 3:28 p.m. (IST) on Tuesday, 21 October 2025, compared to the previous day's close at 1,50,327 per kilogram.

What's driving down gold prices?

The gold futures continued their downward trend on Tuesday's afternoon market session after the precious yellow metal settled at ₹1,27,320 per 10 grams during the morning trade.

Mint reported earlier that the gold prices are suffering severe losses as commodity market investors are booking their profits after the Diwali 2025-fueled rally and a stronger US dollar amid the United States and China trade tensions.

A selling pattern in commodities like gold and silver indicates that the investors are booking their profits and exiting their commodity market bets. If the geopolitical and investors' appetite permits, then buyers may even invest their money in high-risk assets like equities.

Global gold plummets

Global spot gold prices dropped 6.3% to $4,082.03 per ounce, while the global spot silver prices tanked 8.7% to $47.89 per ounce, reported the news agency Bloomberg on Tuesday.

According to the data collected from CME Group, the Comex gold futures also plummeted 5.66% to $4,112.70 as of 12:39 a.m. (CT).

“Gold continues to be a compelling hedge and portfolio diversifier, but prudent risk management and awareness of volatility are essential to navigate the current market phase,” said Ross Maxwell, Global Strategy Lead at VT Markets.

Maxwell highlighted how sustaining a rally in the precious metal could prove to be challenging near the $4,000–$4,400 per ounce zone. However, he said that there are broader bullish drivers still remaining for gold prices.

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Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.