Sunita Somvanshi
Gold and silver fell on 30 October, ahead of Diwali on Sunday, 8 November 2026. If you plan to buy gold for the festival, check these points first. Check the current MCX rate on the day you buy.
An Upstox market update on 30 October reported that MCX gold futures fell ₹1,333 to ₹1,41,263 per 10 grams, and that MCX silver futures fell ₹5,208 to ₹1,84,245 per kilogram. The update does not name the contract month or the time of the quote. Gold on the Multi Commodity Exchange (MCX), India's main commodity exchange, is quoted per 10 grams. Silver is quoted per kilogram. Dhanteras, a day many families buy gold, falls on Friday, 6 November. Diwali follows on Sunday, 8 November. The five-day festival runs from 6 to 10 November.
A lower price per gram lowers the starting cost of jewellery, but your bill also includes making charges and 3% GST. Ask the jeweller for the day's MCX-linked rate in writing, and compare making charges, which vary widely between shops. If you buy a gold ETF or a Sovereign Gold Bond on the market, the price moves with the exchange, so the rate on the day you buy matters more than the festival date. Read our gold ETF taxation guide before you choose a digital option.
Gold and silver prices move on futures contracts, which set a price for delivery at a later date. They also track the US dollar. Gold is priced in dollars on world markets, and it usually falls when the dollar strengthens. Higher US bond yields make gold less attractive, since gold pays no interest.
Why did the prices fall? The Upstox update gives no reason. It describes the fall as part of a recent correction in precious metal prices ahead of Dhanteras and Diwali.
Before you buy, check the MCX rate on the day, compare making charges, and check the BIS hallmark on any jewellery you buy. Our hallmark verification guide shows how. Prices can move again before Diwali, so confirm the rate at the time you pay.
