Gold and Silver Prices Fall as Oil Price Rises
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Gold and silver prices fell on October 23, 2026, as crude oil prices rose above $115 a barrel and the US dollar grew stronger.
When oil prices and the dollar both increase, gold often becomes less attractive to buyers, which can push its price down.
In India, people check daily gold prices by karat, a measure of how pure the gold is.
The main types are 24k, 22k, 20k, and 18k gold.
24 karat gold is almost pure gold, while 18 karat gold contains more other metals mixed in.
These prices are usually published by the IBJA, the India Bullion and Jewellers Association.
IBJA releases updated gold and silver rates every day for buyers across the country.
People in cities such as Chennai, Mumbai, Delhi, and Kolkata can check the latest rates for their area.
Prices can be slightly different from city to city because of local taxes and demand.
Gold is very popular in India, especially for making jewellery for weddings and festivals.
Well-known jewellery brands such as Malabar Gold & Diamonds, Joyalukkas, Kalyan Jewellers, and Tanishq use these daily rates to set their own prices.
Many Indian families treat gold as a safe way to save money, not just as jewellery.
Because of this, daily gold price changes are closely watched across the country.
Global factors, like oil prices and the strength of the dollar, can affect gold prices even though they seem unrelated at first.
Investors often see gold as a safe choice, but a strong dollar can make it less appealing compared to other options.
Vocabulary10 words
- crude oil
- oil in its natural form, before it is cleaned for use
- dollar
- the money used in the United States
- karat
- a unit that shows how pure gold is
- 24k
- almost pure gold, with very little other metal
- 22k
- gold that is less pure than 24k
- 20k
- gold with more other metal mixed in
- 18k
- gold with the most other metal mixed in, among these types
- IBJA
- a group in India that reports daily gold and silver prices
- jewellery
- items like rings and necklaces made from metals such as gold
- investors
- people who put money into something hoping to earn more later
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Quiz
Answer key
1. Because crude oil rose and the dollar grew stronger 2. How pure gold is 3. True
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Fill-in-the-blank listening
Play the audio again and fill in the missing words as you listen.
Gold and silver prices fell on October 23, 2026, as crude oil prices rose above $_____ a barrel.
The US _____ also grew stronger.
In India, people check daily gold prices by _____, a measure of purity.
The main types are 24k, 22k, 20k, and _____ gold.
24 karat gold is almost _____ gold.
These prices are usually published by the _____.
People in cities such as Chennai, Mumbai, Delhi, and _____ can check the latest rates.
Gold is very popular in India, especially for making _____ for weddings.
Well-known jewellery brands such as Malabar Gold, Joyalukkas, Kalyan Jewellers, and _____ use these daily rates.
Many Indian families treat gold as a safe way to save _____.
Discussion questions
- Why do you think gold is so popular in India?
- How might oil prices affect gold prices?
- Do you think gold is a good way to save money? Why or why not?
- What other things do you think affect gold prices?
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