Indian gold and silver markets registered a minor dip on October 15, 2026, impacting both 24-carat and 22-carat purities in retail and futures trading. This movement reflects a broader trend influenced by global factors and domestic demand dynamics.
MCX Futures See Downward Trend
On the Multi Commodity Exchange (MCX), gold futures experienced a 1.13% decline, settling at ₹1,47,500 per 10 grams. Similarly, silver futures were down by 0.46%, trading at approximately ₹2,09,291 per kilogram at the time of reporting.
Benchmark Retail Rates Across India
Benchmark retail gold rates across India stood at ₹1,46,090 per 10 grams. Silver traded at ₹2,08,340 per kilogram. These rates are influenced by international spot bullion prices, the USD/INR exchange rate, and anticipated retail demand, particularly ahead of upcoming festival shopping seasons.
City-Wise Gold Rates (₹ per 10gm)
- Delhi: 24K - ₹1,47,220 | 22K - ₹1,34,952
- Mumbai: 24K - ₹1,47,480 | 22K - ₹1,35,190
- Kolkata: 24K - ₹1,47,250 | 22K - ₹1,34,979
- Bengaluru: 24K - ₹1,47,570 | 22K - ₹1,35,273
- Hyderabad: 24K - ₹1,47,680 | 22K - ₹1,35,373
- Chennai: 24K - ₹1,47,880 | 22K - ₹1,35,557
City-Wise Silver Rates (₹ per kg)
- Delhi: ₹2,09,640
- Mumbai: ₹2,09,640
- Kolkata: ₹2,09,640
- Bengaluru: ₹2,09,640
- Hyderabad: ₹2,09,640
- Chennai: ₹2,09,640
Leading Jeweller Prices
Major retail chains largely maintained their prices on October 15, 2026. Brands like Joyalukkas and Malabar Gold & Diamonds quoted 22K gold at ₹13,515 per gram across most states. Tanishq listed its 22K gold rate at ₹13,635 per gram. For 24-carat gold, Malabar quoted ₹14,744 per gram, while Tanishq stood at ₹14,875 per gram. Minor variations among retailers can be attributed to store-level pricing, inventory costs, and regional logistics.
Factors Influencing Precious Metal Prices
Several factors contribute to the current market dynamics. Higher interest rates globally often pose a headwind for non-yielding assets like gold. Additionally, ongoing global economic risks and rising geopolitical tensions, particularly in the Middle East, are closely watched by market participants. Domestically, retail gold purchases in India are subject to a 3% Goods and Services Tax (GST) on the metal's value, plus a 5% GST on jewellery making charges, alongside import duties and local surcharges that create regional price disparities.