Gold and silver rates in India experienced a notable dip on October 30, 2026, across 24-carat, 22-carat, and 18-carat purities. This decline follows the US Federal Reserve's decision to hold interest rates steady, opting to delay changes to borrowing costs until after the upcoming US mid-term elections. Higher interest rates typically act as a headwind for non-yielding assets like gold.
Benchmark Rates and Market Movements
As of October 30, benchmark 24-karat gold stood at ₹1,42,760 per 10 grams in the physical retail market. Silver continued its slip from the ₹2-lakh mark, trading at ₹1,89,480 per kilogram. On the Multi Commodity Exchange (MCX), gold futures saw a marginal increase of 0.52% to ₹1,41,850 per 10 grams, while silver futures were down by 1.75% at approximately ₹1,86,145 per kilogram at the time of reporting.
Factors Influencing Precious Metal Prices
Beyond the US Federal Reserve's policy, several global and domestic factors continue to shape gold and silver prices in India. Markets are closely monitoring global economic risks and rising geopolitical tensions, particularly in the West Asia region, which can often drive demand for safe-haven assets. Domestically, prices are anchored by international spot bullion trends, the dynamics of the USD/INR currency exchange rate, and anticipatory retail demand ahead of India's peak festival shopping season.
Understanding Retail Gold Purchases
In the physical retail market, gold is primarily bought in 24-karat and 22-karat options. While 24-karat represents pure gold, 22-karat remains the preferred choice for crafting ornaments due to its greater durability, achieved by mixing with other alloys. Retail gold purchases in India attract a standard 3% GST on the value of the metal, along with a separate 5% GST on jewellery making charges. Import duties and local transport surcharges also contribute to regional price variations across different states.
City-wise Gold and Silver Rates (October 30, 2026)
Here’s a snapshot of gold and silver rates in major Indian cities:
- Delhi: 24K Gold: ₹1,41,750 (per 10gm), 22K Gold: ₹1,29,938 (per 10gm), Silver: ₹1,86,270 (per kg)
- Mumbai: 24K Gold: ₹1,41,990 (per 10gm), 22K Gold: ₹1,30,158 (per 10gm), Silver: ₹1,86,270 (per kg)
- Kolkata: 24K Gold: ₹1,41,800 (per 10gm), 22K Gold: ₹1,29,983 (per 10gm), Silver: ₹1,86,270 (per kg)
- Bengaluru: 24K Gold: ₹1,42,100 (per 10gm), 22K Gold: ₹1,30,258 (per 10gm), Silver: ₹1,86,270 (per kg)
- Hyderabad: 24K Gold: ₹1,42,210 (per 10gm), 22K Gold: ₹1,30,359 (per 10gm), Silver: ₹1,86,270 (per kg)
- Chennai: 24K Gold: ₹1,42,400 (per 10gm), 22K Gold: ₹1,30,533 (per 10gm), Silver: ₹1,86,270 (per kg)
Rates from Top Jewellers
Leading retail chains maintained largely unchanged prices on October 30, 2026. Major brands like Joyalukkas and Malabar Gold & Diamonds quoted 22K gold at ₹13,195 per gram across most states. Tanishq listed its 22K gold rate at ₹13,245 per gram. For 24-carat gold, Malabar quoted ₹14,395 per gram, while Tanishq was at ₹14,449 per gram. Minor rate disparities among brands can arise from store-level pricing structures, inventory costs, and regional logistics.