Precious metal prices in India experienced a decline on November 6, coinciding with the auspicious occasion of Dhanteras. Despite robust festive demand for Diwali purchases, rates for 24-carat, 22-carat, and 18-carat gold, alongside silver, all trended downwards. This movement reflects a complex interplay of international spot bullion trends, the strength of the USD/INR currency pair, and anticipatory retail demand.
Benchmark Rates and Market Movements
On November 6, benchmark 24-carat gold was priced at ₹1,42,750 per 10 grams. Silver, which had seen a significant bull run in 2025, continued its retreat from the ₹2-lakh mark, trading at ₹1,84,650 per kilogram. This reversal for silver is largely attributed to surging crude oil prices and persistent inflation fears, which are fueling expectations of further US interest rate hikes.
On the Multi Commodity Exchange (MCX), gold futures recorded a 1.27% drop, reaching ₹1,42,264 per 10 grams. Silver futures also fell by 1.67%, settling at approximately ₹1,84,016 per kilogram at the time of reporting.
Factors Influencing Gold and Silver Prices
Higher interest rates globally continue to act as a significant headwind for non-yielding assets like gold. Investors often favor interest-bearing instruments over gold when rates climb. Additionally, markets are closely monitoring global economic risks and escalating geopolitical tensions, particularly in the West Asia region, which can introduce volatility into precious metal markets.
Retail Purchase Details and City-Specific Rates
In the physical retail market, 24-karat gold is considered pure, while 22-karat gold, mixed with other alloys, remains the preferred choice for crafting durable ornaments. Retail gold purchases in India are subject to a standard 3% Goods and Services Tax (GST) on the metal's value, plus an additional 5% GST on jewellery making charges. Import duties and local transport surcharges also contribute to regional price variations across different states.
Gold Rates (₹ per 10gm) on November 6:
- Delhi: 24K - ₹1,42,250 | 22K - ₹1,30,396
- Mumbai: 24K - ₹1,42,490 | 22K - ₹1,30,616
- Kolkata: 24K - ₹1,42,250 | 22K - ₹1,30,396
- Bengaluru: 24K - ₹1,42,550 | 22K - ₹1,30,671
- Hyderabad: 24K - ₹1,42,660 | 22K - ₹1,30,772
- Chennai: 24K - ₹1,42,850 | 22K - ₹1,30,946
Silver Rates (₹ per kg) on November 6:
- Delhi: ₹1,83,990
- Mumbai: ₹1,84,310
- Kolkata: ₹1,84,200
- Bengaluru: ₹1,84,590
- Hyderabad: ₹1,84,740
- Chennai: ₹1,84,980
Leading retail chains reported relatively stable prices on November 5, 2026, ahead of the dip. Brands like Joyalukkas and Malabar Gold & Diamonds quoted 22K gold at approximately ₹13,385 per gram across most states, while Tanishq listed its 22K rate at ₹13,435 per gram. For 24-carat gold, Malabar quoted ₹14,602 per gram, and Tanishq stood at ₹14,656 per gram. Minor disparities among brands are common, stemming from store-level pricing, inventory costs, and regional logistics, even as global commodity trends dictate the overall market direction.