Gold and Silver Market Overview on November 9, 2026
Precious metal prices saw a decline on November 9, 2026, across India, with both gold and silver experiencing downward pressure. Despite healthy festive demand, primarily driven by Diwali shoppers, benchmark rates for various purities of gold and silver were lower. The market sentiment was largely influenced by prevailing higher interest rates, which typically act as a headwind for non-yielding assets like gold, alongside broader global economic uncertainties and escalating geopolitical tensions in the West Asia region.
Benchmark Gold and Silver Rates
As of November 9, 2026, the benchmark rate for 24-carat gold stood at ₹1,43,590 per 10 grams. Silver continued its retreat, trading at ₹1,84,650 per kilogram, having slipped significantly from its earlier ₹2-lakh mark. This decline marks a notable shift after silver's strong bull run earlier in 2025, with surging crude oil prices and persistent inflation fears fueling expectations of further US interest rate hikes contributing to its surrender of over half its gains.
Multi Commodity Exchange (MCX) Performance
On the Multi Commodity Exchange (MCX), gold futures reflected the downward trend, declining by 1.27% to reach ₹1,42,264 per 10 grams. Silver futures also saw a significant drop, falling by 1.67% to approximately ₹1,84,016 per kilogram at the time of reporting.
Retail Prices Across Major Indian Cities
Retail gold prices in India are primarily anchored by international spot bullion trends, the dynamics of the USD/INR currency pair, and anticipatory demand ahead of peak festival shopping seasons. Additionally, retail purchases attract a standard 3% GST on the metal's value, plus a separate 5% GST on jewellery making charges. Import duties and local transport surcharges also contribute to regional price variations across states.
Below are the indicative 24K and 22K gold rates per 10 grams in major Indian cities:
- Delhi: 24K – ₹1,43,590 | 22K – ₹1,31,740
- Mumbai: 24K – ₹1,43,560 | 22K – ₹1,31,590
- Bengaluru: 24K – ₹1,43,710 | 22K – ₹1,31,740
- Kolkata: 24K – ₹1,43,560 | 22K – ₹1,31,590
- Hyderabad: 24K – ₹1,43,560 | 22K – ₹1,31,590
- Chennai: 24K – ₹1,43,710 | 22K – ₹1,31,740
The latest silver rates per kilogram and 100 grams are as follows:
- Delhi: ₹2,21,900 per kg | ₹22,190 per 100gm
- Mumbai: ₹2,20,900 per kg | ₹22,200 per 100gm
- Bengaluru: ₹2,16,900 per kg | ₹21,690 per 100gm
- Kolkata: ₹2,16,900 per kg | ₹21,690 per 100gm
- Hyderabad: ₹2,20,900 per kg | ₹22,090 per 100gm
- Chennai: ₹2,22,900 per kg | ₹22,290 per 100gm
Jewelers' Rates and Purity
While 24-karat gold represents pure gold, 22-karat remains the preferred choice for crafting ornaments due to its mixed alloys providing greater durability. Leading retail chains reported relatively stable prices on November 9, 2026. According to the India Bullion and Jewellers Association Ltd, 24-carat gold retailed for ₹14,102 per gram, and 22-carat for ₹12,918 per gram across jewelers. Silver 999 was at ₹1,81,863 per kg. Minor retail rate disparities across brands like Joyalukkas, Malabar Gold & Diamonds, and Tanishq often stem from store-level pricing structures, inventory acquisition costs, and regional logistics, even as global commodity trends dictate the overall market direction.