Precious Metals Market Overview on October 27
Precious metal markets in India experienced slight declines on October 27. Gold futures on the Multi Commodity Exchange (MCX) were marginally down by 0.17%, trading at ₹1,42,835 per 10 grams. Silver futures also saw a dip, falling 0.72% to approximately ₹1,94,378 per kilogram.
These movements follow pressure observed on October 26, where benchmark 24-carat gold rates stood at ₹1,43,230 per 10 grams and silver continued its slide from the ₹2-lakh mark, trading at ₹1,94,850 per kg.
Factors Influencing Indian Gold & Silver Rates
Indian gold and silver prices are shaped by a confluence of global and domestic factors. International spot bullion trends, the dynamics of the USD/INR currency exchange rate, and anticipatory retail demand—especially ahead of peak festival shopping seasons—play significant roles. Globally, higher interest rates continue to act as a headwind for non-yielding gold, while markets also monitor broader economic risks and rising geopolitical tensions, particularly in the West Asia region.
Retail Gold Prices Across Major Indian Cities
In the physical retail market, prices for both 24-carat and 22-carat gold varied slightly across major Indian cities on October 27. These rates include a standard 3% GST on the metal's value, plus an additional 5% GST on jewellery making charges, alongside import duties and local transport surcharges.
24-Carat Gold Rates (per 10 gm)
- Delhi: ₹1,43,440
- Mumbai: ₹1,43,290
- Bengaluru: ₹1,43,290
- Kolkata: ₹1,43,290
- Hyderabad: ₹1,43,290
- Chennai: ₹1,42,760
22-Carat Gold Rates (per 10 gm)
- Delhi: ₹1,31,500
- Mumbai: ₹1,31,350
- Bengaluru: ₹1,31,350
- Kolkata: ₹1,31,350
- Hyderabad: ₹1,31,350
- Chennai: ₹1,30,860
Understanding Gold Purity: 24K vs. 22K
While 24-carat gold represents pure gold, 22-carat remains the preferred choice for crafting ornaments due to its mixed alloys providing greater durability. Consumers should be aware that retail purchases involve additional costs beyond the base bullion price, including GST and making charges.
Silver Prices in Key Indian Metros
Silver rates also showed minor fluctuations across major cities on October 27.
Silver Rates (per kg)
- Delhi: ₹2,20,000
- Mumbai: ₹2,20,000
- Bengaluru: ₹2,20,000
- Kolkata: ₹2,20,000
- Hyderabad: ₹2,20,000
- Chennai: ₹2,20,000
Leading Jeweler Rates
Major retail chains largely maintained their prices on October 26. Joyalukkas and Malabar Gold & Diamonds quoted 22K gold at ₹13,085 per gram across most states. Tanishq listed its 22K gold rate at ₹13,125 per gram. For 24-carat gold, Malabar quoted ₹14,275 per gram, while Tanishq stood at ₹14,318 per gram. Minor disparities between brands often stem from store-level pricing, inventory costs, and regional logistics, even as global trends dictate overall market direction.