Indian gold and silver markets experienced downward pressure on October 28, with benchmark 24-carat gold rates settling at ₹1,44,120 per 10 grams. Silver continued its slide, trading at ₹1,96,120 per kilogram. On the Multi Commodity Exchange (MCX), gold futures were marginally down by 0.25% to ₹1,43,781 per 10 gm, while silver futures decreased by 0.52% to ₹1,95,700 per kg.
Market Trends and Influencing Factors
Several factors are currently shaping Indian gold prices. Higher interest rates globally continue to act as a headwind for non-yielding gold. Markets are also closely monitoring broader global economic risks and escalating geopolitical tensions, particularly in the West Asia region. Domestically, international spot bullion trends, the dynamics of the USD/INR currency exchange rate, and anticipated retail demand ahead of the festive shopping season play significant roles in determining local prices.
Retail Market Dynamics and Taxation
In the physical retail market, gold is predominantly purchased in 24-karat and 22-karat options. While 24-karat signifies pure gold, 22-karat remains the preferred choice for crafting ornaments due to the added durability provided by mixed alloys. Retail gold purchases in India are subject to a standard 3% Goods and Services Tax (GST) on the metal's value, 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 Rates (October 26, 2026)
Below are the 24K and 22K gold rates per 10 grams observed on October 26, 2026, across major Indian cities:
- Delhi: 24K - ₹1,43,450; 22K - ₹1,31,510
- Mumbai: 24K - ₹1,43,300; 22K - ₹1,31,360
- Bengaluru: 24K - ₹1,43,300; 22K - ₹1,31,360
- Kolkata: 24K - ₹1,43,300; 22K - ₹1,31,360
- Hyderabad: 24K - ₹1,43,300; 22K - ₹1,31,360
- Chennai: 24K - ₹1,43,300; 22K - ₹1,31,360
City-Wise Silver Rates (October 26, 2026)
Here are the silver rates per kilogram observed on October 26, 2026, across major Indian cities:
- 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 Jeweller Prices (October 26, 2026)
Major retail chains largely maintained their prices on October 26, 2026. Joyalukkas and Malabar Gold & Diamonds quoted 22K gold at ₹13,135 per gram across most states. Tanishq listed its 22K gold rate at ₹13,175 per gram. For 24-carat gold, Malabar quoted ₹14,329 per gram, while Tanishq stood at ₹14,373 per gram. Minor disparities among brands are typically due to store-level pricing structures, inventory costs, and regional logistics.