Gold and silver prices experienced a notable decline across major Indian cities on October 5, 2026. The dip reflects a blend of international spot bullion trends, the dynamics of the USD/INR currency exchange, and the anticipated surge in retail demand as the festive season approaches.
Benchmark 24-carat gold rates were recorded at ₹1,49,040 per 10 grams, while silver also saw a slip, settling at ₹2,26,380 per kilogram. These movements indicate a market under pressure, impacting various purities including 24-carat, 22-carat, and 18-carat options.
Market Movements on MCX
On the Multi Commodity Exchange (MCX), gold futures registered a fall of 0.98%, trading at ₹1,48,910 per 10 grams. In contrast, silver futures showed a slight upward movement, increasing by 0.14% to approximately ₹2,26,189 per kilogram at the time of reporting.
Understanding Gold Purity and Retail Pricing
In the physical retail market, consumers primarily opt for 24-karat and 22-karat gold. While 24-karat signifies pure gold, the 22-karat variant remains the preferred choice for crafting intricate ornaments due to its enhanced durability, achieved through the inclusion of mixed alloys.
Retail gold purchases in India are subject to a 3% Goods and Services Tax (GST) on the value of the metal, along with an additional 5% GST specifically applied to jewellery making charges. Furthermore, import duties and local transport surcharges contribute to regional price disparities across different states.
City-Wise Gold Rates (October 5, 2026)
24-Carat Gold (per 10 grams)
- Delhi: ₹1,48,650
- Mumbai: ₹1,48,910
- Bengaluru: ₹1,49,020
- Kolkata: ₹1,48,710
- Hyderabad: ₹149,140
- Chennai: ₹149,340
22-Carat Gold (per 10 grams)
- Delhi: ₹1,36,263
- Mumbai: ₹1,36,501
- Bengaluru: ₹1,36,602
- Kolkata: ₹1,36,318
- Hyderabad: ₹1,36,712
- Chennai: ₹1,36,895
City-Wise Silver Rates (October 5, 2026)
Silver prices remained consistent across major cities, with rates recorded as follows:
- Delhi: ₹2,26,380 per kg
- Mumbai: ₹2,26,380 per kg
- Bengaluru: ₹2,26,380 per kg
- Kolkata: ₹2,26,380 per kg
- Hyderabad: ₹2,26,380 per kg
- Chennai: ₹2,26,380 per kg
Leading Jeweller Rates
Major retail chains maintained largely consistent pricing on October 5, 2026. Joyalukkas and Malabar Gold & Diamonds quoted 22K gold at ₹13,675 per gram across most states. Tanishq listed its 22K gold rate at ₹13,720 per gram.
For 24-carat gold, Malabar Gold & Diamonds quoted ₹14,918 per gram, while Tanishq stood at ₹14,967 per gram. Minor retail rate disparities among brands are typically attributed to store-level pricing structures, inventory acquisition costs, and regional logistics, even as global commodity trends dictate the overall market direction.