Indian Bullion Markets See Slight Decline
Indian gold and silver prices registered minor declines on October 6, 2026, impacting both futures trading and physical retail markets across major cities. While benchmark 24-carat gold was priced at ₹1,49,450 per 10 grams, silver stood at ₹2,26,450 per kilogram.
Futures Market Performance
On the Multi Commodity Exchange (MCX), gold futures experienced a slight drop of 0.07%, settling at ₹1,49,216 per 10 grams. Similarly, silver futures were down by 0.28%, trading at approximately ₹2,25,458 per kilogram at the close of reporting.
Key Factors Influencing Prices
The daily fluctuations in India's gold and silver markets are primarily shaped by international spot bullion trends, the dynamics of the USD/INR exchange rate, and anticipated retail demand, particularly with the approach of peak festival shopping seasons. Local import duties, transport surcharges, and varying store-level pricing structures also contribute to regional price disparities.
Physical Gold Purity and Taxation
In the physical retail market, gold is predominantly available in 24-karat and 22-karat purities. While 24-karat represents pure gold, 22-karat is widely preferred for crafting jewellery due to its enhanced durability from 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 an additional 5% GST on jewellery making charges.
Today's Gold Rates Across Major Cities (24K per 10gm)
- Delhi: ₹1,48,850
- Mumbai: ₹1,49,100
- Bengaluru: ₹1,48,900
- Kolkata: ₹1,48,900
- Hyderabad: ₹1,49,340
- Chennai: ₹1,49,540
Today's Silver Rates Across Major Cities (per kg)
- Delhi: ₹2,25,050
- Mumbai: ₹2,25,430
- Bengaluru: ₹2,25,610
- Kolkata: ₹2,25,140
- Hyderabad: ₹2,25,790
- Chennai: ₹2,25,940
Leading Jeweller Rates
Major retail chains maintained consistent prices on October 6, 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 quoted ₹14,917 per gram, while Tanishq stood at ₹14,967 per gram.