Precious metal prices in India experienced a slight uptick on September 18, 2026. Gold futures on the Multi Commodity Exchange (MCX) rose by 0.27%, reaching ₹1,53,399 per 10 grams. Meanwhile, silver futures saw a more significant jump of 0.77%, trading at approximately ₹2,40,050 per kilogram.
In the retail market, silver prices across major Indian cities, including Delhi, Mumbai, and Bengaluru, were quoted at ₹2,50,000 per kilogram. Gold also registered minor increases, with 24-karat gold priced around ₹1,54,420 per 10 grams in most metropolitan areas. Chennai reported slightly different rates, with 24K gold at ₹1,52,830 per 10 grams and silver at ₹2,49,900 per kilogram.
Understanding Gold Purity and Market Dynamics
Gold in the retail market is primarily traded in two purities: 24-karat and 22-karat. While 24-karat gold is considered the purest form, 22-karat gold is widely preferred for crafting jewellery. This is because 22-karat gold contains alloyed metals, which provide enhanced strength and durability, making it more suitable for intricate designs and daily wear.
Several key factors influence gold prices in India. These include global gold price trends, the exchange rate between the Indian Rupee and the US Dollar, and domestic demand for jewellery, which often surges ahead of major festive seasons. Local jewellers' pricing policies, procurement costs, and regional market conditions also contribute to slight variations in retail rates.
City-Wise Retail Gold and Silver Rates (September 18, 2026)
- 24K Gold (per 10gm): Delhi ₹1,54,570; Mumbai ₹1,54,420; Bengaluru ₹1,54,420; Kolkata ₹1,54,420; Hyderabad ₹1,54,420; Chennai ₹1,52,830
- 22K Gold (per 10gm): Delhi ₹1,41,700; Mumbai ₹1,41,550; Bengaluru ₹1,41,550; Kolkata ₹1,41,550; Hyderabad ₹1,41,550; Chennai ₹1,40,090
- Silver (per kg): Delhi ₹2,50,000; Mumbai ₹2,50,000; Bengaluru ₹2,50,000; Kolkata ₹2,49,900; Hyderabad ₹2,49,900; Chennai ₹2,49,900
Leading jewellery retailers like Malabar Gold & Diamonds and Joyalukkas quoted 22K gold at ₹14,155 per gram across several states, while Tanishq's rate stood at ₹14,085 per gram. For 24-carat gold, Malabar Gold & Diamonds priced it at ₹15,442 per gram, and Tanishq at ₹15,333 per gram.