Indian gold and silver markets saw no change in their benchmark retail rates on October 3, 2026, maintaining stability across 24-carat, 22-carat, and 18-carat purities. This comes as traders and consumers monitor global trends and local demand ahead of the upcoming festival season.
Benchmark Rates on October 3
For 24-carat gold, the standard benchmark rate stood at ₹1,50,550 per 10 grams. Meanwhile, 22-carat gold, often preferred for jewellery due to its durability when mixed with alloys, was priced accordingly. Silver continued to track steadily at ₹2,26,590 per kilogram.
Futures Market Activity
On the Multi Commodity Exchange (MCX), gold futures experienced a slight uptick, rising by 0.94% to reach ₹1,50,443 per 10 grams. Silver futures also recorded gains, increasing by 1.22% to approximately ₹2,26,432 per kg at the time of reporting. These movements reflect ongoing speculative trading and investor sentiment.
Factors Influencing Precious Metal Prices in India
Several key factors contribute to the pricing dynamics of gold and silver in the Indian market:
- International Spot Bullion Trends: Global supply and demand, geopolitical events, and economic indicators significantly impact international spot prices, which in turn anchor Indian rates.
- USD/INR Currency Dynamics: Fluctuations in the Indian Rupee against the US Dollar can make imports of precious metals more or less expensive, directly affecting local prices.
- Anticipatory Retail Demand: India's strong cultural affinity for gold means that prices often respond to anticipated demand during peak festival and wedding seasons.
- Taxation and Duties: Retail gold purchases in India are subject to a 3% Goods and Services Tax (GST) on the metal's value, plus an additional 5% GST on jewellery making charges. Import duties and local transport surcharges also contribute to regional price variations.
City-Wise Gold and Silver Rates
While benchmark rates provide a national overview, regional variations exist. Here are the approximate rates for 24-carat and 22-carat gold per 10 grams, and silver per kilogram, across major Indian cities on October 3:
- Delhi: 24K Gold ₹1,50,000 | 22K Gold ₹1,37,500 | Silver ₹2,26,590
- Mumbai: 24K Gold ₹1,50,260 | 22K Gold ₹1,37,738 | Silver ₹2,26,590
- Bengaluru: 24K Gold ₹1,50,380 | 22K Gold ₹1,37,848 | Silver ₹2,26,590
- Kolkata: 24K Gold ₹1,50,060 | 22K Gold ₹1,37,555 | Silver ₹2,26,590
- Hyderabad: 24K Gold ₹1,50,500 | 22K Gold ₹1,37,958 | Silver ₹2,26,590
- Chennai: 24K Gold ₹1,50,700 | 22K Gold ₹1,38,142 | Silver ₹2,26,590
Leading Jeweller Rates
Major retail chains, including Joyalukkas and Malabar Gold & Diamonds, maintained their prices for 22K gold at approximately ₹13,775 per gram across most states. Tanishq listed its 22K gold rate at ₹13,820 per gram. For 24-carat gold, Malabar quoted ₹15,027 per gram, while Tanishq stood at ₹15,076 per gram. Minor disparities between brands are typically due to store-level pricing structures and inventory costs.