On Gandhi Jayanti, October 2, 2026, India's physical retail markets for gold and silver largely maintained stable price levels across various purities. This stability was observed for 24-carat, 22-carat, and 18-carat gold, as well as for silver, reflecting a calm market sentiment on the national holiday.
Benchmark Rates and Market Movements
The benchmark rate for 24-carat gold was recorded at ₹1,50,540 per 10 grams. For silver, the benchmark rate held steady at ₹2,26,570 per kilogram. These rates are crucial indicators for both investors and consumers in the Indian market.
On the Multi Commodity Exchange (MCX), gold futures showed a slight upward trend, increasing by 0.94% to ₹1,50,443 per 10 grams. Silver futures also saw a gain, rising by 1.22% to approximately ₹2,26,432 per kilogram at the time of reporting.
Factors Influencing Gold and Silver Prices
Indian gold and silver prices are shaped by a confluence of global and local factors. International spot bullion trends play a significant role, as do the dynamics of the USD/INR currency exchange rate. Anticipatory retail demand, particularly ahead of major festival shopping seasons, also heavily influences prices.
Retail purchases in India are subject to additional charges:
- A standard 3% Goods and Services Tax (GST) on the value of the metal.
- An additional 5% GST on jewellery making charges.
Furthermore, import duties and local transport surcharges contribute to regional price variations across different states.
City-Wise Gold Rates (October 2, 2026)
Here are the latest gold rates for major Indian cities:
24-Karat Gold (₹ per 10gm)
- Delhi: ₹1,50,000
- Mumbai: ₹1,50,260
- Bengaluru: ₹1,50,380
- Kolkata: ₹1,50,060
- Hyderabad: ₹1,50,500
- Chennai: ₹1,50,700
22-Karat Gold (₹ per 10gm)
- Delhi: ₹1,37,500
- Mumbai: ₹1,37,738
- Bengaluru: ₹1,37,848
- Kolkata: ₹1,37,555
- Hyderabad: ₹1,37,958
- Chennai: ₹1,38,142
City-Wise Silver Rates (October 2, 2026)
Silver prices showed uniformity across major cities:
- Delhi: ₹2,26,570 per kg
- Mumbai: ₹2,26,570 per kg
- Bengaluru: ₹2,26,570 per kg
- Kolkata: ₹2,26,570 per kg
- Hyderabad: ₹2,26,570 per kg
- Chennai: ₹2,26,570 per kg
Leading Jewellers' Rates
Major retail chains maintained consistent pricing on October 2, 2026. For 22-karat gold, Joyalukkas and Malabar Gold & Diamonds quoted ₹13,680 per gram across most states. Tanishq listed its 22-karat gold rate at ₹13,725 per gram. For 24-carat gold, Malabar quoted ₹14,924 per gram, while Tanishq was at ₹14,973 per gram.
Minor disparities in retail rates among brands can stem from store-level pricing strategies, inventory acquisition costs, and regional logistical expenses, even as global commodity trends dictate the overall market direction.