Indian bullion markets observed elevated prices on October 7, 2026, with both gold and silver showing an upward trend. The benchmark for 24-carat gold reached ₹1,49,780 per 10 grams, while silver was quoted at ₹2,26,410 per kilogram.
Factors Influencing Gold and Silver Prices
The pricing dynamics in India are primarily shaped by international spot bullion trends, the strength of the USD/INR currency exchange rate, and significant anticipatory retail demand, especially leading into the peak festival shopping season. On the Multi Commodity Exchange (MCX), gold futures saw a slight dip of 0.31% to ₹1,49,702 per 10 grams. Silver futures also experienced a decline of 0.55%, trading at approximately ₹2,26,125 per kg at the time of reporting.
Gold Purity and Retail Transactions
In the physical retail market, gold is predominantly sold in two purities: 24-karat and 22-karat. While 24-karat represents pure gold, 22-karat is the preferred choice for crafting jewellery due to its enhanced durability when mixed with other alloys. Consumers should note that retail gold purchases in India are subject to a standard 3% Goods and Services Tax (GST) on the metal's value, in addition to a separate 5% GST on jewellery making charges. Import duties and local transport surcharges also contribute to regional price variations across different states.
City-Wise Gold and Silver Rates
Variations in gold and silver prices were noted across major Indian cities. For 24-carat gold, rates ranged from approximately ₹1,49,280 per 10 grams in Delhi to ₹1,49,940 in Chennai. Similarly, 22-carat gold prices varied from ₹1,36,840 per 10 grams in Delhi to ₹1,37,445 in Chennai. Silver rates also showed slight differences, with Chennai recording the highest at ₹2,26,660 per kg.
Major Jewellers' Pricing
Leading retail chains like Joyalukkas and Malabar Gold & Diamonds maintained their 22K gold prices at ₹13,770 per gram across most states on October 7. Tanishq listed its 22K gold rate slightly higher at ₹13,815 per gram. For 24-carat gold, Malabar quoted ₹15,022 per gram, while Tanishq's estimated rate stood at ₹15,071 per gram. Minor disparities in retail rates among brands often stem from store-level pricing structures, inventory costs, and regional logistical factors.