Gold and silver prices across India experienced a marginal dip on October 14, 2026, reflecting shifts in global bullion markets and domestic economic factors. This slight downturn comes as festival shopping demand begins to build, typically a strong period for precious metals.
MCX Futures Show Decline
On the Multi Commodity Exchange (MCX), gold futures for delivery were down by 0.30%, trading at ₹1,48,001 per 10 grams. Silver futures also saw a decrease, falling 0.36% to approximately ₹2,18,425 per kilogram at the time of reporting.
Physical Retail Rates in Major Cities
In the physical retail markets, benchmark 24-carat gold was priced at ₹1,48,260 per 10 grams, while 22-carat gold, preferred for jewelry, stood at ₹1,35,900 per 10 grams in most major cities. Silver was trading at ₹2,35,000 per kilogram.
- 24K Gold (per 10gm): Delhi ₹1,48,410; Mumbai, Bengaluru, Kolkata, Hyderabad, Chennai ₹1,48,260
- 22K Gold (per 10gm): Delhi ₹1,36,050; Mumbai, Bengaluru, Kolkata, Hyderabad, Chennai ₹1,35,900
- Silver (per kg): Delhi, Mumbai, Bengaluru, Kolkata ₹2,35,000; Hyderabad, Chennai ₹2,45,000
Factors Influencing Indian Gold Silver Prices
Several factors are currently shaping the Indian gold and silver prices. Global spot bullion trends play a significant role, alongside the dynamics of the USD/INR exchange rate. High interest rates continue to pose a headwind for non-yielding assets like gold. Additionally, broader global economic risks and escalating geopolitical tensions in the Middle East are being closely watched by investors.
Jeweller Pricing and Taxes
Leading jewelers like Joyalukkas and Malabar Gold & Diamonds generally maintained their 22-carat gold prices at around ₹13,685 per gram as of October 12, 2026. Tanishq quoted its 22-carat gold at ₹13,730 per gram. For 24-carat gold, Malabar was at ₹14,929 per gram, and Tanishq at ₹14,978 per gram. These minor disparities reflect individual store pricing structures and operational costs.
Consumers should note that physical gold purchases in India attract a 3% Goods and Services Tax (GST) on the metal's value, plus an additional 5% GST on jewelry making charges. Import duties and local transport surcharges also contribute to regional price variations.