Indian gold and silver markets demonstrated overall stability on October 1, 2026, with only minor fluctuations observed across various purities and cities. This steady trend reflects a balance influenced by global bullion movements, currency exchange rates, and a cautious anticipation of upcoming festival demand.
Benchmark Rates and Futures Performance
The benchmark rate for 24-carat gold stood at ₹1,49,880 per 10 grams on October 1. Silver, a parallel precious metal, was priced at ₹2,26,010 per kilogram. On the Multi Commodity Exchange (MCX), gold futures experienced a modest increase of 0.67%, reaching ₹1,47,090 per 10 grams. Silver futures also saw an upward movement, gaining approximately 1% to trade around ₹2,25,934 per kilogram at the time of reporting.
Understanding Gold Purity and Retail Pricing
In the physical retail market, consumers primarily choose between 24-carat and 22-carat gold. While 24-carat represents pure gold, the 22-carat variant, blended with other alloys, is widely preferred for crafting durable jewelry. The final retail price for gold and silver in India incorporates several components beyond the base bullion cost.
- A 3% Goods and Services Tax (GST) is applied to the metal's value.
- An additional 5% GST is levied on the jewelry making charges.
- Import duties and local transport surcharges also contribute to regional price differences across states.
City-Wise Gold and Silver Rates
Retail prices for precious metals showed slight variations across major Indian cities on October 1, 2026. Here's a snapshot of rates for 24-carat and 22-carat gold, along with silver prices:
- Delhi: 24K gold at ₹1,48,930 per 10gm; 22K gold at ₹1,37,260 per 10gm. Silver was ₹2,39,900 per kg.
- Mumbai, Bengaluru, Kolkata, Hyderabad, Chennai: Many of these metropolitan areas reported 24K gold at ₹1,49,580 per 10gm and 22K gold at ₹1,37,110 per 10gm.
- Silver Rates: While Delhi, Mumbai, Bengaluru, and Kolkata generally saw silver at ₹2,39,900 per kg, cities like Hyderabad and Chennai had slightly higher rates at ₹2,45,100 per kg.
Leading Jeweller Pricing
Major retail chains maintained largely consistent pricing for gold on October 1. Brands such as Joyalukkas and Malabar Gold & Diamonds quoted 22K gold at ₹13,710 per gram across most states. Tanishq listed its 22K gold rate at a slightly higher ₹13,755 per gram. For 24-carat gold, Malabar was at ₹14,956 per gram, while Tanishq stood at ₹15,005 per gram.
Minor discrepancies in retail prices among different jewelers can be attributed to factors like individual store-level pricing strategies, varying inventory acquisition costs, and regional logistics, even as the overarching global commodity trends dictate the overall market direction.