Indian gold and silver markets saw varied movements on October 26, 2026, with benchmark 24-carat gold settling at ₹1,42,510 per 10 grams. Silver, meanwhile, continued its trend below the ₹2-lakh threshold, trading at ₹1,96,600 per kilogram. These precious metal prices are shaped by a combination of international spot bullion trends, the dynamics of the USD/INR currency exchange, and the anticipated surge in retail demand ahead of the upcoming festival season.
Market Overview and Futures Performance
On the Multi Commodity Exchange (MCX), gold futures experienced a marginal uptick of 0.24%, reaching ₹1,42,361 per 10 grams. Silver futures also edged higher by 0.10%, trading at approximately ₹1,95,906 per kilogram. Despite some stability, higher interest rates globally continue to present a challenge for non-yielding assets like gold. Market participants are closely monitoring broader global economic risks and escalating geopolitical tensions, particularly in the West Asia region.
Factors Influencing Indian Precious Metal Prices
Several key factors dictate the price of gold and silver across India. Beyond global bullion trends and currency fluctuations, anticipatory retail demand plays a significant role, especially during peak festival shopping periods. Additionally, retail gold purchases in India are subject to a standard 3% Goods and Services Tax (GST) on the metal's value, along with a separate 5% GST on jewellery making charges. Import duties and local transport surcharges further contribute to regional price disparities.
City-Wise Gold Rates (October 26, 2026)
24-Carat Gold (per 10 gm)
- Delhi: ₹1,42,160
- Mumbai: ₹1,42,410
- Bengaluru: ₹1,42,520
- Kolkata: ₹1,42,220
- Hyderabad: ₹1,42,630
- Chennai: ₹1,42,820
22-Carat Gold (per 10 gm)
- Delhi: ₹1,30,313
- Mumbai: ₹1,30,543
- Bengaluru: ₹1,30,643
- Kolkata: ₹1,30,368
- Hyderabad: ₹1,30,744
- Chennai: ₹1,30,918
City-Wise Silver Rates (October 26, 2026)
Silver prices remained consistent across major Indian cities, trading at ₹1,96,400 per kilogram.
Retail Jeweller Rates
Leading retail chains showed minor variations in their pricing on October 26, 2026. Major brands like Joyalukkas and Malabar Gold & Diamonds quoted 22K gold at ₹13,070 per gram across most states. Tanishq listed its 22K gold rate slightly higher at ₹13,110 per gram. For 24-carat gold, Malabar quoted ₹14,258 per gram, while Tanishq was at ₹14,302 per gram. These small disparities often arise from individual store pricing structures, inventory costs, and regional logistics, even as global commodity trends guide the overall market direction.