Precious metal markets in India saw largely stable prices on November 13, 2026, with gold and silver rates holding firm across 24-carat, 22-carat, and 18-carat purities. This stability comes amidst a period of robust festive demand, as shoppers actively participate in Diwali season purchases.
Current Benchmark Rates
As of November 13, benchmark 24-carat gold was priced at ₹1,37,760 per 10 grams. Silver, however, continued its retreat from the significant ₹2-lakh mark, settling at ₹1,79,660 per kilogram.
On the Multi Commodity Exchange (MCX), gold futures demonstrated a modest increase of 0.69%, reaching ₹1,36,820 per 10 grams. Silver futures also saw a slight uptick, rising by 0.06% to approximately ₹1,79,560 per kilogram at the time of reporting.
Factors Influencing the Market
Despite the current stability, several global economic factors continue to exert pressure on precious metals. Higher interest rates, particularly from the US, pose a headwind for non-yielding assets like gold. Markets are also closely monitoring broader global economic risks and escalating geopolitical tensions, especially in the West Asia region.
Silver, which experienced a significant bull run in the preceding period, has seen more than half of its gains erased. This reversal is largely attributed to surging crude oil prices and persistent inflation fears, which are fueling expectations of further interest rate hikes by the US Federal Reserve.
Retail Market Dynamics in India
In the physical retail market, gold is predominantly purchased in two purities: 24-carat, representing pure gold, and 22-carat, which is preferred for crafting ornaments due to the added durability provided by mixed alloys.
Indian precious metal prices are primarily influenced by international spot bullion trends, the dynamics of the USD/INR currency exchange rate, and anticipatory retail demand in the lead-up to peak festival shopping seasons. Consumers should also be aware that 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 variations across different states.
City-Wise Price Overview
While prices remained largely stable, minor variations were observed across major Indian cities. For instance, 24K gold on November 13 was ₹1,37,180 per 10gm in Delhi and ₹1,37,510 in Mumbai. Similarly, silver rates varied, with Delhi at ₹1,78,980 per kg and Mumbai at ₹1,79,340 per kg. Leading jewellers like Joyalukkas and Malabar Gold & Diamonds quoted 22K gold at ₹12,695 per gram across most states, while Tanishq listed its 22K gold rate at ₹12,865 per gram.
“Healthy festive demand has provided a cushion for precious metal prices, keeping them largely stable despite global economic headwinds and interest rate hike expectations,” stated a market analyst.
These minor retail disparities among brands stem from store-level pricing structures, inventory acquisition costs, and regional logistics, even as overarching global commodity trends dictate the broader market direction.