Gold and silver prices in India experienced minor shifts on October 12, 2026, with benchmark rates for 24-karat gold holding at ₹1,51,720 per 10 grams. Silver, a key industrial and investment metal, was priced at ₹2,26,140 per kilogram. These rates reflect the broader market trends influenced by international bullion prices, the USD/INR exchange rate, and domestic retail demand.
Understanding Gold Purity and Pricing
In the Indian market, gold is predominantly traded in 24-karat and 22-karat purities. While 24-karat gold represents the purest form, 22-karat is widely preferred for crafting jewellery due to its enhanced durability achieved by alloying with other metals. Consumers should note that retail gold purchases attract a 3% Goods and Services Tax (GST) on the metal's value, along with an additional 5% GST on making charges for jewellery.
Multi Commodity Exchange (MCX) Performance
On the Multi Commodity Exchange (MCX), gold futures demonstrated an upward trend, rising by 1.27% to reach ₹1,51,503 per 10 grams. Silver futures also edged higher, recording a 0.03% increase to trade at approximately ₹2,25,820 per kilogram. These movements are closely watched by investors as indicators of short-term market sentiment.
City-Wise Gold Prices (October 12, 2026)
Retail gold prices on October 12 varied slightly across major Indian cities, influenced by local taxes, import duties, and transport surcharges. Here's a snapshot of 24K and 22K gold rates per 10 grams:
- Delhi: 24K at ₹1,51,180 | 22K at ₹1,38,582
- Mumbai: 24K at ₹1,51,440 | 22K at ₹1,38,820
- Bengaluru: 24K at ₹1,51,560 | 22K at ₹1,38,930
- Kolkata: 24K at ₹1,51,240 | 22K at ₹1,38,637
- Hyderabad: 24K at ₹1,51,680 | 22K at ₹1,39,040
- Chennai: 24K at ₹1,51,880 | 22K at ₹1,39,223
Silver Rates Across India
Silver prices showed consistency across the listed cities on October 12, 2026, with the rate for 100 grams at ₹22,614 and for one kilogram at ₹2,26,140 in Delhi, Mumbai, Bengaluru, Kolkata, Hyderabad, and Chennai.
Leading Jeweller Rates
Major retail jewellery chains also posted their rates for October 12, 2026. Joyalukkas and Malabar Gold & Diamonds quoted 22K gold at ₹13,880 per gram across most states. Tanishq listed its 22K gold rate slightly higher at ₹13,925 per gram. For 24-carat gold, Malabar quoted ₹15,142 per gram, while Tanishq stood at ₹15,191 per gram. These minor differences often arise from individual store pricing strategies, inventory costs, and regional logistical factors.
Market Influences and Outlook
Global economic risks, rising geopolitical tensions, and higher interest rates continue to be significant factors impacting the non-yielding yellow metal. Despite these headwinds, some analysts project a long-term bullish outlook for gold, with forecasts suggesting prices could reach higher thresholds in the coming years. India's substantial gold stockpile is also seen as a potential booster for domestic consumption.