Indian gold and silver markets experienced significant price declines on October 23, 2026. This downward trend was observed across 24-carat, 22-carat, and 18-carat purities, reflecting pressures from global economic factors and currency dynamics.
Current Market Overview
Benchmark rates for 24-carat gold settled at ₹1,43,630 per 10 grams, while silver was priced at ₹2,00,380 per kilogram. Trading on the Multi Commodity Exchange (MCX) showed gold futures down by 0.75%, reaching ₹1,42,249 per 10 grams. Silver futures saw a more substantial fall of 2.25%, trading at approximately ₹1,95,105 per kilogram.
Factors Influencing Precious Metal Prices
Several key factors are contributing to the current market conditions. Higher interest rates globally continue to act as a headwind for non-yielding assets like gold, making other investments more attractive. Additionally, ongoing global economic risks and escalating geopolitical tensions, particularly in the West Asia region, are closely monitored by investors. In India, prices are also influenced by international spot bullion trends, the strength of the USD/INR currency pair, and anticipatory retail demand ahead of the upcoming festival shopping season.
Retail gold purchases in India are subject to a 3% Goods and Services Tax (GST) on the metal's value, alongside an additional 5% GST applied to jewellery making charges. Import duties and local transport surcharges further contribute to regional price disparities across states.
Understanding Gold Purity: 24-Karat vs. 22-Karat
In the physical retail market, gold is predominantly available in 24-karat and 22-karat options. 24-karat gold represents pure gold, while 22-karat gold is a common choice for crafting ornaments. The inclusion of mixed alloys in 22-karat gold provides enhanced durability, making it more suitable for intricate jewellery designs.
City-Wise Gold Rates on October 23, 2026
Here are the latest 24-karat and 22-karat gold prices per 10 grams across major Indian cities:
- Delhi: 24K at ₹1,41,930 | 22K at ₹1,30,103
- Mumbai: 24K at ₹1,42,180 | 22K at ₹1,30,332
- Kolkata: 24K at ₹1,41,990 | 22K at ₹1,30,158
- Bengaluru: 24K at ₹1,42,290 | 22K at ₹1,30,433
- Hyderabad: 24K at ₹1,42,400 | 22K at ₹1,30,533
- Chennai: 24K at ₹1,42,590 | 22K at ₹1,30,708
Silver Rates Across India
Silver prices also showed consistency across several major cities on October 23, 2026:
- Delhi: ₹19,444 per 100gm | ₹1,94,440 per kg
- Mumbai: ₹19,444 per 100gm | ₹1,94,440 per kg
- Bengaluru: ₹19,444 per 100gm | ₹1,94,440 per kg
- Kolkata: ₹19,444 per 100gm | ₹1,94,440 per kg
- Hyderabad: ₹19,444 per 100gm | ₹1,94,440 per kg
- Chennai: ₹19,444 per 100gm | ₹1,94,440 per kg
Retail price disparities among different jewellers, such as Joyalukkas and Tanishq, are common. These variations typically arise from store-level pricing strategies, inventory costs, and regional logistical expenses, even as global commodity trends establish the overall market direction.