On October 16, 2026, the Indian bullion markets experienced minor upticks in spot gold and silver prices across various purities. This movement comes amidst a complex interplay of international spot bullion trends, the USD/INR currency exchange rate, and an anticipated surge in retail demand ahead of the upcoming festival shopping season.
Benchmark Rates and Market Dynamics
The benchmark rate for 24-carat gold stood at ₹1,47,810 per 10 grams in the physical market. Silver, a key industrial and investment metal, was priced at ₹2,11,290 per kilogram. However, futures trading on the Multi Commodity Exchange (MCX) presented a contrasting picture, with gold futures declining by 0.52% to ₹1,48,250 per 10 grams, and silver futures seeing a 1.00% drop, settling around ₹2,12,760 per kilogram.
Several factors are currently shaping the precious metals market. Globally, higher interest rates continue to pose a headwind for non-yielding assets like gold. Investors are also closely monitoring global economic risks and escalating geopolitical tensions, particularly in the Middle East, which often influence safe-haven demand for gold.
City-Wise Gold and Silver Rates
Retail prices for gold and silver exhibit regional variations across India, influenced by local transport surcharges, import duties, and specific market dynamics. On October 16, 2026, 24-carat gold prices per 10 grams in major cities were:
- Delhi: ₹1,48,000
- Mumbai: ₹1,48,250
- Kolkata: ₹1,48,060
- Chennai: ₹1,48,690
For 22-carat gold, a popular choice for jewellery due to its durability, rates per 10 grams were:
- Delhi: ₹1,35,667
- Mumbai: ₹1,35,896
- Kolkata: ₹1,35,722
- Chennai: ₹1,36,299
Silver prices across many major Indian cities, including Delhi, Mumbai, Bengaluru, and Chennai, were largely consistent, trading at approximately ₹2,13,130 per kilogram.
Impact of GST on Retail Purchases
Consumers purchasing gold and silver in India face a Goods and Services Tax (GST) structure. A standard 3% GST is applied to the value of the metal itself. Additionally, a separate 5% GST is levied on the jewellery making charges, which contributes to the final retail price. These taxes, combined with import duties, play a significant role in determining the final cost to the consumer.
Leading Jewellers' Pricing
Major retail jewellery chains maintained largely stable prices on October 16, 2026. For 22-carat gold, brands like Joyalukkas and Malabar Gold & Diamonds quoted rates around ₹13,515 per gram across most states. Tanishq listed its 22-carat gold rate slightly higher at ₹13,555 per gram. For 24-carat gold, Malabar quoted ₹14,744 per gram, while Tanishq's rate stood at ₹14,787 per gram. Minor disparities between jewellers often stem from their individual pricing structures, inventory costs, and regional logistical overheads.