Indian gold and silver markets saw a further decline on October 31, 2026, affecting 24-carat, 22-carat, and 18-carat purities. The benchmark rate for 24-carat gold reached ₹1,38,830 per 10 grams, while silver continued its descent, trading at ₹1,79,430 per kilogram, having fallen significantly from the ₹2-lakh mark.
This market correction is largely attributed to surging crude oil prices and persistent inflation concerns, which are fueling expectations of additional US interest rate hikes. Higher interest rates typically pose a challenge for non-yielding assets like gold. Global economic risks and escalating geopolitical tensions in the West Asia region are also contributing to market uncertainty.
MCX Futures Reflect Downturn
On the Multi Commodity Exchange (MCX), gold futures registered a marginal dip of 0.05%, settling at ₹1,38,419 per 10 grams. Silver futures also saw a decline, down by 0.13% to trade around ₹1,78,900 per kilogram at the time of reporting.
Understanding Gold Purity and Market Dynamics
While 24-karat gold represents the purest form, 22-karat gold remains the preferred choice for crafting ornaments in India due to its enhanced durability from mixed alloys. Prices in the Indian market are heavily influenced by international spot bullion trends, the dynamics of the USD/INR currency exchange rate, and anticipated retail demand, particularly ahead of major festive shopping periods.
Additional Costs on Retail Purchases
Consumers purchasing gold in India incur several additional charges. A standard 3% Goods and Services Tax (GST) is applied to the value of the metal, along with a separate 5% GST on jewellery making charges. Import duties and local transport surcharges also contribute to regional price variations across different states.
City-Wise Gold and Silver Rates on October 31, 2026
Here are the latest rates for 24K and 22K gold, and silver, across major Indian cities:
24K Gold Rates (₹ per 10gm)
- Delhi: ₹1,38,340
- Mumbai: ₹1,38,580
- Bengaluru: ₹1,38,680
- Kolkata: ₹1,38,390
- Hyderabad: ₹1,38,790
- Chennai: ₹1,38,980
22K Gold Rates (₹ per 10gm)
- Delhi: ₹1,26,812
- Mumbai: ₹1,27,032
- Bengaluru: ₹1,27,123
- Kolkata: ₹1,26,858
- Hyderabad: ₹1,27,224
- Chennai: ₹1,27,398
Silver Rates (₹ per kg)
- Delhi: ₹1,79,430
- Mumbai: ₹1,79,430
- Bengaluru: ₹1,79,430
- Kolkata: ₹1,79,430
- Hyderabad: ₹1,79,430
- Chennai: ₹1,79,430
Jeweller Pricing Variations
Leading retail chains maintained largely unchanged prices on October 31, 2026. For 22K gold, Joyalukkas quoted ₹13,040 per gram, while Malabar Gold & Diamonds listed ₹12,730 per gram. Tanishq's 22K rate was ₹13,090 per gram. For 24-carat gold, Malabar quoted ₹13,887 per gram, and Tanishq stood at ₹14,280 per gram.
Minor retail rate disparities among brands can arise from store-level pricing strategies, inventory acquisition costs, and regional logistics, even as overarching global commodity trends dictate the broader market direction.