Gold, silver prices edge lower across major Indian cities
Gold and silver prices edged lower in the domestic market on Wednesday. Twenty-four-carat gold stood at around Rs 1,49,987 per 10 grams. In Delhi, 24-carat gold was quoted at Rs 1,49,320 and 22-carat at Rs 1,36,877, with silver at Rs 2,25,560 a kg. Twenty-four-carat rates were Rs 1,49,580 in Mumbai, Rs 1,49,700 in Bengaluru, Rs 1,49,380 in Kolkata, Rs 1,49,760 in Hyderabad and Rs 1,49,960 in Chennai. MCX gold futures fell 0.33 per cent and silver 0.52 per cent.
Source
Gold & silver price · read the original report ↗
Desk check · some claims need care
What the desk checked (5)
- 24-carat gold stood at around Rs 1,49,987 per 10 grams in the domestic market — Figure appears in source but no issuing authority cited; it is also higher than every city rate listed in the same report, an internal inconsistency.
- City-wise rates: Delhi 24K Rs 1,49,320 and 22K Rs 1,36,877; Chennai highest 24K at Rs 1,49,960 — Figures in the source table match the body text; no source attributed for the retail quotes.
- Silver 999 ranged from Rs 2,25,560/kg in Delhi to Rs 2,26,600/kg in Chennai — Consistent between table and text; unattributed.
- MCX gold futures down 0.33% at Rs 1,49,780 per 10g and silver futures down 0.52% at Rs 2,26,410 per kg around 9:13 am — Attributed to MCX morning trade with a timestamp; percentages not independently verifiable here.
- Final consumer price may include GST, making charges, local taxes and premiums — General explanatory statement in source, not a verifiable data point.
Analysts’ view opinion
Wednesday's dip is marginal — gold futures down just 0.33 per cent and silver 0.52 per cent on the MCX. This is not a change of direction: 24-carat gold is still hovering near Rs 1.50 lakh per 10 grams and silver above Rs 2.25 lakh a kg. For household budgets the relief is cosmetic; for those already holding the metal, gains remain intact.
- A sub-half-percent daily move sits well within routine market noise and should not be read as a trend reversal.
- The spread of roughly Rs 640 between the cheapest city (Delhi) and the dearest (Chennai) reflects local taxes, premiums and dealer charges rather than any difference in the metal itself.
- These are metal rates only — once GST and making charges are added, the final bill for a jewellery buyer is higher still.
- At these levels existing holders, investors and gold-backed lenders gain, while fresh buyers, jewellery retailers and small artisans face pressure, with demand likely shifting to lighter pieces and lower carat.
- Silver falling more than gold is typical, since industrial demand makes silver structurally more volatile.
What to watch — Watch whether this small dip pulls festive and wedding-season buyers back in or volumes keep shrinking, alongside rupee movements and global monetary policy expectations.
This is a single morning's price snapshot — the story does not establish why prices fell, how demand is actually behaving, or the impact on imports and jewellery sales.
Deep dive
Research brief · 8 facts · 2 dates · exam-readyThe brief
Context
Retail gold and silver prices in India are quoted city-wise each day, and on Wednesday, October 7 (datelined Noida), they edged lower in the domestic market. Benchmark 24-carat gold hovered near Rs 1,49,987 per 10 grams, with city rates differing because of local taxes, jeweller premiums and other charges. Alongside physical retail rates, gold and silver futures on the Multi Commodity Exchange (MCX) also traded lower in morning trade. Precious metal prices in India track global economic developments, currency movements and monetary policy expectations.
Key facts
- 24-carat gold stood at around Rs 1,49,987 per 10 grams in the domestic market on Wednesday, October 7.
- Delhi: 24K gold Rs 1,49,320 per 10 g, 22K Rs 1,36,877, and 999-purity silver Rs 2,25,560 per kg.
- Mumbai: 24K gold Rs 1,49,580 per 10 g, 22K Rs 1,37,115, silver Rs 2,25,940 per kg.
- Bengaluru: 24K gold Rs 1,49,700 per 10 g, 22K Rs 1,37,225, silver Rs 2,26,120 per kg.
- Kolkata: 24K gold Rs 1,49,380 per 10 g, 22K Rs 1,36,932, silver Rs 2,25,650 per kg.
- Hyderabad: 24K gold Rs 1,49,760 per 10 g, 22K Rs 1,37,280, silver Rs 2,26,300 per kg; Chennai was highest at Rs 1,49,960 (24K), Rs 1,37,463 (22K) and silver Rs 2,26,600 per kg.
- MCX gold futures were down 0.33 per cent at Rs 1,49,780 per 10 grams around 9:13 am.
- MCX silver futures declined 0.52 per cent to Rs 2,26,410 per kg in morning trade.
Timeline
- October 7 (Wednesday), around 9:13 amMCX gold futures down 0.33% at Rs 1,49,780 per 10 g; silver futures down 0.52% at Rs 2,26,410 per kg.
- October 7 (Wednesday)Retail gold and silver prices edge lower across Delhi, Mumbai, Bengaluru, Kolkata, Hyderabad and Chennai.
Who has a stake
- Retail consumers and jewellery buyers — Final price paid includes GST and making charges over the quoted rate, so city-wise differences affect purchase cost.
- Jewellers and local bullion markets — Set premiums and absorb local taxes, causing price variation between cities and shops.
- Multi Commodity Exchange (MCX) and traders — Gold and silver futures positions move with the 0.33% and 0.52% declines seen in morning trade.
- Investors in precious metals — Demand is shaped by global economic developments, currency movements and monetary policy expectations.
Why it matters
Gold and silver are both household savings instruments and traded commodities in India, so daily price movements affect consumer purchase decisions as well as futures traders on the MCX. With 24-carat gold near Rs 1.5 lakh per 10 grams and silver above Rs 2.25 lakh a kg, even small percentage swings translate into large rupee amounts for buyers and investors.
UPSC angle
Prelims pointers
- MCX (Multi Commodity Exchange) is the platform where gold and silver futures are traded in India.
- 24-carat gold is the purest form; 22-carat is the common jewellery grade and is quoted lower.
- Silver retail rates are quoted for 999 purity, per kilogram.
- Gold is quoted per 10 grams in Indian retail markets.
- Retail gold price differences across cities arise from local taxes, premiums and other charges; GST and making charges add to jewellery cost.
- On October 7, Chennai had the highest 24K gold rate (Rs 1,49,960) and Delhi the lowest (Rs 1,49,320) among the six cities listed.
Mains framing
Precious metal pricing in India illustrates how a globally traded asset reaches consumers through a fragmented domestic retail structure. The benchmark 24-carat rate on October 7 was about Rs 1,49,987 per 10 grams, yet city quotes ranged from Rs 1,49,320 in Delhi to Rs 1,49,960 in Chennai, with silver between Rs 2,25,560 and Rs 2,26,600 per kg, reflecting local taxes, jeweller premiums and other charges; GST and making charges further raise the consumer's final outlay. On the organised side, MCX futures fell 0.33 per cent for gold and 0.52 per cent for silver, showing that paper and physical markets move together but not identically. The drivers, as the source notes, are global economic developments, currency movements and monetary policy expectations rather than purely domestic factors. The policy implication is the need for greater price transparency and standardisation at the retail end, so that buyers can distinguish the bullion component from taxes and fabrication charges, while investors use regulated exchange-traded routes for price discovery. Advisory caution also matters: price data circulated for information is not investment advice.
Key terms
- 24-carat gold
- Purest gold, quoted per 10 grams; stood around Rs 1,49,987 per 10 g on October 7.
- 22-carat gold
- Lower-purity gold alloy commonly used for jewellery, quoted below 24K rates.
- 999-purity silver
- Fine silver grade used for retail quotation, priced per kilogram.
- MCX (Multi Commodity Exchange)
- Indian commodity exchange where gold and silver futures contracts are traded.
- Futures
- Exchange-traded contracts to buy or sell a commodity at a future date; gold futures fell 0.33% and silver 0.52%.
- Making charges
- Fabrication cost added by jewellers, along with GST, over the quoted metal rate.
Practice questions
- Why do retail gold prices differ across Indian cities even when international prices are uniform? Discuss with reference to taxes, premiums and making charges.
- Examine the role of commodity exchanges such as MCX in price discovery for precious metals in India.
- How do global monetary policy expectations and currency movements influence gold and silver demand in India?
Grounded only in the source report — figures and dates are the source's, not inferred.