Gold and Silver Prices Dip in India on October 5
On October 5, gold and silver prices in India saw a decline across various purities. The benchmark gold rate stood at ₹1,49,040 per 10 grams, while silver dropped to ₹2,26,380 per kilogram. On the Multi Commodity Exchange (MCX), gold futures fell by 0.98% to ₹1,48,910 per 10 grams, whereas silver futures rose slightly by 0.14% to ₹2,26,189 per kilogram.
In the physical retail market, gold is primarily sold in 24-karat and 22-karat purities. While 24-karat represents pure gold, 22-karat is preferred for crafting ornaments due to its durability. Prices in India are influenced by international spot bullion trends, USD/INR currency dynamics, and anticipatory retail demand ahead of peak festival shopping.
Leading jewellers maintained stable prices on October 5. Joyalukkas and Malabar Gold & Diamonds listed 22K gold at ₹13,675 per gram, while Tanishq quoted it at ₹13,720 per gram. For 24-carat gold, Malabar quoted ₹14,918 per gram, and Tanishq stood at ₹14,967 per gram. Minor variations in retail prices across brands are due to store-level pricing structures and regional logistics.
The rates quoted in benchmark tables and store listings reflect base bullion prices. Retail gold purchases in India attract a standard 3% GST on the value of the metal, plus a separate 5% GST on jewellery making charges. Import duties and local transport surcharges also influence regional price variations across states.