On October 11, gold and silver prices in India remained mostly stable across different purities. Benchmark 24-carat gold was priced at ₹1,51,710 per 10 grams, while silver stood at ₹2,26,120 per kilogram. On the Multi Commodity Exchange (MCX), gold futures rose by 1.27% to ₹1,51,503 per 10 grams, and silver futures inched up by 0.03% to ₹2,25,820 per kilogram. Higher interest rates continue to pose challenges for gold, a non-yielding asset, with global economic risks and Middle East tensions also influencing market sentiment.
In the physical retail market, 24-carat and 22-carat gold are the most popular choices. While 24-carat represents pure gold, 22-carat is preferred for making ornaments due to its durability. Prices in India are influenced by international spot bullion trends, USD/INR exchange rates, and anticipatory demand ahead of the festival season. Retail gold purchases attract a 3% GST on the metal's value and a 5% GST on jewelry-making charges, with import duties and local transport costs also affecting regional price variations.
Major jewellers like Joyalukkas and Malabar Gold & Diamonds maintained their prices for 22-carat gold at ₹13,880 per gram across most states, while Tanishq listed it at ₹13,925 per gram. For 24-carat gold, Malabar quoted ₹15,142 per gram, and Tanishq stood at ₹15,191 per gram. Minor price differences among retailers stem from store-level pricing, inventory costs, and regional logistics, even as global commodity trends dictate overall market direction.