Gold and Silver Prices Swing as Geopolitical Tensions Persist
Gold and silver prices in India saw mixed movements on Monday, October 5, influenced by US dollar trends and geopolitical tensions. The MCX Gold 5 November futures rose nearly 0.62%, reaching ₹148,129 per 10 grams, while MCX Silver 4 December contracts climbed 0.23% to ₹226,393 per kg. The uncertainty in bullion markets persists due to the US-Iran conflict, which could drive investors toward gold as a safe-haven asset. However, easing concerns over oil supplies have slightly reduced geopolitical risk premiums in recent sessions.
In the retail market, 24-karat gold was priced at ₹149,540 per 10 grams, and 22-karat gold stood at ₹137,078 per 10 grams. Silver prices for 999 Fine purity were recorded at ₹226,770 per kg, according to the Indian Bullion Association. Customers should be aware that additional making charges, taxes, and GST may increase the final price of gold and silver items.
Across major Indian cities, gold prices varied slightly. In Mumbai, 24-karat gold was priced at ₹149,270 per 10 grams, while in New Delhi, it stood at ₹149,010 per 10 grams. Silver prices in Mumbai were ₹226,360 per kg, compared to ₹225,970 per kg in New Delhi. Similar variations were observed in Bengaluru, Kolkata, Hyderabad, and Chennai.
Historically, gold prices have seen significant gains, particularly in 2023-2024, rising over 75%. Silver prices have also surged sharply, from roughly ₹78,600 per kg in 2023-2024 to over ₹240,000 per kg in October 2026. However, silver's volatility may continue due to its dual role as both a precious and industrial metal.