Gold Prices Near ₹1.49 Lakh as Fed Rate Outlook Drives Volatility
Gold prices in India remained near the ₹1.49 lakh-per-10-gram mark on October 5, 2026, as investors monitored the Federal Reserve's rate outlook, the US dollar, crude oil prices, and geopolitical tensions. On MCX, the November gold futures contract was trading around ₹1,48,129 per 10 grams during early morning trading before settling near the ₹1.49 lakh level.
Retail gold prices varied across major Indian cities, with 24K gold trading around ₹14,900 per gram and 22K gold around ₹13,675-₹13,700 per gram. In Delhi, the 24K gold price stood at approximately ₹1,49,320 per 10 grams, slightly lower than the previous day's ₹1,49,330. Similar trends were observed in Mumbai, Chennai, and Kerala, where gold prices hovered around ₹1.49 lakh per 10 grams for 24K gold.
The volatility in gold prices was driven by several global factors, including the Federal Reserve's interest-rate outlook. Recent US employment data reduced expectations of an October rate hike, supporting gold prices. However, a stronger US dollar limited the upside in international gold prices. Geopolitical tensions involving the US, Iran, and the Middle East also kept investors cautious, as gold is traditionally viewed as a safe-haven asset.
Silver prices were highly volatile, with MCX Silver December futures trading around ₹2,26,393 per kg during early trading, up about 0.23 percent. The impact of a ₹5,000 fall mentioned in earlier market headlines was not reflective of the overall silver direction. Crude oil prices declined, easing some inflation concerns, which also influenced gold markets.