Gold Prices Steady in India Amid Bullion Market Decline
On Monday, October 5, 2026, gold prices remained stable across major jewellery brands in key Indian cities, though the India Bullion and Jewellers Association (IBJA) reported a slight decline in bullion market rates compared to the previous evening. Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd. and President of IBJA, attributed the recent drop in gold prices to early Federal Reserve rate hike fears, a strong dollar, and elevated Treasury yields. He noted that gold fell 3.4% to $4,140 last week, while silver dropped 6.1% to $60.37, raising the gold-silver ratio to 68.6.
The IBJA's indicative rates for gold and silver showed marginal declines. Fine gold (999) dropped by ₹35 per gram, while 22k gold decreased by ₹34 per gram compared to October 1, 2026. Silver, however, saw a slight increase of ₹2,105 per kilogram. Key events like the Reserve Bank of India's policy meeting on October 7, Fed speakers, and US data releases were highlighted as potential market movers.
In Delhi, Tanishq priced 22k gold jewellery at ₹13,720 per gram, while Malabar Gold & Diamonds, Kalyan Jewellers, and Joyalukkas offered it at ₹13,675 per gram. Similar pricing was observed in Mumbai, Chennai, Kolkata, Trivandrum, and Bengaluru, with minimal variations across cities. The IBJA's indicative rates for different karats of gold and silver were also provided, showing slight decreases across most categories.