Gold and silver prices in India recorded modest gains in the retail market on October 16, 2026, across different gold purities, including 24K, 22K and 18K. The benchmark gold rate stood at ₹1,47,810 per 10 grams, while silver was quoted at ₹2,11,290 per kilogram.
However, prices in the futures market moved lower. On the Multi Commodity Exchange (MCX), gold futures declined 0.52% to ₹1,48,250 per 10 grams, while silver futures fell 1% to approximately ₹2,12,760 per kilogram at the time of reporting.
Market participants are monitoring global economic uncertainty and rising geopolitical tensions in the Middle East. Higher interest rates also remain a challenge for gold, which does not generate regular income like interest-bearing investments.
Gold Prices in Major Indian Cities
Gold prices vary across cities due to local market conditions, transportation costs and other regional factors. In India, 24-karat gold represents the purest commonly traded form, while 22-karat gold is widely used to make jewellery because its alloy content improves durability.
The following table lists the reported gold rates for October 16.
| City | 24K Gold (₹/10g) | 22K Gold (₹/10g) |
|---|---|---|
| Delhi | ₹1,48,000 | ₹1,35,667 |
| Mumbai | ₹1,48,250 | ₹1,35,896 |
| Bengaluru | ₹1,48,370 | ₹1,36,006 |
| Kolkata | ₹1,48,060 | ₹1,35,722 |
| Hyderabad | ₹1,48,490 | ₹1,36,116 |
| Chennai | ₹1,48,690 | ₹1,36,299 |
International bullion prices, movements in the US dollar against the Indian rupee and seasonal jewellery demand all influence domestic gold prices.
Silver Rates Across Major Cities
The reported silver prices were the same across the six cities listed below.
| City | Silver (₹/100g) | Silver (₹/kg) |
|---|---|---|
| Delhi | ₹21,313 | ₹2,13,130 |
| Mumbai | ₹21,313 | ₹2,13,130 |
| Bengaluru | ₹21,313 | ₹2,13,130 |
| Kolkata | ₹21,313 | ₹2,13,130 |
| Hyderabad | ₹21,313 | ₹2,13,130 |
| Chennai | ₹21,313 | ₹2,13,130 |
These figures represent the reported market rates. The final price paid by a buyer may vary depending on the seller, applicable taxes and other charges.
Gold Rates at Joyalukkas, Malabar and Tanishq
Leading jewellery retailers reported broadly stable prices on October 16, 2026. Joyalukkas and Malabar Gold & Diamonds quoted 22K gold at ₹13,515 per gram across most states mentioned in the report. Tanishq listed its 22K rate at ₹13,555 per gram.
For 24K gold, Malabar Gold & Diamonds quoted ₹14,744 per gram, while Tanishq’s reported rate was ₹14,787 per gram. The Tanishq 24K figure is an estimate based on the prevailing purity premium over its 22K rate.
| Jeweller | Purity | Rate (₹/gram) |
|---|---|---|
| Joyalukkas | 22K | ₹13,515 |
| Malabar Gold & Diamonds | 22K | ₹13,515 |
| Malabar Gold & Diamonds | 24K | ₹14,744 |
| Tanishq | 22K | ₹13,555 |
| Tanishq | 24K* | ₹14,787 |
The 24K Tanishq rate is estimated, as specified in the supplied figures.
Joyalukkas 22K Gold Rate by State
The reported Joyalukkas 22K gold rate was ₹13,515 per gram in each of the following states.
| State | Rate (₹/gram) |
|---|---|
| Andhra Pradesh | ₹13,515 |
| Delhi | ₹13,515 |
| Gujarat | ₹13,515 |
| Karnataka | ₹13,515 |
| Kerala | ₹13,515 |
| Maharashtra | ₹13,515 |
| Odisha | ₹13,515 |
| Punjab | ₹13,515 |
| Tamil Nadu | ₹13,515 |
Taxes and Charges to Consider Before Buying Gold
The quoted bullion rates do not necessarily represent the final cost of jewellery. According to the supplied information, retail gold purchases attract 3% GST on the value of the gold, along with 5% GST on jewellery-making charges. Import duties and local transportation costs can also contribute to regional price differences.
Buyers should confirm the day’s rate and ask the jeweller for a complete bill showing the gold value, making charges and applicable taxes before making a purchase.
Disclaimer: This article is intended for general informational purposes only and does not constitute investment advice. Gold and silver prices fluctuate with market conditions, and rates may differ between retailers and locations. The figures presented are based on the supplied information for October 16, 2026, and should be verified with the relevant jeweller or market source before making a purchase or investment decision.