Gold prices in India’s retail market recorded a slight increase on Friday, October 16, 2026, while silver rates also moved higher. The changes came amid rising tensions between the United States and Iran, with developments in the region drawing attention from financial markets.
According to a CNN report published on Thursday, the US military had prepared options for possible renewed strikes against Iran, including the potential use of a powerful non-nuclear bomb. Tehran, meanwhile, indicated that it would continue fighting to pursue its demands.
Against this backdrop, gold prices across major Indian cities showed modest gains. Silver also traded higher in the domestic bullion market.
MCX Gold and Silver Rates on October 16
Gold and silver futures on the Multi Commodity Exchange (MCX) opened the day with gains. At around 9:13 AM on October 16, gold futures were trading 0.11% higher at ₹1,47,970 per 10 grams.
Silver futures were up approximately 0.51%, trading at ₹2,12,370 per kilogram during the same period.
Market prices can fluctuate throughout the trading session in response to international developments, currency movements and changes in investor demand.
Gold and Silver Prices in Delhi and Mumbai
The following retail rates were reported for October 16, 2026.
| City | 24K Gold (10g) | 22K Gold (10g) | Silver 999 Fine (1kg) |
|---|---|---|---|
| New Delhi | ₹1,47,450 | ₹1,35,163 | ₹2,11,620 |
| Mumbai | ₹1,47,590 | ₹1,35,291 | ₹2,11,650 |
Gold and Silver Rates in Bengaluru and Kolkata
Buyers in Bengaluru and Kolkata also saw differences in gold and silver prices.
| City | 24K Gold (10g) | 22K Gold (10g) | Silver 999 Fine (1kg) |
|---|---|---|---|
| Bengaluru | ₹1,47,710 | ₹1,35,401 | ₹2,11,820 |
| Kolkata | ₹1,47,400 | ₹1,35,117 | ₹2,11,370 |
Gold and Silver Prices in Hyderabad and Chennai
Among the other major cities covered in the reported rates, Chennai recorded the highest 24-karat gold price, while Hyderabad also reported comparatively higher gold and silver rates.
| City | 24K Gold (10g) | 22K Gold (10g) | Silver 999 Fine (1kg) |
|---|---|---|---|
| Hyderabad | ₹1,47,830 | ₹1,35,511 | ₹2,11,990 |
| Chennai | ₹1,48,020 | ₹1,35,685 | ₹2,12,270 |
What Is the Difference Between 24K and 22K Gold?
Gold jewellery is commonly sold in 22-karat purity, while 24-karat gold is considered the purest form of the metal. Since 22-karat gold contains other metals that improve its durability, it is generally more suitable for making jewellery.
Buyers should compare the latest local rates before purchasing gold or silver, as prices can vary by city and retailer.
Disclaimer: This article is intended for general informational purposes only and does not constitute financial or investment advice. Gold and silver prices may change throughout the day and can vary by location, jeweller and applicable charges. Readers should confirm the latest rates with a trusted jeweller or authorised market source before making a purchase or investment decision.