Gold and silver prices recorded a modest recovery in India on Monday, October 26, following recent losses. The price of 24-karat gold increased by 0.21% to ₹1,42,810 per 10 grams, while silver gained 0.36% to ₹1,97,300 per kilogram compared with October 25.
Despite the uptick in domestic prices, international gold markets have faced significant pressure. Rising energy costs have revived inflation concerns and strengthened expectations that US interest rates could remain elevated. Investors are now watching the Federal Reserve’s upcoming policy meeting for clues about the direction of precious metal prices.
International Gold Prices Under Pressure
International gold prices dropped to their lowest level in three months on Friday, recording their sharpest weekly decline in more than four months.
Spot gold fell 0.6% to $3,998.49 per ounce by 2:27 p.m. EDT, slipping below the $4,000 mark for the first time since mid-July. The metal lost around 4% over the week, putting it on track for its weakest weekly performance since June.
US gold futures for December delivery settled 1.3% lower at $4,007.90 per ounce, according to a report by CNBC.
Higher energy prices have increased concerns about persistent inflation, while expectations of elevated US interest rates have weighed on gold. The Federal Reserve’s forthcoming policy decision remains a key factor for investors assessing the near-term outlook.
MCX Gold and Silver Rates on October 26
Domestic futures markets showed a slight recovery on Monday morning. At approximately 9:13 am on October 26, MCX gold futures were trading 0.21% higher at ₹1,42,810 per 10 grams.
MCX silver futures also moved up, gaining around 0.37% to trade at ₹1,97,303 per kilogram.
Gold is sold in different purity levels. 24-karat gold is the purest commonly traded form, while 22-karat gold is widely used for jewellery because it is more durable. 999 fine silver, containing 99.9% silver, is commonly used for investment products such as coins and bars.
Gold and Silver Prices in Major Indian Cities
The following rates were reported for October 26. Prices can vary across cities and sellers.
| City | 24K Gold (10g) | 22K Gold (10g) | 999 Silver (1kg) |
|---|---|---|---|
| New Delhi | ₹1,42,300 | ₹1,30,442 | ₹1,96,330 |
| Mumbai | ₹1,42,540 | ₹1,30,662 | ₹1,96,670 |
| Bengaluru | ₹1,42,650 | ₹1,30,763 | ₹1,96,820 |
| Kolkata | ₹1,42,350 | ₹1,30,488 | ₹1,96,410 |
| Hyderabad | ₹1,42,770 | ₹1,30,873 | ₹1,96,980 |
| Chennai | ₹1,42,780 | ₹1,30,882 | ₹1,96,509 |
What Could Influence Gold and Silver Prices Next?
The direction of precious metal prices will depend partly on inflation trends, energy prices and signals from the US Federal Reserve. Expectations about interest rates can influence demand for gold, while changes in the broader economic outlook may also affect silver.
Although domestic prices edged higher on October 26, the recent international decline shows that the market remains sensitive to changes in economic expectations.
Disclaimer: This article is for informational purposes only and should not be treated as financial or investment advice. Gold and silver prices fluctuate and may differ by city, jeweller, taxes and other applicable charges. Please verify current rates with a reliable local seller or official market source before making a purchase or investment decision.