Gold and silver prices remained in focus on Thursday, October 15, as precious metals attempted to recover from the previous session’s losses. Gold prices rebounded in international markets, while domestic bullion rates remained sensitive to movements in the US dollar, inflation data and expectations around interest rates.
For Indian buyers, the latest movement comes after a period of sharp price fluctuations. Gold was trading around ₹1.47 lakh per 10 grams in domestic markets, while silver hovered near ₹2.08 lakh per kilogram. Although the recovery offered some relief, investors remained cautious about the possibility of further volatility.
International spot gold rose around 1% to $4,146.74 per ounce, recovering from a one-week low recorded on Wednesday. US gold futures for December delivery gained 1.5% to $4,167.30 per ounce. Silver also recovered, rising 0.7% to $56.01 per ounce.
The rebound followed selling triggered by stronger-than-expected US inflation data, which raised concerns that the Federal Reserve could keep interest rates elevated for longer. A weaker dollar on Thursday helped support gold by making it more affordable for buyers using other currencies.
Domestic bullion prices reflected the recovery in international markets, although rates varied across retail markets and futures trading. Gold was quoted at around ₹1,46,090 per 10 grams in early domestic market updates, while silver stood at approximately ₹2,08,340 per kilogram.
On the Multi Commodity Exchange (MCX), December gold futures settled at ₹1,45,848 per 10 grams on Wednesday, while December silver futures closed at ₹2,08,338 per kilogram. Gold futures recovered in early Thursday trade, with reports showing prices moving above ₹1.47 lakh per 10 grams. Silver futures also showed signs of improvement, although price movements remained uneven.
City-wise retail prices showed variations across the country. In Delhi, 24-carat gold was quoted at ₹1,47,220 per 10 grams, while 22-carat gold stood at ₹1,34,952. In Mumbai, 24-carat gold was priced at ₹1,47,480 and 22-carat gold at ₹1,35,190 per 10 grams.
In Bengaluru, 24-carat gold was quoted at ₹1,47,570 per 10 grams, while 22-carat gold stood at ₹1,35,273. Kolkata recorded rates of ₹1,47,250 for 24-carat gold and ₹1,34,979 for 22-carat gold. In Hyderabad, the corresponding prices were ₹1,47,680 and ₹1,35,373, while Chennai reported ₹1,47,880 for 24-carat gold and ₹1,35,557 for 22-carat gold.
These are indicative retail rates and may vary between jewellers and bullion trackers. The final cost of gold jewellery also depends on purity, making charges and applicable taxes. Buyers should check the latest local rates before making a purchase.
US inflation remains a key factor influencing precious metals. Consumer prices rose 3.7% year-on-year in September, compared with 3.4% in August. The increase raised concerns that the Federal Reserve could delay interest-rate cuts or consider tighter monetary policy.
Gold is often viewed as a safe-haven asset and a hedge against inflation. However, it does not pay interest. When investors expect interest rates to remain high, interest-bearing investments can become more attractive, putting pressure on gold prices. Currency movements also influence bullion, with a weaker US dollar generally supporting gold by reducing its cost for buyers using other currencies.
Silver has experienced sharper fluctuations than gold in recent sessions. The metal serves both as an investment asset and an industrial commodity, with applications in electronics and solar technology. Its price therefore responds to changes in investment demand as well as expectations for industrial activity.
Silver futures faced selling pressure on Wednesday amid concerns over inflation, crude oil prices and global economic uncertainty. Thursday’s recovery offered some relief, but the market remained vulnerable to sudden movements. Buyers should check the latest silver rate before making purchases, particularly during periods of heightened volatility.
The latest rebound does not guarantee a sustained recovery in gold and silver prices. US interest-rate expectations, the dollar, geopolitical developments and investor demand will continue to influence the market. Jewellery buyers should compare rates across trusted sellers and check purity, making charges and the final bill. Those considering gold or silver as investments should assess their financial goals and risk tolerance rather than making decisions based on a single day’s movement.