Gold and silver prices remained under pressure on Monday, October 26, as investors weighed international market movements, rising crude oil prices and expectations surrounding the US Federal Reserve’s next interest-rate decision. Gold was priced at ₹1,42,570 per 10 grams for 24-karat purity, while 22-karat gold stood at ₹1,30,690 per 10 grams and 18-karat gold at ₹1,06,930 per 10 grams, according to indicative retail rates. Silver was quoted at approximately ₹2,19,900 per kilogram. Prices may differ across cities and jewellery retailers.
The latest gold and silver rates come at a time when buyers and investors are closely tracking precious metals after recent price fluctuations. Although gold is traditionally considered a store of value during periods of uncertainty, its performance also depends on interest-rate expectations, currency movements and international demand. Silver, meanwhile, responds to investment demand as well as its widespread use in electronics, solar panels and other industrial applications.
International gold prices edged down in early trading on Monday, with US gold futures also declining as investors remained cautious ahead of the Federal Reserve’s policy announcement expected later in the week. The movement reflected uncertainty about the direction of interest rates, inflation and the global economic outlook.
Domestic market figures also showed pressure on bullion futures. Gold futures on the Multi Commodity Exchange (MCX), for December 4 delivery, declined nearly 0.81% to ₹1,42,150 per 10 grams in the reported early update. Silver futures fell 1.75% to ₹1,96,100 per kilogram. These futures prices differ from indicative retail rates because of differences in market benchmarks, timing and pricing conventions.
For consumers planning jewellery purchases, the indicative prices offer a useful starting point. However, the final bill can be higher after adding applicable GST, making charges and other costs. Buyers should confirm the prevailing rate with their jeweller before placing an order.
The price of gold also varies according to purity. Twenty-four-karat gold is generally considered 99.9% pure and is widely used for investment products. Twenty-two-karat gold contains a higher proportion of alloyed metals, making it more suitable for many jewellery designs. Eighteen-karat gold contains 75% gold and is commonly used in studded jewellery and contemporary designs.
City-wise differences remain important for buyers. On October 26, indicative rates for 24-karat gold in Mumbai, Kolkata, Bengaluru and Hyderabad were around ₹1,42,570 per 10 grams, while Delhi’s quoted rate was approximately ₹1,42,720. In these cities, 22-karat gold was priced at around ₹1,30,690 per 10 grams in several markets, compared with approximately ₹1,30,840 in Delhi. Local premiums and individual jeweller pricing can result in further differences.
Silver prices also require careful comparison. The indicative retail rate of ₹2,19,900 per kilogram is not directly interchangeable with the MCX futures quotation of ₹1,96,100 per kilogram. Buyers should check whether a quoted price refers to retail bullion, a futures contract or another benchmark before comparing rates. Purity, taxes, dealer margins and the time of the price update can all affect the final amount.
Several global factors will determine the next move in precious metals. One of the most important is the US Federal Reserve’s interest-rate outlook. Gold does not pay interest, so expectations of higher rates and elevated bond yields can make interest-bearing investments more attractive. Conversely, expectations of lower rates may support bullion by reducing the opportunity cost of holding gold.
Crude oil prices are another factor. Higher energy costs can increase inflation concerns and influence central banks’ decisions on interest rates. Geopolitical tensions can also trigger sudden changes in investor demand, although their effect on gold and silver is not always predictable.
Currency movements matter as well because India imports a substantial share of its gold and silver requirements. Changes in the rupee-dollar exchange rate can affect the landed cost of imported bullion and, consequently, domestic prices. A stronger rupee may ease import costs, while a weaker currency can add to domestic price pressures.