Gold and silver prices in India regained some ground on Thursday, October 8, after both precious metals came under pressure in the previous session. Gold moved closer to the ₹1.50 lakh mark per 10 grams, while silver remained above ₹2.23 lakh per kilogram, as investors tracked global economic signals, currency movements and geopolitical uncertainty.
The latest gold price showed a noticeable recovery from Wednesday’s levels. The 24-carat gold rate was around ₹1,49,813 per 10 grams, while 22-carat gold was around ₹1,37,228. Retail prices can vary slightly between cities and jewellery retailers because of local taxes, making charges and other costs.
Silver also remained expensive, with the price of 999-purity silver hovering around ₹2.23 lakh per kilogram. The precious metal has experienced sharp movements in recent sessions, reflecting changing investor expectations around global interest rates, the US dollar and economic growth.
The recovery in gold prices was also visible in international markets. Spot gold was trading more than 1% higher at above $4,140 an ounce, while US gold futures were also gaining. The move came as traders assessed the direction of US monetary policy and the latest signals from the Federal Reserve.
A softer US dollar provided another lift to bullion. Gold is generally priced in dollars globally, so a decline in the American currency can make the metal relatively cheaper for buyers holding other currencies. The dollar’s movement has therefore remained an important factor for Indian gold prices.
The Indian rupee, however, continues to remain under pressure. The currency closed near ₹96.78 against the US dollar on Wednesday, while crude oil prices climbed above $100 a barrel. A weaker rupee can make imported gold more expensive in India, even when international prices are relatively stable.
Gold’s appeal has also been supported by continuing global uncertainty. Investors often turn towards gold during periods of geopolitical tension, market volatility and concerns about inflation. The precious metal is widely viewed as a safe-haven asset, although its price can move sharply when interest-rate expectations change.
Recent price movements show just how volatile the bullion market has become. Gold prices had fallen sharply on October 7 before recovering on Thursday. The latest India rates indicate that 24K gold remains close to the psychologically important ₹1.50 lakh level.
Market watchers are paying particular attention to this level. According to market analysts, gold needs to regain and sustain ₹1.50 lakh per 10 grams to strengthen the recovery. A failure to hold recent support could bring renewed selling pressure.
Silver is facing a similar technical test. The metal needs to hold the ₹2.22 lakh-₹2.23 lakh region to maintain its recent stability. Any sustained move above higher resistance levels could encourage fresh buying, while a break below support could lead to another round of profit-taking.
City-wise prices continue to show small differences. In Mumbai, Delhi and other major markets, the retail gold rate varies depending on the purity and the jeweller. Chennai and Kolkata can also quote somewhat different prices because of local market conditions and taxes.
For jewellery buyers, the difference between 24K and 22K gold remains important. 24K gold has the highest purity and is generally preferred for investment products, while 22K gold is more commonly used for jewellery. Making charges, GST and other applicable costs are added to the basic gold rate when consumers purchase jewellery.
The festive season is another factor keeping gold demand in focus. With Dussehra and the broader wedding season approaching, physical demand for gold could remain significant. Indian households traditionally consider gold an important purchase during festivals and family occasions, although high prices can encourage consumers to buy smaller quantities.
Silver is also attracting attention beyond traditional jewellery demand. Its industrial applications, particularly in electronics, solar technology and other manufacturing segments, mean that its price is influenced by both investment demand and industrial consumption.
For investors, the immediate focus remains on the US dollar, Federal Reserve rate expectations, crude oil prices and movements in the Indian rupee. Global geopolitical developments could also trigger sudden shifts towards safe-haven assets.
Gold has therefore entered Thursday’s session with a familiar combination of support and uncertainty. After a sharp fall, the recovery towards ₹1.50 lakh suggests that buyers remain interested, but the market is still sensitive to every move in the dollar and global interest-rate expectations.