Domestic bullion markets commenced the trading week on a steady note as retail gold quotations held firm following the soft dip recorded last week. Even though the prior downward price movement was modest in scale, it delivers a welcome breather for household buyers who have been postponing their precious metal acquisitions. Market participants widely anticipate that physical gold rates could pick up upside momentum again as the Indian festival season approaches its peak in the coming weeks. Historically, the dual stretch of October and November remains among the strongest periods of the calendar year for physical metal demand, with religious festivals and autumn weddings generating substantial retail interest among families across the country.
Festive Expectations And Global Market Dynamics
Jewellers and trade merchants are preparing for a notable surge in customer traffic as Indian households get ready for celebrations surrounding Navratri, Dussehra, Diwali, and the winter wedding calendar. Each of these occasions traditionally drives a substantial wave of jewellery buying and family gift purchases across both urban and semi-urban markets. Meanwhile, overseas bullion benchmarks experienced modest cooling pressure, hovering close to the $4130 per ounce threshold. International traders and market watchers are primarily adopting a wait-and-see stance ahead of the Federal Reserve decision concerning potential interest rate reductions during its upcoming meeting scheduled later this month.
Current Gold Quotations Across 24K, 22K, And 18K Segments
On Monday, October 5, 24-carat pure gold in India stands at Rs 1,49,180 per 10 grams. In the jewellery segment, standard 22-carat gold trades at Rs 1,36,750 per 10 grams. Meanwhile, the lightweight 18-carat gold category retails at Rs 1,11,890 per 10 grams. On an aggregated scale, 100 grams of 24-carat bullion costs Rs 14,91,800, whereas the identical quantity of 22-carat metal is priced at Rs 13,67,500 across domestic counters.
Silver Retail Rates And MCX Futures Performance
The domestic silver market has maintained an unchanged posture for three consecutive sessions. As a result, 1 kilogram of retail silver is priced at Rs 2,35,000, while a 100-gram parcel retails at Rs 23,500. On the Multi Commodity Exchange (MCX), trading indicators presented mixed moves during the morning session. Gold futures contracts maturing on December 4 slipped by 0.68% to touch Rs 1,49,335 per 10 grams. Conversely, silver futures contracts maturing on December 4 gained 0.17% to reach Rs 2,26,250 per kilogram.
Overseas Spot Benchmarks And Major City Pricing
In global spot activity, spot gold dropped 0.3% to trade at $4,131.61 per ounce by 0422 GMT. Similarly, US gold futures contracts earmarked for December delivery dipped 0.1% to settle near $4,159.30. Domestically, spot retail rates remained consistent across prominent urban hubs for both 22K and 24K categories
- Chennai: The prevailing 24-carat price in Chennai is Rs 1,49,180 per 10 grams, and the corresponding 22-carat level stands at Rs 1,36,750 per 10 grams.
- Bangalore: In Bangalore, 22-carat metal is pegged at Rs 1,36,750 per 10 grams, while the 24-carat category commands Rs 1,49,180 per 10 grams.
- Hyderabad: Hyderabad jewellery shops are offering 22K gold at Rs 1,36,750 per 10 grams and 24K pure gold at Rs 1,49,180 per 10 grams.
- Mumbai: In Mumbai, 22-carat gold is listed at Rs 1,36,750 per 10 grams, while 24-carat metal sells at Rs 1,49,180 per 10 grams.
