Consumers intending to purchase precious metals and jewellery during the festive period received a notable reprieve as prices softened across physical and futures markets. On October 12, marking the second day of Navratri, 24-karat gold in Delhi retreated to Rs 1,51,560 per 10 grams, while in Mumbai the benchmark purity traded at Rs 1,51,410 per 10 grams. This pullback follows a sharp rally in bullion prices witnessed during the preceding week, offering a timely entry point for festive shoppers tracking daily rate movements.
Futures Trade Reflects Downward Momentum
Domestic commodity derivatives mirrored the softness seen in physical retail counters. On the Multi Commodity Exchange, the gold contract for December delivery shed Rs 1,006 to trade at Rs 1,50,493 per 10 grams. In the previous trading session, the contract had settled at Rs 1,51,499. The intraday decline came immediately after a strong surge over the prior week, when 24-karat physical bullion had escalated by as much as Rs 2,240, accompanied by a rise of up to Rs 2,050 in 22-karat gold across diverse centres.
City-Wise Snapshot for 22-Karat and 24-Karat Purity
Gold rates vary slightly from region to region due to local levies, transportation logistics, and regional supply dynamics. In Delhi, the retail price for 22-karat jewellery-grade gold stood at Rs 1,38,940 per 10 grams, with 24-karat investment-grade bullion priced at Rs 1,51,560 per 10 grams.
Across Mumbai, Kolkata, Chennai, Pune, and Bengaluru, 22-karat gold held steady at Rs 1,38,790 per 10 grams. The corresponding 24-karat rate across all five metropolitan centres settled uniformly at Rs 1,51,410 per 10 grams. Buyers should note that these quotations represent pure metal spot indications; the eventual invoice amount for finished jewellery will vary based on making charges, hallmark fees, and applicable tax additions.
Silver Follows the Broader Bullion Retreat
Silver also experienced parallel selling pressure alongside gold. On the morning of October 12, physical silver was quoted at Rs 2,39,900 per kilogram. Meanwhile, on the MCX platform, the December delivery contract dropped by Rs 645, or 0.29 percent, to Rs 2,25,110 per kilogram at 10:12 am. It had concluded the prior session at Rs 2,25,755 per kilogram. This slight retreat comes after an impressive rally in the preceding week that saw silver gain nearly Rs 5,000 per kilogram.
Impact of Overseas Market Indicators
Domestic bullion movements remain tightly connected to global spot developments. In international trade, spot gold was quoted at $4,200.23 per ounce, while spot silver traded at $61.08 per ounce. Beyond overseas valuation benchmarks, movements in the US dollar index, bullion import expenses, and domestic seasonal demand continue to govern everyday pricing trends in Indian cities.
