Shoppers preparing for festive purchases during Navratri have received welcome news as bullion counters witnessed consistent price corrections. Both gold and silver have seen persistent downward pressure across domestic physical counters and derivatives platforms. The slide in silver has been particularly steep, pulling the white metal down to price levels that were last observed on March 23, 2026. Gold prices have mirrored this weakening trend, dropping steadily and offering considerable relief to retail jewelry buyers across the country.
Silver Drops to a Six-Month Trough on Multi Commodity Exchange
On the Multi Commodity Exchange (MCX), domestic silver futures faced heavy selling pressure, bringing the price down to Rs 2,09,560 per kilogram. According to market data, silver had not touched such low levels since March 23, 2026, underlining the depth of the ongoing retracement. Gold contracts on MCX faced identical headwinds, trading lower at Rs 1,47,515 per 10 grams. This weakness in the futures market quickly spilled over into cash markets and retail jewelry showrooms nationwide.
Key Drivers Behind the Current Slide in Gold Valuations
Precious metal pricing in the domestic market is steered by an interplay of local currency dynamics and prevailing global commodity benchmarks. A strengthening Indian rupee has made import shipments of gold and silver notably cheaper for domestic bullion houses. The Reserve Bank of India (RBI) recently initiated several measures to bolster the domestic currency, which directly alleviated import cost pressures and weighed on domestic prices. Simultaneously, offshore benchmarks exhibited weakness, with international spot gold hovering around $4,083.94 per ounce, compounding the downward momentum locally.
City-Wise Snapshot for 24, 22, and 18 Karat Gold Today
In the national capital of Delhi, the spot retail rate for 24-karat gold was recorded at Rs 1,48,400 per 10 grams on October 15. The 22-karat variety, which forms the benchmark for traditional jewelry fabrication, stood at Rs 1,36,040 per 10 grams in Delhi, while 18-karat gold was priced at Rs 1,11,300 per 10 grams.
A uniform price structure was observed across several other major commercial hubs. In Mumbai, Chennai, Kolkata, Bengaluru, and Pune, 24-karat gold traded at Rs 1,48,250 per 10 grams. Across all five of these cities, 22-karat gold was priced at Rs 1,35,890 per 10 grams, and 18-karat gold settled at Rs 1,11,189 per 10 grams.
Prospective buyers should note that these baseline figures reflect morning trade quotes from October 15 and remain subject to intraday fluctuations. Verifying current rates with neighborhood jewelers prior to purchase is advisable, as the final retail bill will incorporate making charges along with applicable statutory taxes.
