Gold buyers across India witnessed welcome relief on the auspicious occasion of Dussehra as spot market bullion rates registered broad declines across key metropolitan centres. Physical prices for 24-carat, 22-carat, and 18-carat gold dropped across all weight denominations, giving festival shoppers and retail jewel consumers an attractive window for festive accumulations.
Magnitude of the Daily Downward Revision
The daily price revision reflected substantial cuts across all purity categories. For pure 24-carat gold, prices slumped by Rs 8,700 for a 100-gram tranche. A 10-gram parcel saw an Rs 870 drop, while 8-gram sovereign purchases declined by Rs 696, and 1 gram fell by Rs 87.
The standard jewellery-grade 22-carat gold mirrored this downward trend with significant ease. A 100-gram quantity dropped by Rs 8,000, while the widely monitored 10-gram benchmark fell by Rs 800. Additionally, an 8-gram unit contracted by Rs 640, and single-gram purchases dropped by Rs 80.
The affordable 18-carat gold segment underwent a matching reduction across retailers. Rates for 100 grams plummeted by Rs 6,500, with 10-gram quantities easing by Rs 650. Concurrently, an 8-gram quantity saw a cut of Rs 520, and 1 gram declined by Rs 65.
Metropolitan Rates for 24-Carat Bullion
Disparities driven by local value-added taxes, freight logistics, and regional trade premiums shaped distinct rates across urban centres. Delhi recorded the highest pricing nationally for 24-carat gold, where 1 gram stood at Rs 14,820, 10 grams reached Rs 1,48,200, and 100 grams stood at Rs 14,82,000.
In Chennai, 24-carat gold was marked at Rs 14,805 per 1 gram, Rs 1,48,050 per 10 grams, and Rs 14,80,500 per 100 grams. Across other major hubs including Mumbai, Kolkata, Pune, Kerala, Hyderabad, and Bangalore, 24-carat gold traded uniformly at Rs 14,717 per 1 gram, Rs 1,47,170 per 10 grams, and Rs 14,71,700 per 100 grams on Dussehra. In Gujarat, Ahmedabad and Vadodara pegged 24-carat gold at Rs 14,722 per 1 gram, Rs 1,47,220 per 10 grams, and Rs 14,72,200 per 100 grams.
City-Wise Standings for 22-Carat Jewellery Gold
In the popular 22-carat jewellery segment, Delhi again occupied the upper end of the price spectrum, posting Rs 13,586 per 1 gram, Rs 1,35,860 per 10 grams, and Rs 13,58,600 per 100 grams.
Chennai followed closely with 22-carat metal quoted at Rs 13,571 per 1 gram, Rs 1,35,710 per 10 grams, and Rs 13,57,100 per 100 grams. Meanwhile, buyers in Mumbai, Kerala, Hyderabad, Bangalore, Kolkata, and Pune secured 22-carat gold at Rs 13,490 per 1 gram, Rs 1,34,900 per 10 grams, and Rs 13,49,000 per 100 grams. In Ahmedabad and Vadodara, rates settled at Rs 13,495 per 1 gram, Rs 1,34,950 per 10 grams, and Rs 13,49,500 per 100 grams.
Price Matrix for 18-Carat Gold
In the 18-carat bracket, Chennai emerged as the most expensive market, pricing 1 gram at Rs 11,156, 10 grams at Rs 11,1560, and 100 grams at Rs 11,15,600. Delhi saw 18-carat quotations at Rs 11,119 per 1 gram, Rs 1,11,190 per 10 grams, and Rs 11,11,900 per 100 grams.
For buyers across Mumbai, Hyderabad, Kerala, Bangalore, Kolkata, and Pune, 18-carat gold stood at Rs 11,038 per 1 gram, Rs 1,10,380 per 10 grams, and Rs 11,03,800 per 100 grams. Ahmedabad and Vadodara logged corresponding 18-carat levels of Rs 11,042 per 1 gram, Rs 1,10,420 per 10 grams, and Rs 11,04,400 per 100 grams.
Derivatives Trend and Macroeconomic Catalysts
In contrast to the retail spot pullback, futures exchanges experienced modest buying momentum. Ashish Rajodiya, Head of Commodities at PL Capital, noted that gold and silver held firmer on Monday, with MCX gold near Rs 1,48,250 per 10 grams, advancing by Rs 332, while MCX silver stood at Rs 2,11,800 per kg, gaining Rs 613 or 0.29%, as spot gold held near $4,178 an ounce internationally.
Rajodiya observed that softening crude oil is currently alleviating consumer inflation concerns, while a tech-heavy equity drawdown linked to AI shares has guided Treasury yields lower, collectively creating technical breathing room for precious metals following prior volatility. He added that market participants are pricing a Federal Reserve interest rate pause during the upcoming October 27-28 policy meeting as their definitive base scenario. Consequently, market attention is pivoting toward the central bank's linguistic tone and forthcoming inflationary prints. A prolonged easing in crude oil coupled with depressed yields could extend gold and silver rebounds, whereas fresh energy spikes or hawkish central bank guidance would directly jeopardize these advances.
