A week-long downward drift in Indian bullion markets halted on Saturday as improved global sentiment drove fresh buying interest into safe-haven assets. Retail gold prices logged their first gain in seven days across the country, with benchmark 24-carat metal climbing by Rs 220 per 10 grams to touch Rs 147,660. Sustained gains across 22-carat and 18-carat categories brought immediate relief to physical traders and retail buyers following days of aggressive price corrections.
Central Bank Signals and Global Macro Catalysts
The turning point for precious metals emerged from international currency and bond movements. During the recent IMF and World Bank Annual Meetings held in Bangkok, US Federal Reserve Chair Kevin Warsh refrained from signaling any immediate rate hikes or providing rigid policy guidance. This reserved stance diminished trader anxiety regarding sudden policy tightening and eased broader concerns over aggressive consecutive rate increases by the central bank.
According to Kaynat Chainwala, AVP of Commodity Research at Kotak Neo, the Fed Chair holding back fresh guidance on monetary policy during the Bangkok summit curbed fears surrounding aggressive tightening. The stabilization built upon Thursday's surge, when gold climbed roughly 1.6% and silver gained over 3% as the US dollar softened and the benchmark 10-year Treasury yield pulled back from multi-month and multi-year peaks. The cooling bond yields and retreating greenback provided an opportune window for bullion accumulation.
Domestic Retail Rates Across Karat Categories
Saturday's uptick translated into solid price adjustments across all purity levels in the domestic market. For 24-carat fine gold, bulk 100-gram prices climbed by Rs 2,200 to reach Rs 14,76,600. The standard 10-gram denomination added Rs 220 to stand at Rs 1,47,660, while 1 gram advanced by Rs 22 to Rs 14,766. The 8-gram unit also reflected the upward shift, rising by Rs 176 to touch Rs 1,18,128.
Jewelry buyers tracking 22-carat gold observed a synchronized upward revision. In 100-gram quantities, 22-carat gold gained Rs 2,000 to trade at Rs 13,53,500. The retail 10-gram rate appreciated by Rs 200 to settle at Rs 1,35,350, while 8 grams rose Rs 160 to Rs 1,08,280, and the single gram cost moved up by Rs 20 to Rs 13,535.
Lower-karat jewelry also absorbed higher rates, with 18-carat gold recording an advance of Rs 1,600 per 100 grams to reach Rs 11,07,400. In 10-gram purchases, it gained Rs 160 to touch Rs 1,10,740, the 8-gram price rose by Rs 128 to Rs 88,592, and the 1-gram ticket price ended higher by Rs 16 at Rs 11,074.
Tracking the Ten-Day Trajectory and Recent Plunge
The latest recovery follows an exceptionally challenging stretch for bullion holders. Prices had remained flat or slumped steadily since October 11. While values stayed unchanged on October 16, that pause had arrived only after a sharp slide between October 12 and October 15, during which 100-gram prices crashed by Rs 39,800 and 10-gram holdings lost Rs 3,980.
The daily price per gram for 24-carat and 22-carat gold over the past ten days outlines the extent of this volatility
- October 17, 2026: 24K stood at Rs 14,766 (up Rs 22); 22K closed at Rs 13,535 (up Rs 20).
- October 16, 2026: 24K stood at Rs 14,744 (steady); 22K closed at Rs 13,515 (steady).
- October 15, 2026: 24K stood at Rs 14,744 (down Rs 82); 22K closed at Rs 13,515 (down Rs 75).
- October 14, 2026: 24K stood at Rs 14,826 (down Rs 103); 22K closed at Rs 13,590 (down Rs 95).
- October 13, 2026: 24K stood at Rs 14,929 (down Rs 39); 22K closed at Rs 13,685 (down Rs 35).
- October 12, 2026: 24K stood at Rs 14,968 (down Rs 174); 22K closed at Rs 13,720 (down Rs 160).
- October 11, 2026: 24K stood at Rs 15,142 (steady); 22K closed at Rs 13,880 (steady).
- October 10, 2026: 24K stood at Rs 15,142 (up Rs 71); 22K closed at Rs 13,880 (up Rs 65).
- October 09, 2026: 24K stood at Rs 15,071 (up Rs 114); 22K closed at Rs 13,815 (up Rs 105).
- October 08, 2026: 24K stood at Rs 14,957 (steady); 22K closed at Rs 13,710 (steady).
City-Wise Breakdown of Retail Quotations
Physical gold quotations varied across Indian municipal hubs due to freight differentials and local taxation. In major commercial centers including Chennai, Mumbai, Hyderabad, Kolkata, Kerala, Pune, and Bangalore, 24-carat bullion was priced at Rs 14,766 per gram, Rs 1,47,660 per 10 grams, and Rs 14,76,600 per 100 grams. Delhi commanded a higher premium, where 24-carat metal traded at Rs 14,781 per gram, Rs 1,47,810 per 10 grams, and Rs 14,78,100 per 100 grams. In Vadodara and Ahmedabad, the price settled at Rs 14,771 per gram, Rs 1,47,710 for 8 grams, and Rs 14,77,100 per 100 grams.
For 22-carat ornamental gold, buyers in Chennai, Mumbai, Kolkata, Kerala, Pune, and Bangalore paid Rs 13,535 per gram, Rs 1,35,350 for 10 grams, and Rs 13,53,500 for 100 grams. Delhi registered higher rates at Rs 13,550 per gram, Rs 1,35,500 per 10 grams, and Rs 13,55,000 per 100 grams. Markets in Ahmedabad and Vadodara pegged 22-carat gold at Rs 13,540 per gram, Rs 1,35,400 for 10 grams, and Rs 13,54,000 for 100 grams.
Disparities were also evident in the 18-carat bracket. Chennai logged the steepest quotation on October 17 at Rs 11,125 per gram, Rs 1,11,250 per 10 grams, and Rs 11,12,500 per 100 grams. Delhi recorded Rs 11,089 per gram, Rs 1,10,890 per 10 grams, and Rs 11,08,900 per 100 grams. In Ahmedabad and Vadodara, rates stood at Rs 11,079 per gram, Rs 11,0790 per 10 grams, and Rs 11,07,900 per 100 grams, while Mumbai, Pune, Kerala, Hyderabad, Bangalore, and Kolkata all maintained a rate of Rs 11,074 per gram, Rs 1,10,740 per 10 grams, and Rs 11,07,400 per 100 grams.
Energy Prices and Interest Rate Expectations Shape the Horizon
The medium-term path for bullion remains tied to macroeconomic indicators and international energy trade. According to Ponmudi, gold's outlook for the coming week will hinge on whether persistent bond demand keeps Treasury yields and the dollar subdued, lending sustained support to bullion, or whether stubborn inflation data and fears of a December rate hike reignite heavy selling pressure. Fresh commentary from Fed Chair Kevin Warsh scheduled toward the end of the week will serve as a crucial barometer for rate trajectory expectations.
The analyst further noted that crude oil represents a vital wildcard for the wider commodities basket. A sustained push toward or above the $100 per barrel mark could amplify inflation fears and cap upside moves for gold. Conversely, any diplomatic de-escalation around the Strait of Hormuz could induce a sharp retreat in global oil prices. With central bank intentions and geopolitical frictions dominating the background, heightened volatility will likely characterize precious metal markets in the sessions ahead.
