Following a sharp correction in the domestic metals market, retail prices for gold and silver have seen noticeable changes across top jewellery showrooms in India. On Friday, October 23, intense selling pressure in the domestic futures market dragged silver rates down to around Rs 1.94 lakh per kilogram, while gold dropped to approximately Rs 1.42 lakh per 10 grams. With both futures exchanges and physical bullion markets remaining shut on Saturday and Sunday, retail consumers are assessing the current gold rates quoted by major jewellers. Fresh prices for 22-karat and 24-karat gold have taken effect across major jewellery chains including Tanishq, Kalyan Jewellers, Joyalukkas, and Malabar Gold & Diamonds.
Tanishq Retail Rates for Gold
At Tanishq stores, current gold figures recorded on October 25 show that 22-karat gold jewellery is priced at Rs 13,110 per 1 gram, bringing the cost for 10 grams to Rs 1,31,100. For customers looking to buy pure 24-karat gold, Tanishq has fixed the price at Rs 14,302 per 1 gram. Consequently, a 10-gram purchase of 24-karat gold at Tanishq stands at Rs 1,43,020.
Rates at Kalyan Jewellers, Joyalukkas, and Malabar
Across other leading retail outlets, Kalyan Jewellers is retailing 22-karat gold at Rs 13,070 per 1 gram, which translates to Rs 1,30,700 for 10 grams. Joyalukkas showrooms have matched this pricing, offering 22-karat gold at Rs 13,070 per 1 gram and Rs 1,30,700 per 10 grams. Similarly, Malabar Gold & Diamonds has maintained its 22-karat gold rate at Rs 13,070 per 1 gram and Rs 1,30,700 per 10 grams. Meanwhile, 24-karat gold at Malabar Gold & Diamonds is priced at Rs 14,258 per 1 gram, making a 10-gram pure gold bar or coin cost Rs 1,42,580.
Gold Prices Drop by Rs 22,000 Over Two Months
An examination of price trends over the past two months reveals a significant reduction in gold valuations. On August 24, domestic gold was trading comfortably above Rs 1.64 lakh per 10 grams. However, persistent downward momentum brought gold futures on MCX down to around Rs 1,41,935 per 10 grams by October 23. Over this two-month window, gold prices have slumped by approximately Rs 22,000 per 10 grams.
Silver Plunges by Rs 54,000 Per Kilogram
Silver has mirrored this steep downward trend over the same timeframe. On August 24, silver was fetching prices above Rs 2.48 lakh per kilogram in the market. By October 23, futures contracts dropped close to Rs 1.94 lakh per kilogram. This marks an overall decline of about Rs 54,000 per kilogram in silver prices within a span of two months.
