Gold and silver prices increased on October 16, 2026, extending their recent recovery. If you plan to buy jewellery this festive weekend, it is important to check the latest rates for 22K, 24K, and 18K gold as well as silver prices in your city. Comparing prices from different jewellers can help you make an informed decision and avoid paying more than necessary.
- Gold futures rose above ₹1.48 lakh per 10 grams on the Multi Commodity Exchange (MCX).
- Silver futures climbed past ₹2.13 lakh per kilogram on the MCX.
- 24-carat gold prices in Delhi were around ₹14,759 per gram, while 22-carat gold was ₹13,530 per gram.
- Tanishq listed 22-carat gold at ₹13,555 per gram on October 16.
- Retail prices vary due to making charges and other costs, so always confirm final rates with jewellers.
What are the current gold and silver prices?
On October 16, 2026, gold and silver prices continued their upward trend after recent losses. Gold futures on the MCX rose above ₹1.48 lakh per 10 grams, while silver futures crossed ₹2.13 lakh per kilogram. According to Goodreturns, 24-carat gold was priced at ₹14,759 per gram in Delhi and ₹14,744 per gram in Mumbai. The 22-carat gold rate was ₹13,530 per gram in Delhi and ₹13,515 per gram in Mumbai.
Tanishq's official rate page showed 22-carat gold at ₹13,555 per gram. Other jewellers like Kalyan Jewellers, Malabar Gold & Diamonds, and Joyalukkas reported rates around ₹13,515 per gram for 22-carat gold.
How do bullion prices differ from retail jewellery prices?
Bullion prices reflect the value of the precious metal itself and serve as a reference. However, retail jewellery prices include additional costs such as making charges, taxes, and retailer margins. For example, silver prices quoted at ₹2,13,480 per kilogram are indicative, but silver coins, utensils, or jewellery may cost more depending on the product and retailer.
What factors influenced the recent price recovery?
The recovery in gold prices followed three days of losses. Market analysts attributed the rebound to value buying, a weaker US dollar, and easing crude oil prices. Lower US Treasury yields also supported international bullion prices. However, uncertainty about the US Federal Reserve's interest rate decisions continues to affect precious metals markets. Currency fluctuations also impact domestic gold prices.
What should buyers keep in mind before purchasing jewellery?
If you plan to buy gold or silver jewellery, compare prices for the same purity and weight across different retailers. A lower quoted gold rate does not always mean a cheaper final price because making charges and other fees vary. Some jewellers may keep Friday's rates over the weekend, while others might change prices. Always confirm the applicable rate and ask for an itemized bill before placing an order.
Frequently Asked Questions
Q: Are gold prices the same across all cities?
A: No, gold prices vary slightly between cities due to local taxes, demand, and supply conditions. For example, 24-carat gold was ₹14,759 per gram in Delhi and ₹14,744 per gram in Mumbai on October 16, 2026.
Q: Why do retail jewellery prices differ from bullion prices?
A: Retail prices include making charges, taxes, and retailer margins, which bullion prices do not. Therefore, jewellery costs are usually higher than the raw metal price.
Q: How do currency movements affect gold prices?
A: A weaker US dollar generally supports higher gold prices internationally. Currency fluctuations can influence domestic gold rates as well.
Q: Should I trust the gold rates listed online?
A: Online rates provide a good reference, but always verify the current rate with your jeweller and ask for an itemized bill before buying.
