Indian retail gold rates experienced a slight easing on Thursday, October 16, offering a minor price adjustment for domestic shoppers and investors. Across the country, 24-karat gold of 99.9% purity is priced at ₹14,743 per gram, down by ₹1 from previous trading levels. Meanwhile, 22-karat gold stands at ₹13,514 per gram, and 18-karat gold is available at ₹11,057 per gram, both recording a uniform ₹1 drop per gram.

For standard purchase quantities, a 10-gram bar of 24-karat gold currently costs ₹1,47,430, reflecting a ₹10 reduction. The equivalent 10-gram rate for 22-karat jewellery gold is ₹1,35,140, while 10 grams of 18-karat gold sells for ₹1,10,570. Buyers looking at 8-gram sovereign weights will find 24-karat priced at ₹1,17,944, 22-karat at ₹1,08,112, and 18-karat at ₹88,456. For larger bulk transactions, 100 grams of 24-karat gold costs ₹14,74,300, 22-karat gold stands at ₹13,51,400, and 18-karat gold sells for ₹11,05,700.

City-wise gold prices across major centres

Gold rates show slight variations across key Indian urban centres due to regional market conditions. In major financial and trading hubs including Mumbai, Kolkata, Bangalore, Hyderabad, Kerala, and Pune, retail rates match national averages, with 24-karat gold at ₹14,743 per gram, 22-karat at ₹13,514 per gram, and 18-karat at ₹11,057 per gram.

In Delhi, prices are slightly higher, with 24-karat gold trading at ₹14,758 per gram, 22-karat gold at ₹13,529 per gram, and 18-karat gold at ₹11,072 per gram. Buyers in Ahmedabad and Vadodara see prices set at ₹14,748 per gram for 24-karat gold, ₹13,519 per gram for 22-karat gold, and ₹11,062 per gram for 18-karat gold. In Chennai, 24-karat and 22-karat gold align with national figures at ₹14,743 per gram and ₹13,514 per gram, but 18-karat gold commands a marginally higher price of ₹11,114 per gram. 

MCX futures advance alongside global market trends

While physical retail prices recorded a minor drop, gold futures trading on the Multi Commodity Exchange (MCX) moved upward. MCX gold futures for December 4 delivery inched 1.17 per cent higher to reach Rs 1,47,550 per 10 grams. This follows Wednesday's domestic spot market session on October 14, where gold closed marginally higher at Rs 1,45,511 per 10 grams, while domestic silver fell to Rs 2,08,424 per kilogram.

In international trading, spot gold prices rose 1.39 per cent in early session trading on October 16 to near $4,163 per ounce. US gold futures also gained 0.24 per cent to reach $4,180.20 per ounce.