Gold prices across India softened slightly on Friday, October 23, with national benchmark rates dipping by ₹1 per gram across all major purities. Pure 24-carat gold, favoured for bars and bullion, settled at ₹14,437 per gram, taking an eight-gram sovereign to ₹1,15,496. Meanwhile, standard 22-carat jewellery gold stands at ₹13,234 per gram, and affordable 18-carat gold is priced at ₹10,828 per gram.

National prices and city rates for different carats

Retail prices vary marginally from city to city because of local transportation costs and state levies. Delhi recorded the highest prices among major metros, with 24-carat gold trading at ₹14,452 per gram, 22-carat at ₹13,249, and 18-carat at ₹10,843.

In contrast, rates remained uniform across Mumbai, Kolkata, Bengaluru, Hyderabad, Pune, and Kerala, where 24-carat stands at ₹14,437 per gram, 22-carat at ₹13,234, and 18-carat at ₹10,828. Chennai recorded 18-carat gold slightly higher at ₹10,834 per gram, while matching national figures for 24-carat and 22-carat. In Gujarat, buyers in Ahmedabad and Vadodara are paying ₹14,442 per gram for 24-carat and ₹13,239 for 22-carat. 

Domestic MCX trend reflects global pressure

Trading on the Multi Commodity Exchange (MCX) mirrored the subdued physical demand. Domestic MCX spot gold closed Thursday nearly 1 per cent lower at ₹1,42,809, while MCX gold futures for December 4 delivery remained flat at ₹1,43,303 per 10 grams.

The domestic market remains under pressure due to a firmer Indian rupee and elevated crude oil prices linked to Middle East tensions, which have stoked inflation concerns and reinforced expectations that the US Federal Reserve will maintain high interest rates for longer.

Practical buying advice for Indian households

For ordinary buyers navigating today’s market, simple checks can safeguard family savings:

  • Insist on BIS hallmarking: Always check for the official Bureau of Indian Standards (BIS) hallmark stamp on every ornament to certify purity before making payment.
  • Coins over jewellery for pure investment: If the objective is building wealth rather than adornment, 24-carat coins or bars offer the best resale value. Jewellery incurs making charges ranging between 8 and 25 per cent—and sometimes over 30 per cent—alongside wastage deductions, none of which can be recovered when selling the piece later.
  • Stick to plain designs: Elaborate ornaments and gemstone-studded jewellery often yield poor resale returns because jewellers pay exclusively for the net weight of gold. Simple chains and plain bangles preserve capital far more effectively.
  • Maintain a long-term horizon: Precious metals are designed for wealth preservation over five to twenty years, making short-term price fluctuations less important than disciplined, steady accumulation.