If you walked into a jewellery store this weekend and winced at the price board, you are not imagining things. Gold is climbing again, and this time the move has been swift enough to make even seasoned traders sit up. International spot prices are hovering near $4,194 an ounce, and in Delhi the rate for 24-carat gold has pushed past the Rs 1.5 lakh mark per 10 grams.
The metal is having one of its busiest weekends in months. After touching a two-month low near $4,090 midweek, gold snapped back hard on Friday, gaining over $60 in a single session. It is the kind of rebound that tells you something shifted in the market’s mood, and it has set up an interesting week for Indian buyers.
Gold price today: what the numbers say
Here is the picture as it stands on Sunday, October 11. Physical trading in Indian bullion markets is suspended for the day, and the Multi Commodity Exchange is shut too, so these are the weekend reference rates. Benchmark 24-carat gold is quoted around Rs 1,51,710 per 10 grams. Silver is not far behind the action either, with benchmark rates near Rs 2,26,120 per kilogram.
- Delhi: 24K gold at Rs 1,51,170 per 10 grams, 22K at Rs 1,38,573
- Mumbai: 24K gold at Rs 1,51,430 per 10 grams, 22K at Rs 1,38,811
- Chennai: 24K gold at Rs 1,51,870 per 10 grams, 22K at Rs 1,39,214
- Kolkata: 24K gold at Rs 1,51,230 per 10 grams, 22K at Rs 1,38,628
- Hyderabad: 24K gold at Rs 1,51,670 per 10 grams, 22K at Rs 1,39,031
What stands out is the Delhi spot market, where 24-carat gold of 99.9 percent purity jumped Rs 1,900 per 10 grams in the All India Sarafa Association’s latest quote, taking it past the historic Rs 1.54 lakh psychological mark. On the MCX, the last traded session on Friday saw gold futures for the near month rise 0.42 percent to Rs 1,49,735 per 10 grams, up Rs 632 from the previous close.
Why the metal is suddenly running again
Three forces are pushing gold higher at once. The first is the classic one: fear. Fresh tensions in West Asia have kept crude oil volatile and sent investors reaching for safe havens, a pattern gold has rewarded all year. When geopolitics turns noisy, bullion tends to be the first asset to benefit.
The second is domestic policy. The Reserve Bank of India surprised markets earlier this month by raising the repo rate to 5.50 percent and shifting its stance to what it calls calibrated tightening, its first rate hike in over three years. Higher rates normally work against gold, since the metal pays no interest. But the central bank paired the hike with an upgrade of India’s growth forecast to 7.1 percent for this fiscal year, a signal that the economy remains strong enough to keep household demand for gold alive.
The third is timing. India is deep into its festive buying season, when weddings and festivals traditionally lift physical demand for jewellery. Jewellers report that footfall is holding up despite the steep prices, because families plan festive purchases months in advance and are reluctant to postpone them.
Silver is quietly stealing some of the spotlight
Gold gets the headlines, but silver deserves a mention. Spot silver is trading near $60.82 an ounce internationally, and domestic silver has climbed to around Rs 2.26 lakh per kilogram on the benchmark, with some city retail quotes even higher. Silver has a dual personality: it is a precious metal that attracts safe-haven buyers, and an industrial metal consumed by solar panel makers and electronics manufacturers. Both personalities are working in its favour right now.
For buyers, the practical takeaway is the same as with gold. Compare the per-gram rate, check the hallmark, and remember that the sticker price includes a 3 percent GST on the metal itself, plus another 5 percent GST on the making charges. Those extras mean the bill at the counter will sit a few percentage points above the rates you see quoted online.
What should you do if you plan to buy this week?
No article can tell you when to pull the trigger, but the context helps. If you are buying jewellery for a wedding or festival, the old advice still holds: buy when you need it, spread big purchases across a few days, and stick to BIS-hallmarked gold from reputed sellers. If you are investing, many advisers suggest looking at sovereign gold bonds or gold ETFs rather than paying making charges on bars and coins you will never wear.
One thing is clear. After Friday’s sharp reversal, the easy assumption that gold would cool off this winter looks a lot less safe than it did a week ago.
FAQs
What is the gold price today in India?
Benchmark 24-carat gold is around Rs 1,51,710 per 10 grams as of October 11, with Delhi quoting Rs 1,51,170 and Chennai Rs 1,51,870. Rates vary slightly by city and dealer.
Why did gold prices rise this weekend?
Spot gold rebounded over $60 on Friday after touching a two-month low midweek, driven by safe-haven demand amid West Asia tensions, oil price volatility, and strong festive-season buying in India.
What is the silver price today?
Benchmark silver is near Rs 2,26,120 per kilogram, while spot silver trades around $60.82 an ounce internationally.
Is the MCX open today?
No. Bullion trading is suspended on Sundays, and the Multi Commodity Exchange is closed. Trading resumes on Monday.
Does GST apply on gold purchases?
Yes. Gold jewellery attracts 3 percent GST on the value of the metal and 5 percent GST on making charges.
Rates mentioned are indicative weekend reference prices and can differ from retail counter prices, which include taxes and making charges. Always confirm the final bill with your jeweller.
