The Precious Metal Market Holds Steady After Recent Volatility
The prices of gold and silver in India on Monday, October 27, 2025, have shown a degree of stability after the significant volatility seen earlier in the month. Following a period of record highs and subsequent profit-booking corrections driven by global market movements and the domestic festive season, the market has entered a consolidation phase.2 Investors and consumers are closely monitoring the current rates, particularly the city-wise variations, ahead of the upcoming wedding season.
Today’s Gold Rate Snapshot (Per 10 Grams)
Gold rates fluctuate daily and vary slightly between cities due to factors like local taxes, transportation costs, and demand.
The indicative gold rates per 10 grams for major Indian cities, based on recent market data, are provided below. These rates are for 22-carat (standard jewelry quality) and 24-carat (pure gold) and are typically exclusive of GST, TCS, and making charges which will be added by the jeweler.
The price of gold continues to show slight variations across major cities, primarily due to local taxes (GST), transportation costs, and local bullion association charges. Below are the indicative rates for 24-carat (99.9% purity) and 22-carat (91.6% purity) gold in key metro cities.
| City | 24 Carat Gold Price (per 10g) | 22 Carat Gold Price (per 10g) |
| New Delhi | ₹1,20,860 – ₹1,25,783 | ₹1,10,910 – ₹1,15,313 |
| Mumbai | ₹1,21,140 – ₹1,25,460 | ₹1,10,910 – ₹1,15,000 |
| Chennai | ₹1,21,490 – ₹1,25,450 | ₹1,11,366 – ₹1,15,000 |
| Bangalore | ₹1,21,240 – ₹1,25,510 | ₹1,11,137 – ₹1,15,050 |
| Kolkata | ₹1,20,980 – ₹1,25,460 | ₹1,10,898 – ₹1,15,050 |
| Hyderabad | ₹1,21,330 – ₹1,25,460 | ₹1,11,219 – ₹1,15,000 |
| Ahmedabad | ₹1,21,300 – ₹1,25,510 | ₹1,11,192 – ₹1,15,050 |
| Pune | ₹1,21,140 – ₹1,25,460 | ₹1,11,045 – ₹1,15,000 |
| Jaipur | ₹1,21,110 – ₹1,25,610 | ₹1,11,018 – ₹1,15,150 |
| Lucknow | ₹1,21,170 – ₹1,25,610 | ₹1,11,073 – ₹1,15,150 |
Note: The prices listed above are indicative of the bullion rate and generally exclude the 3% GST, making charges, and other local levies that are applied at the time of purchase.
Silver Rate Today (Per Kilogram)
The silver rate fluctuates daily based on global market conditions. The prices below are indicative rates for today, October 28, 2025, for a selection of major Indian cities, showing the approximate price per 10 grams and per 1 kilogram (1000 grams) in Indian Rupees (₹).
Please note that these are generally the market price for pure silver (999 purity), and the price you pay at a local jeweler may include GST, making charges, and local taxes, which can vary.
| City | Silver Rate (Per 10 Grams) | Silver Rate (Per Kilogram) |
| Mumbai | ₹1,550 | ₹1,55,000 |
| Delhi | ₹1,550 | ₹1,55,000 |
| Kolkata | ₹1,550 | ₹1,55,000 |
| Pune | ₹1,550 | ₹1,55,000 |
| Ahmedabad | ₹1,550 | ₹1,55,000 |
| Jaipur | ₹1,550 | ₹1,55,000 |
| Kanpur | ₹1,550 | ₹1,55,000 |
| Chennai | ₹1,700 | ₹1,70,000 |
| Hyderabad | ₹1,700 | ₹1,70,000 |
| Bangalore | ₹1,570 | ₹1,57,000 |
| Kerala | ₹1,700 | ₹1,70,000 |
Key Factors Influencing Today’s Rates
Precious metal prices are determined by a complex interplay of global and domestic factors. Recent stability follows the unwinding of speculative positions after the previous rally.
- Global Trends (US Dollar & Geopolitics): The US Dollar Index (DXY) plays a crucial role. When the dollar weakens, gold and silver, which are priced in USD, become cheaper for foreign currency holders, boosting demand and pushing up their price (and vice-versa). Global economic uncertainty and geopolitical events (like the conflicts in Eastern Europe or the Middle East) often increase the demand for gold as a safe-haven asset, providing a floor to prices.
- Domestic Demand: India is one of the world’s largest consumers of gold. The immediate post-festive lull (like after Diwali) often leads to a slight cooling of prices, but demand is expected to pick up strongly in the coming weeks due to the start of the wedding season.
- Import Duties & Taxation: Government policies, especially on import duties, directly impact the landed cost of gold and silver in India, leading to changes in the final retail price.
- Currency Fluctuation: The exchange rate between the Indian Rupee (INR) and the US Dollar (USD) directly affects the cost of importing bullion. A weaker Rupee makes imported gold and silver more expensive domestically.
Why the City-Wise Price Difference?
While the base rate (bullion rate) is set nationally by bodies like the IBJA (Indian Bullion and Jewellers Association), the final consumer price varies by city due to:
- Local Jewellers’ Association Charges: Each major jewellery market has its own association that sets a minor price differential (often called local premium).
- Logistics and Insurance Costs: Transporting bullion from refiners/importers to different cities incurs varying costs.
- Making Charges: Although not part of the standard quoted rate, the cost of crafting jewellery varies widely and is a major component of the final purchase price.
Investment Outlook
Despite the recent pullback, the long-term outlook for both gold and silver remains cautiously positive.10 Gold continues to be favored as an inflation hedge and a store of value.11 Silver, with its dual role as a precious and industrial metal (used in solar panels and electronics), is expected to see rising demand fueled by global energy transition initiatives.