Gold and silver prices in India held largely steady on August 16, 2026, as weakness in international bullion markets offset any domestic momentum. Spot gold was quoted at ₹1,45,165 per 10 gram, while silver hovered near ₹2,23,800 per kilogram. On the Multi Commodity Exchange (MCX), gold futures rose 0.60% to ₹1.45 lakh per 10 grams, and silver futures gained 0.99% to ₹2.23 lakh per kilogram.
Retail Market: 22-Karat and 24-Karat Rates
In the retail market, gold is sold primarily in two purities. 24-karat gold is the purest form, while 22-karat gold is more common in jewellery because alloyed metals give it greater strength and durability. On August 16, leading jewellers quoted broadly similar 22-karat rates. Joyalukkas and Malabar Gold & Diamonds both listed 22-karat gold at ₹13,220 per gram across major Indian states. Tanishq’s 22-karat rate was slightly higher at ₹13,265 per gram.
For 24-karat gold, Malabar quoted ₹14,422 per gram, while Tanishq’s corresponding rate stood at ₹14,460 per gram (estimated from the prevailing purity premium over its 22-karat price). The marginal differences between jewellers reflect brand-specific pricing policies, procurement costs, and regional market conditions, even as overall bullion trends remain the primary driver.
What’s Driving Precious Metal Prices?
Market participants are closely watching global economic data, US interest rate expectations, and currency movements for direction. These factors influence the dollar-denominated international spot price, which in turn affects domestic rates in India. A stronger US dollar typically pressures gold, while expectations of lower interest rates can support it. Traders will also monitor upcoming economic releases for clues on the Federal Reserve’s next move.
For the latest international spot price, see the live gold price page.
Key Takeaways
- Gold spot in India was ₹1,45,165 per 10 gram; silver near ₹2,23,800 per kg on August 16.
- MCX gold futures rose 0.60%; silver futures gained 0.99%.
- Retail 22-karat gold ranged from ₹13,220 to ₹13,265 per gram across major jewellers.
- Global economic data, US interest rate expectations, and currency moves remain key drivers.
Common Questions
Why do retail gold prices differ between jewellers?
Retail prices vary due to brand pricing strategies, procurement costs, and local market conditions. While the underlying bullion rate sets the baseline, jewellers add their own margins, which can lead to small differences in the final price per gram.
What is the difference between 22-karat and 24-karat gold?
24-karat gold is 99.9% pure, making it the purest form. 22-karat gold contains 91.7% gold, with the remainder being other metals such as copper or silver. This alloying makes 22-karat gold harder and more durable, which is why it is preferred for jewellery.
Gold and silver prices are expected to remain sensitive to macroeconomic signals in the coming days. Traders will continue to assess US interest rate policy and global economic health for further direction.