Gold and silver futures on the Multi Commodity Exchange (MCX) edged lower during trading on September 16, while retail prices in Delhi, Mumbai, Kolkata and other major cities held broadly steady. The slight move in futures contrasted with a largely unchanged physical market, where 24-carat and 22-carat gold prices remained similar to the previous session.
MCX futures movement
MCX gold futures were trading 0.06 per cent lower at ₹1,50,723 per 10 grams at the time of reporting. Silver futures also dipped 0.04 per cent, quoted at around ₹2,32,036 per kilogram. The declines were marginal, reflecting a cautious session in the domestic bullion market.
Retail gold and silver prices
In the physical market, 24-carat gold (the purest form) was priced at approximately ₹1,53,160 per 10 grams, while silver stood at ₹2,44,900 per kilogram. These levels were little changed from the previous day. Most jewellery retailers kept their quoted rates stable.
Among major chains, Joyalukkas and Malabar Gold & Diamonds both listed 22-carat gold at ₹14,040 per gram across several Indian states. Tanishq’s 22-carat rate was slightly higher at ₹14,085 per gram. For 24-carat, Malabar quoted ₹15,284 per gram and Tanishq’s rate was ₹15,365 per gram. The differences in retail prices reflect brand-specific pricing policies, procurement costs and local market conditions, though the underlying bullion trend remains the dominant driver.
Gold is typically sold in two main purities in the Indian retail market. While 24-carat is the purest form, 22-carat is more widely used for jewellery because the addition of other metals gives it greater strength and durability.
Factors influencing Indian gold prices
Domestic gold prices are shaped by the international gold rate, the rupee-dollar exchange rate and local demand, particularly during the wedding and festive seasons. The recent stability suggests that the market is awaiting clearer cues from global markets or further domestic buying patterns.
For the latest reference price, you can check the live gold price updated throughout the day.
Key takeaways
- MCX gold futures edged down 0.06% to ₹1,50,723 per 10 gm; silver futures down 0.04% to ₹2,32,036 per kg.
- Retail 24-carat gold stood at ₹1,53,160 per 10 gm; silver at ₹2,44,900 per kg – both flat from previous session.
- 22-carat jewellery rates varied between ₹14,040 and ₹14,085 per gram depending on retailer and region.
- Gold prices remain influenced by international rates, USD/INR exchange rate and festive-season demand.
Common questions
Why were the retail prices different from MCX futures?
MCX futures represent contracts for future delivery and trade at a discount or premium to spot prices based on factors like time to expiry, interest rates and storage costs. Retail bullion prices typically track the spot market, which may differ from the futures price.
Which gold purity is better for jewellery: 22K or 24K?
24-carat gold is pure (99.9%) but soft, making it less suitable for daily-wear jewellery. 22-carat gold (91.6% gold, 8.4% other metals) is harder and more durable, which is why it is the popular choice for ornaments in India.
Do all jewellery stores charge the same price for gold?
No. Retail prices can vary slightly due to brand markups, procurement costs, location and regional competition. However, the base rate moves with the prevailing bullion price, so differences are usually small.
The Indian gold market has remained steady in early September, with both futures and physical prices showing little movement. Traders will watch global developments and domestic demand for any shift in direction.