Gold rates have increased significantly on Saturday, October 17, with 24-carat gold currently standing at ₹1.47 lakh per 10 grams, up from the previous day's ₹1.47 lakh level. 22-karat gold rates are at ₹1.35 lakh per 10 grams, while 18-karat gold is priced at ₹1.11 lakh per 10 grams. Gold rates rose by ₹2,200 for 24K purity, ₹2,000 for 22K purity, and ₹1,600 for 18K purity compared with October 16, 2026. The recovery comes as the US Consumer Price Index (CPI) data released on Wednesday has again boosted expectations of a Federal Reserve rate hike during the monetary policy meeting scheduled for October 27–28. As per reports, Treasury yields rose sharply as the Consumer Price Index rose to 3.7% in September, up from 3.4% in August, with the cost of gasoline surging leading to a higher-than-expected spike in consumer prices in September. Gold prices globally witnessed a buying trend this week due to a pullback in the US dollar and treasury yields, with US Federal Reserve's chair Kevin Warsh not signalling a rate hike in the upcoming policy this month.
Gold futures on Friday rose 0.63% to ₹1.48 lakh per 10 grams for December delivery on MCX, as the weaker US dollar and lower Treasury yields provided support to precious metals. At around 1:58 p.m., December gold futures were trading at ₹1,47,836, up 1.36% from the previous close of ₹1,45,848, though the yellow metal remained below the crucial ₹1,48,000 mark. On the Multi Commodity Exchange, the yellow metal contract for December delivery traded higher by ₹2,033, or 1.36 per cent, at ₹1,47,881 per 10 gm in a business turnover of 1,567 lots. Fresh positions by market participants led to a rise in the precious metal's prices, analysts said. Gold futures rose 0.81% to $4,138.72 per ounce in New York, tracking the international recovery. Silver futures gained 1.30% to ₹2.13 lakh per kilogram, with international silver rising 0.46% to $57.68 per ounce, according to CNBC TV18. The physical gold prices did not find comfort from the decline in crude oil prices after a five-consecutive-day rally, indicating that elevated inflation concerns continue to drive precious metals lower.
The US Consumer Price Index (CPI) data released on Wednesday has again boosted expectations of a Federal Reserve rate hike during the monetary policy meeting scheduled for October 27–28. Previous reports suggested lower chances of a rate hike during the October meeting after Federal Reserve policymakers indicated that "There is no need for urgency" following softer US data. However, the higher-than-expected CPI spike in September, driven by surging gasoline costs, has changed market expectations. The precious metals complex received a boost as Federal Reserve Chair Kevin Warsh refrained from providing fresh guidance on monetary policy during the IMF-World Bank Annual Meetings in Bangkok, reducing concerns about aggressive policy tightening and easing fears of back-to-back rate hikes. Kaynat Chainwala, AVP Commodity Research at Kotak Neo, noted that the move follows a strong performance on Thursday, when gold surged about 1.6% and silver gained more than 3% as the U.S. dollar weakened and benchmark 10-year Treasury yields eased. Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions, highlighted that markets still price a 28% chance of a Fed hike this month and 89% for December, after US September PPI jumped 6.3% y/y, the strongest in 3.75 years. Middle East tensions, including a container ship sunk in the Strait of Hormuz, added further safe-haven support.
In India, on Saturday, October 17, 24K gold prices are currently at ₹1.47 lakh per 10 gm, while Silver is at ₹2.13 lakh per kg, as per Goodreturns. 22K gold stands at ₹1.35 lakh per 10 gm, while 18K gold is priced at ₹1.11 lakh per 10 gm. City-wise gold rates show Mumbai at ₹1.47 lakh per 10gm, Delhi at ₹1.47 lakh, Chennai at ₹1.47 lakh, Kolkata at ₹1.47 lakh, and Bengaluru at ₹1.47 lakh per 10gm. Silver 999 Fine prices vary across cities, with Mumbai at ₹2.13 lakh per kg, Delhi at ₹2.13 lakh, Chennai at ₹2.13 lakh, Kolkata at ₹2.13 lakh, and Bengaluru at ₹2.13 lakh per kg. Hyderabad shows 24K gold at ₹1.47 lakh and silver at ₹2.13 lakh per kg, demonstrating regional price variations across major Indian cities. In the retail market, gold is sold in 24-karat and 22-karat purity, with 24-karat gold considered the purest form and 22-karat gold commonly used for jewellery because it is more durable.
Tanishq's official rate page listed 22-carat gold at ₹13,575 per gram on October 17, with 22-carat gold prices standing at ₹13,575 per 1 gram, at ₹108,600 per 8 grams, at ₹135,750 per 10 grams and at ₹1,357,500 per 100 grams. On October 17th, 22-carat gold has surged by ₹20 in 1 gram, up by ₹160 in 8 grams, higher by ₹200 in 10 grams and climbed by ₹2,000 in 100 grams. 24-carat gold rates stood at ₹14,809 per 1 gram and ₹1,48,090 per 10 grams. IBJA rates show 999 purity gold at ₹14,643 per 1 gram, while 995 purity and 916 purity gold rates stood at ₹14,584 and ₹13,413 per 1 gram respectively. Malabar Gold rates are at ₹13,535 per 1 gram in 22-carat and ₹14,765 per 1 gram in 24-carat. Joyalukkas rates are applicable in states like Andhra Pradesh, Delhi, Gujarat, Karnataka, Kerala, Maharashtra and Odisha, with rates at ₹13,535 per 1 gram in 22-carat. Bullion prices provide a reference for the precious metal itself and are different from the final retail price of jewellery, with 24-carat gold quoted at ₹14,860 per gram and 22-carat gold at ₹13,622 per gram according to Bullions.co.in for October 16 at 9:55 a.m. If you are planning a jewellery purchase today or over the weekend, compare prices for the same purity and weight across retailers, as a lower quoted gold rate does not necessarily mean a lower final bill, as making charges and other costs can differ.
MCX Gold Mini 5 November futures were near ₹1,46,080, recovering after approaching the support at ₹1,44,417. Price is testing its 20 hour EMA while remaining below the 50 hour EMA, with the shorter average below the longer average keeping the broader structure weak. Negative DI is marginally above positive DI, while ADX at 43.62 remains elevated but is falling, suggesting that the earlier downtrend is losing strength. An hourly close above the 20 hour EMA near ₹1,46,096, followed by sustained buying, could extend the recovery towards ₹1,47,005–₹1,47,162. On the downside, ₹1,44,417 remains the key support, with a decisive break below it signaling renewed weakness. MCX Silver Mini 30 November futures were near ₹2,13,601, rebounding after testing support around ₹2,10,701. Price remains below its declining 20 hour and 50 hour EMAs, with the shorter average below the longer average. Negative DI remains above positive DI, while ADX at 62.85 indicates a strong prevailing downtrend, though ADX has started easing as the rebound develops, suggesting some moderation in selling strength. Vikram Subburaj, CEO of Giottus.com, said gold needs to sustain above ₹1.48 lakh per 10 grams to strengthen its recovery, while for silver holding above ₹2.08 lakh per kilogram and moving decisively beyond ₹2.11 lakh would support further momentum. Justin Khoo, Senior Market Analyst – APAC at VT Markets, identified $4,280 as a level to watch for gold, with $4,055 as downside support, while for silver he highlighted $58.95 and $57.40 as downside levels.
