Gold, silver prices on October 23: Check latest rates in Delhi, Mumbai, Kolkata, other cities

Indian gold and silver markets remained under pressure on October 23 across 24-carat, 22-carat, and 18-carat purities. Benchmark gold rates stand at ₹1,43,630 per 10 gm while silver trades at ₹2,00,380 per kg.

On the Multi Commodity Exchange (MCX), gold futures were down by 0.75% at ₹1,42,249 per 10 gm, whereas silver futures fell by 2.25% at around ₹1,95,105 per kg at the time of writing this story.

Higher interest rates remain a headwind for non-yielding gold, with markets also watching global economic risks and rising geopolitical tensions in the West Asia region.

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In the physical retail market, gold is primarily bought in 24-karat and 22-karat options. While 24-karat represents pure gold, 22-karat remains the preferred choice for crafting ornaments because the mixed alloys deliver greater durability.

Prices in India remain anchored by international spot bullion trends, USD/INR currency dynamics, and anticipatory retail demand ahead of peak festival shopping.

The rates quoted in benchmark tables and store listings reflect base bullion prices. Retail gold purchases in India attract a standard 3% GST on the value of the metal, plus a separate 5% GST on the jewellery making charges. Import duties and local transport surcharges also influence regional price variations across states.

Check the latest gold rates here

Check the latest silver rates here

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Gold rates at top jewellers

Leading retail chains kept prices mostly unchanged on October 18, 2026. Major brands including Joyalukkas and Malabar Gold & Diamonds quoted 22K gold at ₹13,235 per gram across most states. Tanishq listed its 22K gold rate at ₹13,275 per gram. For 24-carat gold, Malabar quoted ₹14,438 per gram, while Tanishq stood at ₹14,482 per gram.

Minor retail rate disparities across brands stem from store-level pricing structures, inventory acquisition costs, and regional logistics, even as global commodity trends determine overall market direction.

*24K Tanishq rate estimated based on the prevailing purity premium over 22K gold.

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Joyalukkas 22K Gold Rate by State