Gold and silver prices surge in India amid festive season demand

Gold and silver prices in India experienced significant volatility during early October 2026, driven by festive season demand and global economic indicators. On October 8, gold prices saw a sharp increase in Delhi, with 24-carat gold reaching ₹1,52,500 per 10 grams, a rise of ₹3,600 from the previous session. This surge is attributed to anticipated demand from upcoming festivals such as Navratri, Dussehra, Dhanteras, and Diwali.

On the Multi Commodity Exchange (MCX), gold benchmark December contracts opened higher, trading around ₹1,49,689 per 10 grams, while silver rose to approximately ₹2,23,806 per kilogram. These movements followed a period of decline caused by expectations regarding US Federal Reserve interest rate decisions and geopolitical tensions, including conflicts involving Houthi rebels in Yemen.

Retail prices varied across major Indian cities. In Delhi, 24-carat gold was priced near ₹1,49,320, while Chennai saw higher rates around ₹1,49,960 per 10 grams. Experts advise consumers to consider making charges, GST, and purity certifications like BIS Hallmarking when purchasing jewelry during this high-demand period.