Gold Rate Today, October 7: Compare 24K And 22K Prices Across India's Major Cities

Gold prices remained elevated across major Indian markets on Wednesday, October 7, with 24-carat gold trading around the ₹1.50 lakh mark per 10 grams. Reference rates published by All India Bullion (AIB) put 22-carat gold at around ₹1.27 lakh per 10 grams, while silver was trading close to ₹2.28 lakh per kg. The precious-metals market continued to attract attention as gold remained at historically high levels, keeping retail buyers, jewellery customers and investors focused on daily price movements. The rates quoted in bullion markets provide an indication of the underlying value of the precious metals, although consumers purchasing jewellery may pay more because of taxes, making charges and other costs added by retailers.

On the Multi Commodity Exchange (MCX), gold was trading at ₹1,50,130 per 10 grams on Wednesday. The price was ₹814, or 0.55%, higher than the previous close of ₹1,49,316. The move kept gold above the ₹1.50 lakh level in exchange trading and reflected continued strength in the domestic market. MCX prices are based on exchange-traded contracts and should not be confused with the final retail price of jewellery. The price quoted by a jeweller can vary depending on the product, purity, local market conditions, taxes, dealer margins and making charges. Consumers therefore need to check the complete price breakdown rather than relying only on the headline gold rate.

Silver also recorded gains on MCX during the session. Silver was trading at ₹2,27,365 per kg, up ₹1,278, or 0.57%, from its previous close of ₹2,26,087. The movement kept silver close to the ₹2.28 lakh-per-kg level cited in reference bullion rates. Like gold, silver prices can change during the trading day in response to developments in international commodity markets, currency movements, investor demand and expectations about interest rates. The two metals are widely tracked by investors as both financial assets and physical commodities, although their price behaviour can differ depending on industrial demand and broader market conditions.

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For buyers checking gold rates in Mumbai, Delhi, Bengaluru, Chennai and Kolkata, the quoted price can differ slightly from one city to another. There is no single retail rate that necessarily applies to every jeweller across the country. Local market conditions, transportation costs, dealer margins and applicable taxes can influence the final price. The purity of the gold is also important. Twenty-four-carat gold represents the highest commonly traded purity for bullion, while 22-carat gold is widely used for jewellery because it contains a small proportion of other metals that provide greater durability. As a result, consumers should compare like-for-like rates when checking prices across cities or jewellery stores.

The difference between bullion prices and jewellery prices is particularly important when gold is trading at elevated levels. A buyer purchasing 10 grams of 24-carat gold at a rate close to ₹1.50 lakh would see the metal value alone account for a substantial part of the purchase cost. Jewellery purchases can become more expensive after making charges and taxes are added. Making charges can vary according to the design, craftsmanship and retailer, meaning two ornaments containing the same quantity and purity of gold may have different final prices. Consumers should therefore ask jewellers for a detailed bill showing the gold rate, weight, purity, making charges and applicable taxes before completing a purchase.

The latest movement also highlights why daily gold and silver prices can be relevant beyond jewellery shopping. Investors and households often monitor precious metals as part of their broader savings and asset-allocation decisions. However, the exchange rate and reference bullion price can move during the day, while physical gold may involve additional costs when purchased and sold. Retail customers should consequently distinguish between the quoted bullion rate and the effective purchase or resale value of physical gold. On October 7, the key reference points were 24-carat gold around ₹1.50 lakh per 10 grams, 22-carat gold around ₹1.27 lakh per 10 grams and silver around ₹2.28 lakh per kg. Meanwhile, MCX gold stood at ₹1,50,130 per 10 grams and MCX silver at ₹2,27,365 per kg, with both contracts registering gains over their previous closes.

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