What happened
The price of 99.9% pure gold came down by ₹3,200 to ₹1,42,000 per 10 grams, the All India Sarafa Association’s quote as relayed by PTI in a Mint report published on 1 November. Silver lost ₹4,200 and was quoted at ₹1,86,000 per kg.
PTI linked the fall to higher energy rates, worries about inflation and a view that US monetary policy would stay tight. The gold quote was last this high, at ₹1,42,300 per 10 grams, on 26 December 2025. Silver last traded around these levels on 8 December 2025, at ₹1,85,000 per kg.
In overseas trade, spot gold (the price for immediate delivery) lost $145.84, close to 4%, and ended Friday at $3,875.55 per ounce. That was its weakest level in more than a year. Spot silver shed $3.04, or 6%, and settled at $49.12 per ounce.
Rajeev Sharan, Head of Research at Brickwork Ratings, described October as a volatile month for both metals. He pointed to investors booking profits, a firmer US dollar, high bond yields and fading hopes of early interest rate cuts.
Retail rates on 1 November
Mint listed these city rates for Sunday, 1 November 2026. Gold is per 10 grams and silver (999 fine) is per kg.
| City | 24K gold | 22K gold | 18K gold | Silver 999 |
|---|---|---|---|---|
| Mumbai | ₹1,38,590 | ₹1,27,041 | ₹1,03,943 | ₹1,79,120 |
| Delhi | ₹1,38,350 | ₹1,26,821 | ₹1,03,763 | ₹1,78,810 |
| Kolkata | ₹1,38,400 | ₹1,26,867 | ₹1,03,800 | ₹1,78,880 |
| Chennai | ₹1,38,990 | ₹1,27,408 | ₹1,04,243 | ₹1,79,640 |
| Bengaluru | ₹1,38,700 | ₹1,27,142 | ₹1,04,025 | ₹1,79,260 |
| Hyderabad | ₹1,38,810 | ₹1,27,243 | ₹1,04,108 | ₹1,79,400 |
| Ahmedabad | ₹1,38,770 | ₹1,27,206 | ₹1,04,078 | ₹1,79,350 |
What it means for you
Karat shows purity: 24K is the purest form, while 22K and 18K contain more other metals and cost less per gram. If you are pricing jewellery, the Gold Jewellery Price Calculator can help estimate a total. If you plan to borrow against gold, see gold loan rules.
Background
NDTV Profit reported that gold and silver rebounded in international markets on 2 November after the sharp fall. Comex gold gained 0.24% to $3,908.30 per ounce and silver rose 1.05% to $49.795. On Tuesday, 3 November, NDTV Profit said both metals came under fresh pressure internationally after recovering on Monday.
