Gold and Silver Prices See Mixed Trends on Diwali Across Major Indian Cities

Hyderabad: As India celebrates Diwali, gold prices opened higher on the MCX on Monday, October 20, buoyed by strong domestic demand and a weaker US dollar, while silver saw a slight dip.

MCX December futures for gold rose 0.87% to ₹1,28,108 per 10 grams by 10:21 am, whereas silver December contracts declined 0.18% to ₹1,56,328 per kg. Retail prices of 24-carat gold were ₹1,28,330 per 10 grams, and 22-carat gold was trading at ₹1,17,636 per 10 grams. Silver (999 fine) was priced at ₹1,56,560 per kg, according to the Indian Bullion Association.

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Here’s a snapshot of gold and silver rates in major cities today:

Mumbai: Gold bullion ₹1,28,050/10 gm, MCX ₹1,28,033/10 gm; Silver ₹1,56,490/kg, MCX ₹1,56,462/kg.
Pune: Gold ₹1,28,050/10 gm, MCX ₹1,28,033/10 gm; Silver ₹1,56,490/kg, MCX ₹1,56,462/kg.
Delhi: Gold ₹1,27,830/10 gm, MCX ₹1,28,033/10 gm; Silver ₹1,56,220/kg, MCX ₹1,56,462/kg.
Kolkata: Gold ₹1,27,860/10 gm, MCX ₹1,28,033/10 gm; Silver ₹1,56,270/kg, MCX ₹1,56,462/kg.
Ahmedabad: Gold ₹1,28,200/10 gm, MCX ₹1,28,033/10 gm; Silver ₹1,56,680/kg, MCX ₹1,56,462/kg.
Bengaluru: Gold ₹1,28,080/10 gm, MCX ₹1,28,033/10 gm; Silver ₹1,56,530/kg, MCX ₹1,56,462/kg.
Hyderabad: Gold ₹1,28,180/10 gm, MCX ₹1,28,033/10 gm; Silver ₹1,56,462/kg, MCX ₹1,56,462/kg.
Chennai: Gold ₹1,28,350/10 gm, MCX ₹1,28,033/10 gm; Silver ₹1,56,860/kg, MCX ₹1,56,462/kg.

Experts note that retail buyers should account for additional making charges, taxes, and GST, which may raise the final price at local jewellers.

With Diwali marking one of the peak buying seasons for gold in India, the upward trend in prices reflects both consumer demand and global market influences. Silver, however, has shown minor corrections despite the festival season.

This Diwali, investors and jewellery buyers are keeping a close watch on both metals, balancing festive purchases with investment considerations.