Gold, Silver Prices Today, October 8: 24K, 22K Gold And Silver Rates In Delhi, Mumbai, Bengaluru & More

Gold and silver prices remained in focus on October 8 as international bullion markets showed signs of recovery, while currency movements continued to influence domestic prices. International spot gold was trading 1.48% higher at just above $4,143 per ounce during the early session. US gold futures also gained 0.61%, reaching $4,166 per ounce.

The domestic bullion market had ended the previous session on October 7 with spot gold at Rs 1,46,961 per 10 grams and silver at Rs 2,20,500 per kilogram. On the futures market, MCX gold for December 4 delivery was at Rs 1,49,110 per 10 grams, while silver edged 0.09% higher to Rs 2,23,353 per kilogram.

For buyers, however, the actual retail price of gold differs across cities and according to purity. The 24K variety represents the highest purity, while 22K gold contains alloyed metals and is commonly used for jewellery. City-wise prices can also vary because of local demand, taxes, supply conditions and other market factors.

Market watchers are closely tracking whether gold can regain the Rs 1.50 lakh level. Vikram Subburaj, CEO of Giottus, said, "For Indian investors, the rupee remains important. Currency movements can amplify or cushion changes in international bullion prices." He described the market as corrective rather than decisively bearish.

According to Subburaj, gold needs to reclaim Rs 1.50 lakh, while silver needs to hold the Rs 2.22 lakh-Rs 2.23 lakh zone. These levels could help determine whether the recent weakness continues or buyers return to the market.

The rupee also remained an important factor after declining 43 paise to close at 96.78 against the US dollar on Wednesday. At the same time, Brent crude futures climbed 1.34% to $101.93 a barrel, keeping broader global-market movements relevant for precious metals.

Gold and silver prices can change during the day, and jewellery prices may differ from quoted bullion rates because of making charges, GST and other applicable costs. Buyers should therefore confirm the final rate with their jeweller before making a purchase.

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