Gold Rate Today: 24K Gold at ₹1,37,772 per 10g on 2 November 2026, Down ₹3,119

Key Takeaways

• IBJA 999-purity gold was quoted at ₹1,37,772 per 10 grams in the 2 November AM fixing, down ₹3,119 from ₹1,40,891 in the previous trading day's AM benchmark.
• The day-on-day decline in 999 gold was 2.21%, based on a like-for-like comparison with the 30 October AM fixing.
• IBJA silver 999 stood at ₹1,80,080 per kg, down ₹3,720, or approximately 2.02%, from ₹1,83,800 per kg.
• The IBJA rates exclude GST and making charges, meaning retail jewellery prices can differ from the benchmark rates shown here.

Gold Price Today

India's benchmark 999-purity gold rate stood at ₹1,37,772 per 10 grams in the IBJA AM fixing on Monday, 2 November 2026. That was ₹3,119 below the previous trading day's AM rate of ₹1,40,891, representing a decline of approximately 2.21%.

The fall was broad-based across the IBJA purity categories. Silver also moved lower on the domestic benchmark, with silver 999 declining to ₹1,80,080 per kg from ₹1,83,800 per kg.

Gold Rates on 2 November 2026

The rates shown above exclude 3% GST and making charges.

How Much Did Gold Fall Today?

The IBJA 999 gold benchmark declined by ₹3,119 per 10 grams, from ₹1,40,891 on 30 October to ₹1,37,772 in the 2 November AM fixing.

The percentage change was:

(₹1,37,772 − ₹1,40,891) ÷ ₹1,40,891 × 100 = −2.21%

The decline across the other purity categories was also approximately 2.21%, reflecting the purity-linked structure of the benchmark rates.

Silver 999 declined by ₹3,720 per kg, equivalent to approximately 2.02%.

What Is Driving Gold Prices?

The international bullion backdrop was mixed on Monday. Spot gold recovered in early global trading to around $3,900 an ounce after the sharp decline seen in the previous session. Softer crude prices reduced some immediate inflation pressure, while investors continued to assess expectations for US interest rates and Federal Reserve policy.

Domestic IBJA benchmark rates do not necessarily move point-for-point with an international spot quote observed later in the day. The domestic benchmark also reflects the timing of the fixing and the rupee conversion environment. For that reason, today's international rebound should not be treated as inconsistent with the lower like-for-like IBJA AM reading.

What Can Lower Gold Prices Mean for Indian Markets?

Jewellery Companies

A lower benchmark gold price reduces the rupee value of a fixed quantity of bullion inventory, all else being equal. It can also reduce the cash required to purchase the same weight of fresh inventory.

The actual effect on a jewellery company's margins depends on inventory accounting, hedging arrangements, product mix and the extent to which changes in raw-material prices are passed through to customers.

Consumer Demand

For consumers, a lower gold rate reduces the metal cost of purchasing a fixed quantity of gold before GST and making charges.

For example, the benchmark value of 10 grams of 999-purity gold was ₹3,119 lower in the 2 November AM fixing than in the 30 October AM fixing.

Actual jewellery bills depend additionally on purity, making charges, taxes and retailer pricing.

Gold Imports

India imports a significant proportion of the gold required for domestic consumption.

If international gold prices or the effective rupee landed cost decline while import volumes and other factors remain unchanged, the value of gold imports can decline. The eventual effect on India's external accounts also depends on import volumes, the exchange rate and other trade flows.

Gold-Loan Businesses

Gold prices influence the assessed value of jewellery pledged as collateral.

A lower benchmark value can reduce the rupee value assigned to the same quantity and purity of pledged gold. Under a fixed loan-to-value framework, this can affect the maximum amount that can be lent against new collateral and reduce the valuation cushion on existing collateral.

Broader Markets

Gold is monitored alongside the US dollar, bond yields, inflation expectations, interest rates and geopolitical developments.

Changes in gold therefore provide cross-asset information, but a single day's gold-price movement does not determine the direction of Indian equities, currencies or other asset classes.