Gold Rate Today: 24K Gold at ₹1,46,514 per 10g on 16 October 2026, Up ₹950

IBJA publishes its gold rates per 10 grams and silver rates per kilogram. The quoted rates exclude GST and making charges. 

How Much Did Gold Fall Today? 

The like-for-like comparison between the 16 October AM fixing and the 15 October AM fixing shows that 999-purity gold increased from ₹1,45,564 to ₹1,46,514 per 10 grams. 

The movement was: 

Absolute change: +₹950 per 10 grams 

Percentage change: +0.65% 

The proportional increase was similar across the other published gold purities, with 995, 916, 750 and 585 gold all rising by approximately 0.65%. 

Silver moved from ₹2,07,098 to ₹2,10,312 per kg, an increase of ₹3,214 or approximately 1.55%. 

What Is Driving Gold Prices? 

The domestic AM benchmark does not by itself identify a single reason for the movement. International bullion prices, the US dollar, interest-rate expectations and the rupee can all influence domestic pricing. 

In international trading on 16 October, spot gold was around 0.4% higher at $4,187.66 an ounce at 09:05 GMT, while the US Dollar Index was about 0.3% lower at 101.78. A weaker dollar can reduce the currency-adjusted cost of dollar-denominated bullion for holders of other currencies. 

Monetary-policy expectations were also being assessed after the US Federal Reserve raised interest rates by 25 basis points in September. Changes in interest rates and bond yields can affect the opportunity cost associated with non-yielding assets such as gold. 

For Indian prices, the USD/INR exchange rate is another transmission channel. Even when international bullion prices are unchanged, changes in the rupee's value against the dollar can alter the domestic rupee cost of imported gold. 

What Can Higher Gold Prices Mean for Indian Markets? 

Jewellery Companies 

Gold is a major raw material and inventory item for jewellery businesses. A higher unit price can increase the rupee value of inventory and the amount of working capital required to maintain the same physical quantity. 

The eventual effect on a company also depends on inventory management, hedging arrangements, product mix and how effectively raw-material costs are passed through to customers. 

Consumer Demand 

For a consumer purchasing a fixed quantity of gold, the benchmark cost has increased. 

At the 999-purity benchmark, 10 grams cost ₹950 more in the 16 October AM fixing than in the previous AM fixing, before GST, making charges and retailer-specific costs. 

Actual jewellery prices can differ because ornaments generally use different purities and include making charges and taxes. 

Gold Imports 

India imports a significant proportion of the gold it consumes. If the international price of gold rises while import volumes and exchange rates remain unchanged, the dollar value of the import bill for the same quantity increases. 

The actual effect on India's external balance also depends on physical import volumes, the rupee-dollar exchange rate and movements in other trade categories. 

Gold-Loan Businesses 

Changes in gold prices alter the market value of gold pledged as collateral. 

A higher benchmark can increase the assessed value of a fixed quantity of eligible collateral. The amount that can be financed against that collateral, however, also depends on applicable loan-to-value requirements, lender policies and regulatory rules. 

Broader Markets 

Gold is monitored alongside currencies, bond yields, interest-rate expectations and other commodities because all can reflect changing global financial conditions. 

These relationships are not mechanical enough to determine the direction of Indian equity indices from a single day's gold-price movement.