Gold Prices Rise Slightly on October 8 Amid Global Tensions
Gold and silver prices see modest increases as geopolitical uncertainties influence market trends.
24K gold priced at ₹149,820 per 10 grams today.
Silver 999 Fine rate stands at ₹224,130 per kg.
Geopolitical tensions, especially related to Iran, affect bullion markets.
On October 8, gold prices in India experienced a slight increase of approximately 0.35% in the domestic futures market during early trading hours. The MCX Gold for November delivery was quoted at ₹148,419 per 10 grams, while MCX Silver for December delivery rose by 0.06% to ₹223,700 per kg. This uptick is attributed to the growing demand for safe-haven assets amidst ongoing geopolitical tensions.
The backdrop of this price movement includes escalating conflicts in the Middle East, particularly the US-Iran situation. Iran's recent attacks on tankers in the Strait of Hormuz have raised concerns, especially as oil shipments in the region approach pre-war levels. The UK Maritime Trade Operations reported nine attacks so far this month, contributing to market uncertainty. Additionally, US President Donald Trump reaffirmed the country's control over maritime traffic in the region, further influencing market sentiments.
In the retail market, gold is available in both 24-karat and 22-karat varieties, with 24-karat being the purest form. As of today, the retail prices are as follows: 24-karat gold is priced at ₹149,820 per 10 grams, while 22-karat gold is at ₹137,335 per 10 grams. Silver prices are reported at ₹224,130 per kg, according to the Indian Bullion Association. It is important for customers to be aware that additional charges may apply, including making charges and taxes, which can increase the final price.
Across major Indian cities, the gold prices are as follows: in Mumbai, 24-karat gold is priced at ₹149,550, while in New Delhi, it stands at ₹149,290. Bengaluru's rate is ₹149,670, and Kolkata's is ₹149,350. Silver prices also vary slightly across cities, with Mumbai's rate at ₹223,720 per kg and New Delhi's at ₹223,340 per kg.
Looking ahead, gold prices have shown a significant increase over the past year, rising by over 75%, driven by safe-haven demand amid global economic uncertainties. Silver has seen even sharper increases, with prices climbing from ₹78,600 per kg in 2023 to over ₹240,000 per kg by October 2026. However, silver may continue to experience more volatility compared to gold due to its dual role as both a precious and industrial metal.
