Gold, silver prices today, October 16: Precious metals extend recovery; check 22K, 24K, 18K rates before buying jewellery this festive weekend

Gold and silver prices traded higher on Friday, October 16, 2026, as precious metals continued their recovery after recent losses.

On the Multi Commodity Exchange (MCX), gold futures moved above ₹1.48 lakh per 10 grams, while silver futures climbed past ₹2.13 lakh per kilogram.

Gold rate today in India

According to Goodreturns, 24-carat gold was priced at ₹14,759 per gram in Delhi on October 16, while 22-carat gold was quoted at ₹13,530 per gram. In Mumbai, 24-carat gold stood at ₹14,744 per gram and 22-carat gold at ₹13,515 per gram.

The indicative rates across major cities were as follows:

Gold bullion rates today

Bullion prices provide a reference for the precious metal itself and are different from the final retail price of jewellery.

According to the Bullions.co.in for October 16 at 9:55 am IST, the gold rate stood at ₹1,48,600 per 10 grams for 24-carat gold.

Silver rate today in India

Silver prices also moved higher on Friday. Bullions.co.in quoted 999-purity silver at ₹2,13,480 per kilogram at 9:55 am IST on October 16.

These are indicative prices. Retail silver coins, utensils and jewellery may cost more depending on the product, retailer and applicable charges.

Gold rates at Tanishq, Kalyan Jewellers and other retailers

Tanishq's official rate page listed 22-carat gold at ₹13,555 per gram on October 16.

The latest reported rates available for Kalyan Jewellers, Malabar Gold & Diamonds and Joyalukkas were ₹ 13,515 per gram for 22-carat gold.

Before purchasing jewellery, check the current rate with the retailer in your city and ask for an itemised bill.

Why did gold prices rise?

Gold futures recovered on Thursday after three consecutive sessions of losses, supported by value buying and a retreat in the US dollar.

On the MCX, gold futures for December delivery rose by ₹2,041, or 1.4%, to ₹1,47,889 per 10 grams on October 15. The recovery followed a decline of ₹5,651, or nearly 4%, over the previous three sessions from ₹1,51,499 per 10 grams on October 9.

Market participants attributed the rebound to a weaker US dollar and easing pressure from crude oil prices. Lower US Treasury yields also supported international bullion prices.

However, uncertainty over the US Federal Reserve's interest-rate outlook continues to influence precious metals. Currency movements can also affect domestic gold prices.

What should jewellery buyers keep in mind?

If you are planning a jewellery purchase today or over the weekend, compare prices for the same purity and weight across retailers. A lower quoted gold rate does not necessarily mean a lower final bill, as making charges and other costs can differ.

Some jewellers may carry forward Friday's rate over the weekend, while others may follow different pricing practices. Confirm the applicable rate before placing an order.