Gold prices remained under pressure on October 2, 2026, with rates in major Indian cities hovering below their recent levels. In Delhi, 24-carat gold was quoted at ₹1,49,400 per 10 grams, while 22-carat gold stood at ₹1,36,940 per 10 grams, according to the rates cited in the report.

Mumbai, Kolkata, Chennai, Hyderabad and Bengaluru had slightly lower rates, with 24-carat gold quoted at ₹1,49,230 per 10 grams and 22-carat gold at ₹1,36,790.

Silver also remained subdued, with the domestic price cited at ₹2,34,900 per kilogram on the morning of October 2.

The latest movement comes after a volatile week for precious metals. According to the report, gold has fallen by around ₹2,800, or approximately 2%, during the week, even though prices had seen gains in some recent sessions.

Gold Price in Delhi on October 2

Gold remained close to the ₹1.5 lakh level for 24-carat purity in the national capital.

The October 2 rate for 24K gold in Delhi was ₹1,49,400 per 10 grams, while 22K gold was quoted at ₹1,36,940.

A day earlier, 99.9% pure gold in the Delhi bullion market had reportedly risen by ₹500. Despite that increase, the broader weekly trend remained weaker, with gold losing around ₹2,800 during the week, according to the figures cited in the report.

Gold Rates in Mumbai, Kolkata and Chennai

Mumbai's 24-carat gold rate stood at ₹1,49,230 per 10 grams, while 22-carat gold was priced at ₹1,36,790.

Similar rates were cited for Kolkata and Chennai.

In Ahmedabad and Bhopal, 24-carat gold was quoted at ₹1,49,280 per 10 grams, while 22-carat gold stood at ₹1,36,840.

Jaipur, Lucknow and Chandigarh had the same quoted rates as Delhi, with 24-carat gold at ₹1,49,400 and 22-carat gold at ₹1,36,940 per 10 grams.

Gold Price Today in Major Indian Cities

These are indicative rates cited for October 2. Actual jewellery purchase prices can differ because making charges, GST and other applicable costs may be added to the underlying gold price.

What Is Happening to Gold in the International Market?

International gold prices also remain an important factor for India's bullion market.

According to the report, spot gold was trading at around $4,165.29 per ounce in the international market.

Gold prices are influenced by several global factors, including US interest-rate expectations, inflation data, movements in the US dollar, bond yields, geopolitical developments and central-bank demand.

Changes in the rupee-dollar exchange rate can also affect Indian gold prices because India depends heavily on imports to meet domestic gold demand.

US Inflation and Federal Reserve Expectations in Focus

The report cited softer US inflation data as one factor influencing expectations surrounding the US Federal Reserve's monetary-policy path.

Interest-rate expectations matter for gold because the precious metal itself does not generate interest. Changes in yields and expectations for monetary policy can therefore affect investor demand for bullion.

However, gold prices do not move on a single factor. Currency markets, geopolitical uncertainty, investment flows and physical demand can all influence prices simultaneously.

HSBC Revises Gold Price Forecast

According to Reuters, HSBC has lowered its average gold-price forecasts for 2026 and 2027 to $4,490 per ounce and $4,825 per ounce, respectively.

The bank reportedly expects gold to remain under pressure in the near term.

At the same time, HSBC expects central banks could return more actively to the market if gold prices decline substantially, particularly toward $4,000 per ounce or below, according to the report.

These figures are forecasts rather than guaranteed future prices. Actual gold prices can move differently depending on economic conditions, central-bank policies, geopolitical events and investment demand.

Silver Price Today: Check October 2 Rate

Silver also traded on a weaker note in the rates cited for October 2.

Domestic silver was quoted at approximately ₹2,34,900 per kilogram on Friday morning.

In the international market, spot silver was around $60.51 per ounce.

Like gold, silver is affected by global economic conditions, currency movements and investor sentiment. However, silver also has substantial industrial demand, which can make its price movements different from those of gold.

Why Gold and Silver Prices Keep Changing

Precious-metal prices in India are influenced by both domestic and international factors.

International bullion prices provide an important benchmark, while movements in the rupee against the US dollar can change the domestic cost of imported gold.

Global interest rates, inflation expectations and bond yields can also influence demand for gold as an investment asset. Geopolitical uncertainty can increase safe-haven demand, while easing concerns can sometimes reduce it.

Domestic festive and wedding-season demand may additionally affect physical-market activity in India.

Gold and Silver Price Today: Key Takeaway

On October 2, 2026, 24-carat gold was quoted at ₹1,49,400 per 10 grams in Delhi and Jaipur, while the 22-carat rate stood at ₹1,36,940. In Mumbai, Kolkata, Chennai and Hyderabad, 24-carat gold was cited at ₹1,49,230 and 22-carat gold at ₹1,36,790 per 10 grams.

Silver was quoted at around ₹2,34,900 per kilogram, while international spot silver stood near $60.51 per ounce.

With gold down around ₹2,800, or approximately 2%, over the week according to the report, buyers and investors should keep an eye on international bullion prices, the rupee-dollar exchange rate, US monetary-policy expectations and domestic demand before interpreting short-term price movements.