Precious metals kicked off the new month on a decisive front on Thursday, October 1, 2026as gold and silver prices witnessed an aggressive rebound across both international and Indian domestic markets, surging by up to ₹2,500. Snapping a sharp two-day decline earlier in the week, bullion counters staged a strong recovery supported by heavy institutional dip-buying and bullish global tailwinds. With the festive season and wedding demand fast approaching, the sudden spike has brought renewed attention to daily retail rates, sending 24-carat gold above ₹1.49 lakh per 10 grams while physical silver surged toward ₹2.26 lakh per kilogram.
Global Rally on Comex: Gold Reaches $4,195 as Silver Surges Over 1.4%
The morning momentum on domestic exchanges was directly fueled by an overnight turnaround in overseas commodity trading hubs:
Comex Gold Climbs: Spot gold in international trade advanced by 0.20 percenttouching $4,195.10 per ounce on the New York Comex exchange as safe-haven bids stabilized.
Silver Gains 1.43% Overseas: International silver prices experienced an even sharper rally, gaining 1.43 percent to trade firmly at $61.45035 per ounce.
Currency Fluctuations Cap Headroom: While positive global risk-hedging sentiment underpinned the upward price action, intermittent volatility in the US Dollar Index prevented runaway runaway gains, keeping the broader advance measured.
Domestic Bullion Surge: Rates at Physical Jewelers and Spot Counters
Physical jewelry showrooms and regional bullion markets in India opened with sharp upward revisions across all major purity tiers:
24-Carat Pure Gold: Highest purity 24-carat gold traded around ₹1,49,170 per 10 gramstesting the critical ₹1.49 lakh psychological threshold.
22-Carat Jewelry Gold: Popular bridal jewelry 22-carat gold was quoted at approximately ₹1,37,700 per 10 gramsadding significant cost to festive budgets.
18-Carat Gold Rates: Affordable and lightweight 18-carat gold stood at approximately ₹1,12,400 per 10 grams.
Retail Silver Prices: Across physical silver spot markets in India, retail quotes pushed higher to touch around ₹2,26,360 per kilogramreflecting the steep global recovery.
MCX Trading Performance: Gold Gains ₹500, Silver Jumps ₹2,100
Derivative contracts on India’s Multi-Commodity Exchange (MCX) mirrored the physical price action with aggressive buyer participation:
| Exchange / Market Asset | Trading Contract / Form | Morning Gain (₹) | Current Trading Price (₹) |
|---|---|---|---|
| MCX Gold | October Delivery (per 10g) | +₹500 | ₹1,49,489 |
| MCX Silver | Near-Month Delivery (per 1kg) | +₹2,100 | ₹2,25,740 |
| Spot 24K Gold | Bullion Spot (per 10g) | +₹700 to ₹1,000 | ₹1,49,170 |
| Spot Silver | Bullion Spot (per 1kg) | +₹2,000 to ₹2,500 | ₹2,26,360 |
Futures open interest expanded as technical traders triggered stop-and-reverse positions following the breakout above early morning resistance lines on MCX.
Why Are Gold and Silver Rising Today? Key Triggers Behind the Rally
Commodity strategists point to a blend of value-buying and macro signals driving the first-of-the-month spike:
Aggressive Dip Buying: Following steep losses over the past two sessions, market participants stepped in with aggressive value purchases, capitalizing on discounted price levels before the peak festive rush.
Analyst Commentary: Gaurav Garg, Research Head at brokerage firm Lemon, pointed out that traders actively accumulated gold contracts at discounted valuations following the recent pullback, providing strong foundational support for the price recovery.
Festive Season Demand Cushion: With Dussehra and Diwali festivities on the immediate horizon, physical jewelers and retail investors are ramping up replenishment inventories, creating steady demand that cushions downside price corrections.