Gold Slips ₹1,800 to ₹1,50,800 per 10 Grams as Stronger Rupee and Weak Global Cues Weigh
Gold price today reflects a third leg of weakness for domestic bullion: gold fell ₹1,800 to ₹1,50,800 per 10 grams on October 14, including all taxes, from ₹1,52,600 on Tuesday, according to the All India Sarafa Association. Silver declined ₹5,000 to ₹2.21 lakh per kg from ₹2.26 lakh per kg. Gold has shed ₹3,600 since October 9, and silver has lost ₹7,500 over the same period.
Price Snapshot
| Indicator | Previous | Current | Change |
|---|---|---|---|
| Gold, 99.9% (Sarafa, incl. taxes, per 10 g) | ₹1,52,600 | ₹1,50,800 | -₹1,800 |
| Silver (Sarafa, incl. taxes, per kg) | ₹2.26 lakh | ₹2.21 lakh | -₹5,000 |
| Domestic spot gold (per 10 g) | Not provided | ₹1,45,615 | -1.03% |
| Domestic spot silver (per kg) | Not provided | ₹2,14,436 | Lower |
| MCX gold futures, December (per 10 g) | Not provided | ₹1,45,850 | Flat to firmer |
| Spot gold, global (per ounce) | About $4,161 | $4,140.69 | -$20.51 (-0.49%) |
| Spot silver, global (per ounce) | Not provided | $58.49 | Down over 1% |
The Sarafa figures are inclusive of all taxes, which explains the gap with the spot and futures prices. Spot gold in global markets slipped below $4,150 an ounce to a fresh weekly low, and silver traded near a three-month low.
Rupee Adds Pressure
The rupee rose 19 paise to close at 95.17 against the dollar, its fourth straight session of gains, supported by RBI interventions meant to ease near-term dollar demand and limit speculative foreign exchange exposure. Traders said a stronger rupee makes dollar-priced bullion cheaper to import, which weighs on domestic prices. Garima Kapoor, chief economist at Elara Capital, said the rupee may hold a 93.50-95.50 range.
Analyst Views
Saumil Gandhi, senior analyst for commodities at HDFC Securities, said gold extended losses on weak global cues and a stronger rupee. Pankaj Singh, founder of SmartWealth.ai, said festive demand in India and sustained Chinese buying could cushion the downside, although further rupee appreciation may cap domestic prices; he described the near-term outlook as cautious, with currency moves likely to matter as much as international gold prices. Vedika Narvekar, research analyst at Anand Rathi Share and Stock Brokers, noted gold was trading weak on Wednesday.
City Rates
| City | 24K per gram | 22K per gram |
|---|---|---|
| Chennai | ₹14,825 | ₹13,589 |
| Mumbai | ₹14,825 | ₹13,589 |
| Delhi | ₹14,840 | Not clearly reported |
Rates were last updated at 8:15 AM IST on October 14.
Market and Sector Impact
Brent crude traded 1.41% lower in early futures trade. The currency has become a central driver for Indian bullion returns, alongside international prices.
What to Watch
Track whether the rupee extends its streak, the pace of festive-season purchases, global spot gold relative to $4,150, and any further RBI measures on dollar demand.