Gold and Silver Prices Rally on Mahanavami: 24K Gold Touches ₹1.48 Lakh

Kicking off the opening trading session of the week on an auspicious and bullish note for the festive occasion of Mahanavami, precious metal prices witnessed an across-the-board rally across both international bourses and Indian commodity exchanges on Monday, October 19, 2026. The surge in yellow and white metal rates materialized even as domestic macroeconomic data highlighted a historic contraction in bullion inflows, with India’s total gold imports plunging by 81.27% during September to settle at $1.8 billion. Buoyed by steady safe-haven buying and international price support on Comex, physical retail markets in India saw 24-carat gold holding firmly near ₹1.48 lakh per 10 grams, while industrial and retail demand pushed silver beyond the ₹2.12 lakh per kilogram milestone.Global Bourses Gain Altitude: Comex Gold Crosses $4,199 as Silver Nears $58International commodity benchmarks set a strong opening tone for Asian and European trading desks:Comex Gold Momentum: Spot gold on the New York Mercantile Exchange (Comex) climbed 0.45% during early morning trade to trade around $4,199.90 per troy ounce, drawing sustained investor interest amid broader macroeconomic volatility and currency movements.Comex Silver Outperforms: Silver outpaced yellow metal gains on global exchanges, climbing by 0.88% to change hands at $57.810 per ounce on robust industrial demand and speculative long positions.Imports Squeezed at Home: The sustained elevated price environment has visibly curbed physical intake by Indian jewellers and trading houses, as commerce ministry data confirmed that September imports contracted by over 81% year-on-year for the second consecutive month.Domestic Markets Follow Suit: 24-Carat Gold and Retail Rates SurgeJewellery and retail bullion counters across major metropolitan consumer hubs mirrored the global uptick:24-Carat Pure Gold Rates: In the domestic physical bullion market, fine 24-karat gold opened firm, trading at approximately ₹1,48,290 per 10 grams as festive Navratri shoppers made customary purchases.22-Carat and 18-Carat Hallmarked Jewellery: The standard 22-karat hallmark gold, widely used for festive bridal jewellery, traded near ₹1,35,933 per 10 grams, while 18-karat studded jewellery metal hovered around ₹1,11,218 per 10 grams.Physical Silver Spot Rates: Ready delivery silver in spot bullion bazaars changed hands at approximately ₹2,11,900 per kilogram, showing steady demand from both silver artifact buyers and industrial users.Futures Action on MCX: December Contracts Trade in the GreenActive derivative contracts on India's premier commodity exchange saw fresh liquidity injections as trading commenced:MCX Gold December Delivery: Gold futures for December delivery on the Multi-Commodity Exchange (MCX) gained ₹500, touching an intraday rate of ₹1,48,397 per 10 grams during early trading hours.MCX Silver Rally: Silver futures contracts on the MCX logged sharper momentum, adding ₹1,500 to trade at ₹2,12,595 per kilogram.Key Strategy for Festive Buyers: Market analysts advise retail buyers to carefully check spot hallmark bullion rates and local GST charges before making festive purchases, noting that elevated prices combined with limited domestic import physical inventory could keep regional premiums elevated throughout the festive stretch.