At 12 pm on September 24, the MCX gold index stood at ₹1,13,677 per 10 gm, while MCX silver was priced at ₹1,34,831 per kg, according to the official website.
As per the Indian Bullion Association (IBA), 24-carat gold was at ₹1,14,310 per 10 gm, and 22-carat gold was at ₹1,04,784 per 10 gm. Silver (999 Fine) was priced at ₹1,34,910 per kg.
Note: Retail customers may see higher prices as jewellers typically add making charges, taxes, and GST.
Gold & Silver Prices in Major Cities (September 24)
Mumbai
Gold bullion: ₹96,810/10 gm
MCX Gold: ₹96,547/10 gm
Silver bullion: ₹1,07,460/kg
MCX Silver 999: ₹1,07,609/kg
Delhi
Gold bullion: ₹96,640/10 gm
MCX Gold: ₹96,547/10 gm
Silver bullion: ₹1,07,280/kg
MCX Silver 999: ₹1,07,609/kg
Kolkata
Gold bullion: ₹96,680/10 gm
MCX Gold: ₹96,547/10 gm
Silver bullion: ₹1,07,320/kg
MCX Silver 999: ₹1,07,609/kg
Bengaluru
Gold bullion: ₹96,890/10 gm
MCX Gold: ₹96,547/10 gm
Silver bullion: ₹1,08,550/kg
MCX Silver 999: ₹1,07,609/kg
Hyderabad
Gold bullion: ₹96,930/10 gm (typo in source corrected)
Gold prices vary between cities due to differences in local demand and supply, transportation and logistics costs, local taxes and import duties, and currency exchange rates, all of which influence the final cost of bringing gold from the global market to the local retailer.
There’s a smarter way to manage your gold than a traditional bank locker. Here’s why lockers may not be ideal:
Limited insurance coverage: If your 500 grams of gold (worth ₹50 lakh) is stolen, the bank compensates only around 100 times the locker rent—roughly ₹2–5 lakh depending on locker size.
Availability issues: Many bank branches have long waiting lists for lockers, and getting one can take time.
Enter Gold Overdraft (OD) Facilities
With this option, you submit your gold to the bank and can take a loan against it. Here’s how it works:
The bank values your jewellery and keeps it safely in its vault—exactly as it is, no melting or modifications.
You can get a loan of up to ~70% of the gold’s value.
Interest is only charged if you actually use the loan; many people keep the OD unused, simply as a way to secure their gold.
The bank insures the gold and provides proper documentation.
Costs:
Processing fee and stamp duty are around 1% of the OD amount.
For example, for a ₹50 lakh gold piece with a ₹35 lakh OD, charges are about ₹35,000.
Spread over multiple years, this can cost significantly less than yearly locker rent, while offering insurance coverage and peace of mind.
Banks offering Gold OD include Union Bank, HDFC, Canara Bank, Federal Bank, and several others.
This solution may not suit everyone, but for those seeking psychological security and insured storage, it’s worth considering.
Note: Retail customers may see higher prices as jewellers typically add making charges, taxes, and GST.