Gold and silver prices in your city on October 7: hit a new all-time record high today, on October 7 (Tuesday) amid a continued United States government shutdown and on high hopes that the US Federal Reserve will cut interest rates this month.
At around 10.30 am, gold MCX prices hit the all-time high of ₹1,20,900 per 10 grams, while silver MCX prices were trending at ₹1,47,800 per kg, at the time. At time of writing, around 12.40 pm, gold and silver rates had slightly eased to ₹1,20,286/10 grams and ₹1,47,356/kg, respectively.
In the international spot market, according to a Reuters report, Spot hit an all-time high of $3,977.19 in the morning session; and US gold futures for December delivery gained 0.2 per cent to $3,985.30.
Silver and gold prices today: Expert View
According to Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures, the hike in gold prices reflects “a renewed upside impulse”.
“This move is based on safe haven demand potentially ahead of central banks easing, but also as a result of price weakness in the rupee. The findings mean that the dip could be seen as an opportunity for further buying rather than an inflection point for a potential reversal to the downside,” she added.
According to Kamboj, the seasons adds a layer to the increased price, and could provide momentum.
On silver, she noted that the momentum is likely built on tight supply and speculative buying. “For , silver offers higher-beta exposure to the precious‐metals theme, albeit inherently more volatile than gold. Around Dussehra, many investors refer to the convenience of purchasing silver coins and small bars, as festive investments, subtly driving demand among retail buyers. Overall, silver’s rally seems to be sustainable in the cycle, especially if inflationary pressures globally and industrial usage continue to support silver prices,” she added.
Gold, Silver are ‘safe haven’ investments
Overall, experts feel that gold and silver are bets that investors can make to safeguard their portfolios in these volatile markets and with increased risk aversion.
Over the past 20 years, gold prices have skyrocketed by an impressive 1,200 per cent from ₹7,638 in 2005 to over ₹1,00,000 in 2025 (till June), and delivered positive returns in 16 of these years. Year-to-date (YTD), gold prices have risen 31 per cent, with consistent record highs solidifying its position among 2025’s top-performing asset classes and a reliable hedge.
Further, silver has also proved resilient. Prices have held firmly above the ₹1 lakh/kg mark for the past few months. Over the past 20 years (2005-2025), the shiny metal has gained a solid 668.84 per cent.
Check how much gold, silver prices have changed — October 7
The MCX gold index was at ₹1,20,286/10 gm at 12.40 pm on October 7, the official website showed. Meanwhile, MCX were at ₹1,47,356/kg, it showed.
Further, 24-carat gold was priced at ₹1,20,230/10 gm, according to data on the Indian Bullion Association (IBA) at 12.40 pm on October 7. Further, 22-carat gold was priced at ₹1,10,211/10 gms. Silver prices today are at ₹1,46,200/kg (Silver 999 Fine), as per the IBA website.
So, check here in your city today on October 7 — Delhi, Kolkata, Mumbai, Hyderabad, Bengaluru, and Chennai. Notably, for retail customers, jewellers may add making charges, taxes and GST to the bill, which could hike the final price for you.
Gold and Silver Prices in Mumbai — October 7
• Gold bullion rates in Mumbai— ₹1,15,330/10 gm.
• MCX Gold rate in Mumbai — ₹1,20,286/10 gm.
• Silver bullion rate in Mumbai— ₹1,43,470/kg.
• MCX Silver 999 rate in Mumbai — ₹1,47,356/kg.
Gold and Silver Prices in Delhi — October 7
• Gold bullion rates in New Delhi— ₹1,15,130/10 gm.
• MCX Gold rate in New Delhi — ₹1,20,286/10 gm.
• Silver bullion rate in New Delhi— ₹1,43,230/kg.
• MCX Silver 999 rate in New Delhi — ₹1,47,356/kg.
Gold and Silver Prices in Kolkata — October 7
• Gold bullion rates in Kolkata— ₹1,15,140/10 gm.
• MCX Gold rate in Kolkata — ₹1,20,286/10 gm.
• Silver bullion rate in Kolkata— ₹1,42,750/kg.
• MCX Silver 999 rate in Kolkata — ₹1,47,356/kg.
Gold and Silver Prices in Bengaluru — October 7
• Gold bullion rates in Bengaluru— ₹1,15,380/10 gm.
• MCX Gold rate in Bengaluru — ₹1,20,286/10 gm.
• Silver bullion rate in Bengaluru— ₹1,43,050/kg.
• MCX Silver 999 rate in Bengaluru — ₹1,47,356/kg.
Gold and Silver Prices in Hyderabad — October 7
• Gold bullion rates in Hyderabad— ₹1,15,480/10 gm.
• MCX Gold rate in Hyderabad — ₹1,20,286/10 gm.
• Silver bullion rate in Hyderabad— ₹1,43,170/kg.
• MCX Silver 999 rate in Hyderabad — ₹1,47,356/kg.
Gold and Silver Prices in Chennai — October 7
• Gold bullion rates in Chennai— ₹1,15,630/10 gm.
• MCX Gold rate in Chennai — ₹1,20,286/10 gm.
• Silver bullion rate in Chennai— ₹1,43,360/kg.
• MCX Silver 999 rate in Chennai — ₹1,47,356/kg.
Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.