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As India observes Mahatma Gandhi Jayanti on Friday, October 2, 2026, domestic bullion markets across Rajasthan and major metropolitan cities are witnessing elevated valuations in both precious and industrial metals. With formal trading on the Multi Commodity Exchange (MCX) and equity bourses closed for the national holiday, physical bullion counters, jewelry showrooms, and digital gold platforms are reflecting steady demand as retail buyers begin festive and pre-wedding purchases ahead of Navratri and Diwali.
⚡ Quick Snapshot: Gold and Silver Rates Today (October 2, 2026)
- 24 Karat Pure Gold (Udaipur & Rajasthan): ₹14,473 per gram (approx. ₹1,44,730 per 10 grams).
- 22 Karat Standard Jewelry Gold: ₹13,784 per gram (approx. ₹1,37,840 per 10 grams) excl. local GST & making charges.
- 18 Karat Hallmarked Gold: ₹11,280 per gram (approx. ₹1,12,800 per 10 grams).
- Pure Silver (999 Purity): ₹235.00 per gram (approx. ₹2,35,000 per kilogram).
- Market Status: MCX Commodity futures closed today; physical OTC bullion retail trading active across northern jewelry hubs.
City-Wise Gold Price Breakdown: Rajasthan & Major Metros
Gold prices exhibit slight geographical variations across different states due to local bullion association quotes, municipal transportation freight, and localized octroi. Below is the comparative rate chart for 24K and 22K gold across key Indian trading centers on October 2, 2026:
| City / Region | 24K Gold (10 Grams) | 22K Gold (10 Grams) | Silver (1 Kg) |
|---|---|---|---|
| Udaipur | ₹1,44,730 | ₹1,37,840 | ₹2,35,000 |
| Jaipur | ₹1,44,850 | ₹1,37,950 | ₹2,35,500 |
| Jodhpur | ₹1,44,780 | ₹1,37,880 | ₹2,35,000 |
| Mumbai | ₹1,44,600 | ₹1,37,700 | ₹2,34,500 |
| New Delhi | ₹1,44,900 | ₹1,38,000 | ₹2,35,800 |
| Ahmedabad | ₹1,44,680 | ₹1,37,780 | ₹2,34,800 |
Why Bullion Prices Are Holding Near Record Highs
Several domestic and global macro forces are supporting firm price floors for both gold and silver:
1. Geopolitical Safe-Haven Hedging
As highlighted in our Dalal Street morning update on stock market opening cues today, escalating geopolitical friction across the Middle East has sent risk premiums soaring across commodities. Global institutional asset managers and sovereign wealth funds have actively diversified reserves into gold bullion as a hedge against equity market volatility and supply-chain disruption.
2. Pre-Festive and Wedding Season Demand in Rajasthan
In traditional jewelry markets across Udaipur’s Bada Bazaar, Ghantaghar, and Delhi Gate, retail jewellers report strong footfalls for bridal jewelry bookings. With Navratri, Pushkar Fair, and the winter wedding season approaching, families are locking in hallmarked ornaments, preferring physical gold as both cultural heirloom and inflation-beating asset.
3. Industrial Silver Surge Driven by Green Tech
Unlike gold, which functions predominantly as a monetary store of value, more than 55% of global silver consumption is industrial. The rapid expansion of solar photovoltaic panel manufacturing and electric vehicle harness manufacturing—coupled with projects like the India Semiconductor Mission—continues to generate persistent physical demand for 999-purity silver ingots.
Buyer’s Guide: 4 Rules for Buying Gold in Rajasthan
When purchasing precious jewelry during festive periods, buyers should ensure full compliance with regulatory standards:
- Look for 6-Digit HUID: All hallmark gold jewelry must carry the mandatory 6-digit alphanumeric Hallmark Unique Identification (HUID) code alongside the BIS hallmark logo and purity grade (916 for 22K, 750 for 18K).
- Verify Invoice Weight: Ensure the retail invoice explicitly breaks down gross weight, net metal weight (excluding embedded stones), purity grade, current bullion benchmark, and making charges separately.
- Understand 3% GST: Standard Goods and Services Tax (GST) of 3% is levied on the total value of the gold and making charges.
- Check Buyback Terms: Reputable jewelers provide 100% buyback guarantee on net gold weight at prevailing market rates without deduction on the metal value itself.
Outlook for the Week Ahead
Bullion analysts anticipate gold prices to remain in a consolidated range between ₹1,43,500 and ₹1,46,000 per 10 grams over the coming sessions. With the Reserve Bank of India’s Monetary Policy Committee (MPC) scheduled to announce its interest rate stance next week, currency trends against the US dollar will play a decisive role in guiding domestic landed costs when MCX reopens on Monday, October 5.
Frequently Asked Questions (FAQ)
What is the price of 24K gold in Udaipur today?
On October 2, 2026, 24K gold in Udaipur is retailing at ₹14,473 per gram, or approximately ₹1,44,730 per 10 grams.
What is the difference between 24K and 22K gold?
24K gold is 99.9% pure gold, primarily used for bullion bars, coins, and digital gold. 22K gold contains 91.6% pure gold mixed with alloys like copper and silver to provide structural strength for daily-wear jewelry.
Is the MCX commodity market open on Gandhi Jayanti?
No, the Multi Commodity Exchange of India (MCX) is completely closed for trading today on account of Mahatma Gandhi Jayanti.
What is the current silver price in Rajasthan?
Pure 999 silver is trading at ₹235 per gram, translating to approximately ₹2,35,000 per kilogram in Udaipur and Jaipur.
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