Gold Jumps ₹3,600 to Breach ₹1.52 Lakh Mark as Silver Crashes to 3-Month Low
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In a sharp pre-festive price divergence across precious metal counters, spot gold prices in the national capital surged by a massive ₹3,600 on Thursday, October 8, 2026, rebounding aggressively from a two-month slump to touch ₹1,52,500 per 10 grams (inclusive of all applicable taxes) in Delhi's bullion market. The sudden spike brings an abrupt halt to a two-day downward correction that saw the yellow metal settle at ₹1,48,900 per 10 grams on Wednesday. According to dispatches from the All India Sarafa Association and local jewelers, the aggressive rebound was triggered by retail stockists and jewellery manufacturers stepping up raw bullion procurement ahead of peak Dhanteras and Diwali demand, even as white metal buyers witnessed silver tumble by ₹3,000 to hit a three-month low of ₹2.24 lakh per kilogram.
Why Gold Rebounded: Festive Inventory Build-Up Battles Stronger Dollar
Market analysts attribute the sharp domestic recovery to heavy physical restocking colliding with macro headwinds:
Aggressive Jewellery Stocking: Retail jewellers across major Indian trade hubs accelerated bulk bullion purchases to craft seasonal ornaments, driving a swift demand recovery after prices hit their lowest levels in two months.
Macro Cap on Bullion Gains: Gaurav Garg, Head of Research at Lemon brokerage firm, noted that while gold found critical technical support at multi-week lows, the upside remained partially capped by a firm US dollar index and surging crude oil benchmarks.
Reversal of 42-Day Slide: Prior to Thursday's jump, domestic gold had experienced a steep fall of approximately ₹18,000 over a 42-day correction phase, setting up an attractive entry window for festive and wedding-season shoppers.
Silver Crashes to 3-Month Low: Industrial Drag Drops Metal to ₹2.24 Lakh per Kg
In sharp contrast to the yellow metal's festive rally, silver tumbled under international industrial selling pressure:
Sharp ₹3,000 Single-Day Drop: Breaking three days of flat consolidation, silver rates plunged from ₹2.27 lakh to ₹2.24 lakh per kilogram in Delhi, offering relief to retail buyers of silverware and coins.
Lowest Level Since Late June: Thursday's decline dragged the white metal to its weakest domestic price point in over three months, matching levels previously observed around June 29, 2026.
Global Meltdown Weighs In: In offshore trading, global spot silver dropped over 2 percent to slip to $58.50 per ounce, reflecting softening manufacturing orders and currency swings across global commodities.
Global Market Dynamics: Spot Gold Near $4,120 as Crude Oil Crosses $105 on Geopolitical Tensions
The volatile moves across domestic sarafa bazaars mirror complex cross-currents in global energy and commodity circuits:
International Spot Gold Levels: Overseas gold traded marginally higher around $4,111.94 to $4,120 per ounce, stabilizing after testing a nine-week low during previous trading sessions.
Crude Oil Tops $105 a Barrel: Vedika Narvekar, Research Analyst at Anand Rathi Shares & Stock Brokers, pointed out that renewed geopolitical conflict in West Asia propelled crude oil benchmarks above $105 per barrel.
Inflationary Headwinds: Sustained elevated crude energy prices continue to inject inflation concerns across emerging economies, keeping sovereign bond yields volatile and limiting bullion's broader safe-haven momentum on international trading bourses.
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