Gold Prices Hold Steady as Futures Show Early Recovery Amid Regional Tensions

Prices

Gold price on October 16, 2026 stayed at Rs 14,744 per gram for 24‑carat, Rs 13,515 per gram for 22‑carat and Rs 11,058 per gram for 18‑carat across most Indian cities. Pune reported a higher 24‑carat rate of Rs 15,744 per 10 g.

Market Reaction

Vikram Subburaj, CEO of Giottus.com, said gold and silver futures are rebounding after a sharp sell‑off. MCX gold futures were quoted at ₹1,47,550 per 10 g, a 1.16% rise from the previous close of ₹1,45,850. Silver futures stood at ₹2,10,920 per kg, up 1.40% from ₹2,07,990. He noted gold needs to stay above ₹1.45 lakh per 10 g and breaking ₹1.48 lakh would strengthen the recovery; silver must hold ₹2.08 lakh and move above ₹2.11 lakh for stronger momentum.

Geopolitical Context

Al Jazeera reported US President Donald Trump said he would not use nuclear weapons against Iran and would not deploy ground troops. The Saudi‑led coalition intercepted a Houthi‑launched drone targeting Saudi Arabia’s Eastern Province and called the strikes “full‑fledged war crimes.” Yemen’s prime minister and cabinet survived a missile attack on the al‑Maashiq presidential palace in Aden, leaving at least five dead and 16 wounded. The 60‑day US‑Iran maritime armistice that began in mid‑June 2026 collapsed, reviving missile threats and raising fears of energy disruption, which in turn boosted safe‑haven buying of gold.

Context

Gold often climbs when global tensions rise because investors seek a stable store of value; the ₹1.45‑₹1.48 lakh per 10 g thresholds are key psychological levels for Indian traders.