On 9 October 2026, the India Bullion and Jewellers Association (IBJA) published a Gold 999 PM market rate of ₹1,49,430 per 10 grams, up ₹1,784 (1.21%) from its ₹1,47,646 PM rate on 8 October. The same-day PM benchmark was ₹184 below the morning’s ₹1,49,614. That is a meaningful daily reset in India’s bullion reference—not a universal shop price, and not a futures settlement.
Key takeaways
- IBJA’s 9 October Gold 999 PM benchmark was ₹1,49,430 per 10g, while Gold 995 PM was ₹1,48,832 per 10g and Gold 916 PM was ₹1,36,878 per 10g.
- IBJA labels the board rates as exclusive of 3% GST and making charges. They are market-reference rates by stated fineness, not a completed jewellery invoice.
- A national retail reference can legitimately differ: GoodReturns showed 24K (99.9%) at ₹1,50,710 per 10g and 22K (91.6%) at ₹1,38,150 per 10g on 9 October, and says its figures exclude GST, TCS and other levies.
- MCX GOLD is a deliverable futures contract. Its standard specification is a 1 kg trading and delivery unit, quoted per 10 grams, with 995 purity and a different delivery/tax location basis. It is not a 22K jewellery quote.
- The figures answer different questions. Comparing them without the same purity, unit, time and tax basis can create a false “premium” or “discount.”
What happened
IBJA’s rate board, timestamped 09/10/2026 02:14:45 PM, showed Gold 999 at ₹1,49,614 per 10g for AM and ₹1,49,430 for PM. Its 8 October PM Gold 999 rate was ₹1,47,646. The PM-to-PM calculation is therefore ₹1,49,430 − ₹1,47,646 = ₹1,784, or 1.21%. The AM-to-PM difference is −₹184, or −0.12% of the AM rate. Neither observation establishes an individual buyer’s invoice or the next rate.
IBJA separately displayed indicative retail selling rates for 9 October: Fine Gold (999) at ₹14,943 per gram and 22 KT at ₹14,584 per gram, both without 3% GST and making charges. The 999 retail indication equals the Gold 999 PM market rate when scaled to 10 grams. The 22 KT indication should not be reverse-engineered from the board’s Gold 916 line: IBJA does not publish a conversion formula or identical commercial terms.
Relevant sourced data table
Swipe sideways to read the full table →
| Observation | 9 October value | Purity / unit | Time and stated tax basis | What it is—and is not |
|---|---|---|---|---|
| IBJA Gold 999 PM market rate (opens in a new tab) | ₹1,49,430 | 999; ₹ per 10g | PM; board says rates are without 3% GST and making charges | Primary bullion benchmark reference; not a final jewellery invoice |
| IBJA Gold 995 PM market rate | ₹1,48,832 | 995; ₹ per 10g | PM; without 3% GST and making charges | Separate fineness benchmark; not interchangeable with 999 or 916 |
| IBJA Gold 916 PM market rate | ₹1,36,878 | 916; ₹ per 10g | PM; without 3% GST and making charges | Separate fineness benchmark; do not relabel it as a retailer’s 22K selling rate |
| IBJA indicative retail selling rate (opens in a new tab) | ₹14,943 / ₹14,584 | Fine Gold 999 / 22 KT; ₹ per gram | PM; without 3% GST and making charges | IBJA’s separately labelled retail indication; no formula supplied for comparison with every board series |
| GoodReturns national reference (opens in a new tab) | ₹1,50,710 / ₹1,38,150 | 24K 99.9% / 22K 91.6%; ₹ per 10g | 9 Oct; stated indicative and excluding GST, TCS and other levies | A source-reported national retail reference, not an IBJA benchmark or dealer offer |
| Times Now MCX snapshot (opens in a new tab) | ₹1,51,265 | Report describes 24-carat futures; ₹ per 10g | By noon; contract expiry and official exchange timestamp not supplied in the report | Secondary-media intraday snapshot only; not used as an official MCX settlement |
The GoodReturns 24K reference is ₹1,280 per 10g above IBJA’s Gold 999 PM rate, or 0.86%. It is not a tradable spread: the sources do not state a common observation time, product or seller terms.
Indian market impact (analysis)
Analysis, not a price forecast: the practical impact is a comparison problem. For a bar or coin buyer, Gold 999 is closer in fineness language to a 99.9% product reference than Gold 916, but product premiums, packaging, seller terms and invoice charges still matter. For jewellery, the relevant comparison starts with the stated jewellery fineness and net gold weight, then moves to the seller’s rate and separately disclosed charges. A 24K figure should not be used as a substitute for a 22K rate merely by applying a simple fraction.
For a futures participant, the primary question is the actual selected contract. MCX’s current standard GOLD specification sets a 1 kg trading unit and delivery unit, quotes a base value of ₹ per 10g, and specifies 995-purity gold. It is ex-Ahmedabad, includes import-duty and customs-related taxes/levies, but excludes GST and certain other charges that may be applicable. Its delivery mechanics, margin and expiry also make it a different instrument from a retail jewellery reference. Read the commodity-trading category alongside TradeGrows’ market-data labels: a dated editorial observation is not a live executable quote.
The 9 October sources also show why a bare “gold price today” claim needs a basis. IBJA’s 999 benchmark, an indicative national retail series, an individual jeweller’s invoice and a named MCX futures contract can all be valid numbers at the same time. They become comparable only after the reader aligns: date/time, fineness, weight unit, price location, tax/charge exclusions, and whether the observation is physical or derivative-market data.
Background
Global prices are one input rather than a conversion formula for an Indian retail bill. Reuters reported on 8 October that spot gold was $4,126.78 per ounce at 1816 GMT and December US futures settled at $4,157. Currency, domestic supply conditions, product terms and update times also matter; this does not establish a single cause for an Indian quote.
IBJA’s 9 October daily bullion report requires a further caution. Although it is headed 9 October, its India spot watch is expressly presented as “as of 08th October 2026” and repeats the 8 October PM Gold 999 rate. It is useful background for identifying the preceding rate, but it is not evidence of a 9 October PM benchmark. This article uses the time-stamped IBJA rate board for that current benchmark instead.
For a wider explanation of physical gold, funds and futures, see TradeGrows’ gold-rate overview. The existing Vijayawada rate page is a separate local indicative series; it should not be substituted for a national benchmark.
What to watch next
- IBJA’s next AM and PM releases: compare like-for-like Gold 999 PM, retaining board time and GST/making-charge exclusion.
- The named MCX contract: use MCX’s official Gold specification (opens in a new tab) and actual expiry, not a generic “MCX gold” headline.
- A seller’s itemised quote: for jewellery, obtain purity, net gold weight, making/wastage charges, stone value where relevant, and tax treatment before comparing references.
- Source conflicts: check whether pages sampled different times or bases. The India market-claim verification guide explains why the original dated record matters.
Frequently asked questions
Did IBJA gold rise on 9 October 2026?
On a PM-to-PM basis, IBJA’s Gold 999 rate rose ₹1,784 per 10g, from ₹1,47,646 on 8 October to ₹1,49,430 on 9 October. Within 9 October, its PM rate was ₹184 below the AM rate. Those are two different comparisons and should not be conflated.
Is the IBJA Gold 999 PM rate the price I will pay for jewellery?
No. IBJA states the cited rates exclude 3% GST and making charges. A jewellery invoice can also depend on purity, net gold weight, stones and the seller’s commercial terms. It is a benchmark reference, not a guaranteed shop quotation.
Why is IBJA Gold 916 not the same as an advertised 22K rate?
Both labels relate to fineness, but the source, product and price basis can still differ. The cited IBJA pages separately label a Gold 916 market rate and an indicative 22 KT retail selling rate, without publishing a formula that makes every comparison valid. Use the seller’s stated product and invoice basis.
Is an MCX Gold price the same as a 24K retail rate?
No. Standard MCX GOLD is a specified 995-purity futures contract with a 1 kg trading unit, a ₹ per 10g quotation basis, expiry and delivery rules. A retail 24K reference is not the same contract or final invoice.
Does a ₹1,280 difference between GoodReturns and IBJA show a risk-free opportunity?
No. The two sources do not supply a common observation time or identical commercial terms, and the retail reference is explicitly indicative. A displayed difference alone does not establish that either side can be bought or sold at those numbers after all costs.
Related reading
- Commodity trading in India
- Gold-rate dashboard, product distinctions and manual calculator
- Vijayawada gold-rate methodology and local indicative reference
- How TradeGrows labels market data
- How to verify a financial-market claim in India
Sources and Financial-information disclaimer
Sources checked: IBJA rate board (opens in a new tab) (time-stamped 9 October); IBJA association retail-rate page (opens in a new tab) (9 October); MCX Gold contract specification (opens in a new tab) (August 2026 onward); GoodReturns national reference (opens in a new tab) (9 October); Times Now’s noon MCX report (opens in a new tab) (9 October); and Reuters’ global-market report (opens in a new tab) (8 October). Research cutoff: 9 October 2026, 19:44 IST.
This is general financial information and source-basis analysis, not personalized financial advice or an investment recommendation, and not tax advice; it is not a buy/sell call, price target or promise of return. Check the current original source and the actual transaction terms before acting. Read the TradeGrows financial-information disclaimer and editorial policy.
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