Gold Rate in India — 5 October 2026: IBJA PM Rates and 24K/22K/18K Rebound

5 October IBJA benchmark rates

India Bullion and Jewellers Association (IBJA) published fresh benchmark rates on 5 October after the Gandhi Jayanti holiday and the weekend. The PM rate for 999 gold was ₹148,198 per 10 grams, while 916 gold was ₹135,749 per 10 grams and 750 gold was ₹111,149 per 10 grams. IBJA states that its historical gold rates are quoted per 10 grams and are without 3% GST and making charges.

For an easier one-gram comparison, dividing the official 10-gram figures by ten gives ₹14,819.80 for 999, ₹13,574.90 for 916 and ₹11,114.90 for 750. These are derived reference values, not final jewellery shop prices.

The PM benchmark therefore recovered by about 0.28% from the AM level across these three fineness categories. The percentage is calculated from the published IBJA figures and rounded to two decimals.

How 5 October compared with the last pre-holiday close

The previous published PM benchmark was 1 October because 2 October was Mahatma Gandhi Jayanti and 3–4 October fell on the weekend. Compared with the 1 October PM figures, the 5 October PM rate was only modestly higher: 999 was up ₹60 per 10g, 916 was up ₹55 and 750 was up ₹45. That is roughly 0.04% for each category.

This comparison is useful because it shows that the Monday PM benchmark finished very close to the last official pre-holiday reference even though there was a more visible move between Monday morning and afternoon.

Global gold was dealing with a strong dollar and high yields

Reuters reported on 5 October that spot gold was around $4,139.89 per ounce, down about 0.1%, as a stronger U.S. dollar and elevated Treasury yields offset reduced expectations for an October Federal Reserve rate increase. That global market context matters to Indian gold, but it does not mean an IBJA benchmark must move by the same percentage at the same moment.

Indian prices also reflect the rupee conversion, local timing and the methodology used for the domestic benchmark. A shopper should therefore avoid comparing an international spot chart and an Indian jewellery quote without matching the timestamp, currency, purity and unit.

24K, 22K and 18K are not interchangeable

For rate comparison, 999 is the high-purity bullion reference used here for 24K, 916 corresponds to 22K jewellery fineness, and 750 corresponds to 18K. BIS explains that Indian hallmarked gold jewellery uses caratage and fineness markings such as 22K916 and 18K750.

If a jewellery item is 22K, compare it with a 916 reference. Applying a 999 rate to 22K jewellery overstates the metal basis before making charges and tax are even considered.

Why the final jewellery bill can be higher

IBJA’s benchmark does not include the complete retail bill. A finished jewellery purchase can include making charges, design premiums, stone or non-gold components and tax. CBIC’s jewellery-sector FAQ states that GST is payable at 3% of the total transaction value of jewellery, whether the making charge is shown separately or not.

That is why two jewellers can display similar headline gold rates and still produce different final totals. Compare the full invoice, not only the rate board.

Buyer checklist for 5 October quotes

1. Confirm whether the quote is for 999, 916 or 750 fineness.
2. Convert every quote to the same unit, preferably rupees per gram or per 10 grams.
3. Ask for the net gold weight if the item contains stones or other materials.
4. Ask whether making charges are fixed, percentage-based or charged per gram.
5. Check the BIS hallmark and the six-digit alphanumeric HUID where applicable.
6. Confirm the final GST calculation on the invoice.
7. Compare the shop quote with the closest available IBJA benchmark timestamp rather than an old screenshot.