- Gold futures rose about 7.68% from November 2025 to November 2026 on MCX.
- Including 3% GST, effective gold purchase cost is approximately Rs 1,30,810 per 10 grams.
- Gold returns of around 4.54% are lower than some small finance banks' FD rates near 8.25%.
Gold has delivered a relatively modest return over the past year, leaving investors who bought the metal in November 2025 with gains that are now comparable to, or below, returns available from bank fixed deposits.
Gold futures on the Multi Commodity Exchange (MCX) were trading at Rs 1,36,750 per 10 grams on November 13, 2026. Against the average purchase price of around Rs 1,27,000 per 10 grams in November last year, this represents an increase of approximately 7.68%. The calculation excludes taxes, making charges and other transaction costs.
That distinction matters for physical gold buyers. A 3% Goods and Services Tax (GST) applies when purchasing gold. Including this cost, the effective purchase outlay rises to around Rs 1,30,810 per 10 grams. At the current quoted price, the gain falls to approximately 4.54%, before accounting for any jeweller's spread or making charges.
The comparison with fixed deposits becomes particularly relevant here. Several small finance banks are offering annual interest rates of up to 8.25% to regular depositors on selected tenures. Suryoday Small Finance Bank offers this rate on five-year deposits.
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Ujjivan and Utkarsh Small Finance Banks offer rates of up to 8.10% on specific tenures, according to November rate comparisons. These are maximum advertised rates, not standard returns across all banks or deposit periods.
The comparison is not entirely like-for-like. Gold prices fluctuate daily and offer no assured income. Fixed deposits provide a predetermined interest rate if investors hold them under the applicable terms.
However, FD interest is taxable according to the depositor's income-tax slab, while the tax treatment of gold depends on the investment instrument and holding period.
Gold's latest performance also follows a period of substantial price volatility. Domestic 24-carat gold prices stood near Rs 1,37,956 per 10 grams on November 13, according to ET Markets. Once acquisition costs enter the calculation, some fixed deposits have offered a more attractive outcome.
Also Read | Gold Price Jumps By Rs 1,300, But Rate Still Below Rs 1,37,000 On MCX
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