Gold Price Today has fallen sharply, with both gold and silver witnessing significant declines in the latest bullion market update.
According to the India Bullion and Jewellers Association (IBJA), 24-carat gold fell by ₹4,133 per 10 grams on September 28.
The price of 24-carat gold is now ₹1,47,980 per 10 grams. Silver also declined by ₹9,297 to ₹2.23 lakh per kilogram.
Gold Price Today in India
The latest rates show that 22-carat gold is priced at ₹1,35,550 per 10 grams, while 18-carat gold is available at ₹1,10,985 per 10 grams.
City-wise prices also vary slightly. In Delhi, 24-carat gold is priced at ₹15,031 per gram and 22-carat gold at ₹13,779 per gram.
In Mumbai, Kolkata, Bengaluru, Hyderabad, Kerala and Pune, 24-carat gold is ₹15,016 per gram, while 22-carat gold is ₹13,764 per gram.
Chennai has the lowest listed 24-carat rate at ₹14,908 per gram, while its 22-carat price is ₹13,665 per gram. Vadodara records ₹15,021 per gram for 24-carat gold and ₹13,769 for 22-carat gold.
Why Gold and Silver Prices Fell
According to a PTI report, Gaurav Garg, head of research at brokerage platform Lemon, said that a strong US dollar put pressure on gold and silver prices.
Brent crude oil also rose 4% to $108.53 per barrel amid renewed tensions involving the US and Iran. Concerns over energy supplies through the Strait of Hormuz have added to market uncertainty.
The combination of currency movements, crude oil prices and global geopolitical developments can influence investor demand for precious metals.
Gold Silver Fall in September
Gold has declined by around ₹8,000 during September so far. On August 31, the price of 10 grams of gold was around ₹1.56 lakh, compared with about ₹1.48 lakh now.
Silver has also become cheaper by around ₹14,000 during the same period. Its price has fallen from around ₹2.37 lakh per kilogram at the end of August to ₹2.23 lakh.
What Is Affecting Gold Prices
Changes in US interest rates can also affect gold prices because higher rates can make interest-bearing assets such as government bonds more attractive to investors.
The Federal Reserve’s interest-rate decisions are therefore closely watched by precious-metal investors. At the same time, geopolitical tensions and economic uncertainty can support demand for gold when investors look for assets they consider relatively safer.
Gold and silver prices can continue to change based on global markets, currency movements, interest rates and investor demand.
The quoted bullion rates may also differ from the final jewellery price because of making charges, taxes and other costs.
