Indian gold and silver markets experienced downward pressure on September 28, 2026, with prices falling across 24-carat, 22-carat, and 18-carat purities. The decline reflects a combination of international spot bullion trends, currency dynamics, and anticipatory retail demand.
Benchmark Rates on September 28
As of September 28, the benchmark rate for 24-carat gold stood at ₹1,51,136 per 10 grams. Silver prices also saw a decline, settling at ₹2,29,318 per kilogram.
On the Multi Commodity Exchange (MCX), gold futures were down by 1.85%, trading at ₹1,48,097 per 10 grams. Silver futures also fell significantly, dropping by 2.47% to approximately ₹2,28,900 per kilogram at the time of reporting.
City-Wise Gold and Silver Prices
Retail prices for gold and silver showed minor variations across major Indian cities, influenced by local transport surcharges and regional logistics. Here are the rates for 24-carat and 22-carat gold, and silver, across key metropolitan areas:
24K Gold Rates (₹ per 10gm)
- Delhi: ₹1,50,920
- Mumbai: ₹1,51,180
- Bengaluru: ₹1,51,300
- Kolkata: ₹1,50,980
- Hyderabad: ₹1,51,420
- Chennai: ₹1,51,620
22K Gold Rates (₹ per 10gm)
- Delhi: ₹1,38,343
- Mumbai: ₹1,38,582
- Bengaluru: ₹1,38,692
- Kolkata: ₹1,38,398
- Hyderabad: ₹1,38,802
- Chennai: ₹1,38,985
Silver Rates (₹ per kg)
Silver prices remained consistent across most major cities:
- Delhi: ₹2,28,970
- Mumbai: ₹2,28,970
- Bengaluru: ₹2,28,970
- Kolkata: ₹2,28,970
- Hyderabad: ₹2,28,970
- Chennai: ₹2,28,970
Jeweller-Specific Pricing
Leading retail chains maintained their prices on September 28, 2026, with minor disparities stemming from store-level pricing structures and inventory costs.
- Joyalukkas: 22K gold at ₹13,995 per gram across most states.
- Malabar Gold & Diamonds: 22K gold at ₹13,995 per gram; 24K gold at ₹15,267 per gram.
- Tanishq: 22K gold at ₹14,040 per gram; 24K gold estimated at ₹15,316 per gram.
Factors Influencing Gold and Silver Prices in India
Several key factors contribute to the daily fluctuations in India's gold and silver markets:
- International Spot Bullion Trends: Global commodity prices set the overall market direction.
- USD/INR Currency Dynamics: The exchange rate between the US Dollar and Indian Rupee directly impacts import costs.
- Retail Demand: Anticipatory demand, especially ahead of peak festival shopping seasons, can influence prices.
- Government Levies: Retail gold purchases in India attract a 3% Goods and Services Tax (GST) on the metal's value, plus a separate 5% GST on jewellery making charges.
- Import Duties: Duties imposed on imported gold and silver affect their landing cost.
- Local Surcharges: Regional variations in transport and logistics add to the final retail price in different states.
It is important for consumers to note that while 24-carat gold represents pure gold, 22-carat gold is often preferred for crafting ornaments due to its increased durability when mixed with other alloys.