Gold and silver prices in India experienced a slight downturn on September 29, 2026, impacting rates across major cities like Delhi, Mumbai, and Kolkata. The daily fluctuations reflect a combination of international market trends, currency dynamics, and anticipated retail demand ahead of the upcoming festival season.
Current Gold and Silver Rates in India
On September 29, 2026, benchmark gold rates were recorded at ₹1,48,800 per 10 grams. Silver, a key industrial and investment metal, saw its benchmark price settle at ₹2,27,390 per kilogram.
Futures markets also mirrored this downward trend. On the Multi Commodity Exchange (MCX), gold futures declined by 0.68% to trade at ₹1,45,800 per 10 grams. Silver futures fell by 1.03%, reaching approximately ₹2,25,108 per kilogram at the time of reporting.
City-Wise Gold Rates (September 29, 2026)
Retail prices for gold vary slightly by city due to local taxes, transport costs, and specific jeweller markups. Here's a snapshot of rates for 24-carat and 22-carat gold:
- Mumbai: 24K at ₹1,48,800 per 10gm; 22K at ₹1,36,400 per 10gm
- Bengaluru: 24K at ₹1,48,800 per 10gm; 22K at ₹1,36,400 per 10gm
- Kolkata: 24K at ₹1,48,800 per 10gm; 22K at ₹1,36,400 per 10gm
- Hyderabad: 24K at ₹1,48,800 per 10gm; 22K at ₹1,36,400 per 10gm
- Delhi: 24K at ₹1,48,950 per 10gm; 22K at ₹1,36,550 per 10gm
- Chennai: 24K at ₹1,49,080 per 10gm; 22K at ₹1,36,650 per 10gm
City-Wise Silver Rates (September 29, 2026)
Silver prices also show regional differences:
- Delhi: ₹24,000 per 100gm; ₹2,40,000 per kg
- Mumbai: ₹24,000 per 100gm; ₹2,40,000 per kg
- Bengaluru: ₹24,000 per 100gm; ₹2,40,000 per kg
- Kolkata: ₹24,000 per 100gm; ₹2,40,000 per kg
- Hyderabad: ₹24,490 per 100gm; ₹2,44,900 per kg
- Chennai: ₹24,490 per 100gm; ₹2,44,900 per kg
Factors Influencing Gold and Silver Prices
The pricing of precious metals in India is a complex interplay of several factors:
- International Spot Bullion Trends: Global demand and supply, geopolitical events, and economic indicators significantly influence international gold and silver prices, which then ripple into the Indian market.
- USD/INR Currency Dynamics: As gold is typically priced in US dollars globally, the exchange rate between the US Dollar and the Indian Rupee (USD/INR) directly impacts the cost of importing gold into India.
- Anticipatory Retail Demand: India's strong cultural affinity for gold means that anticipatory buying, especially ahead of major festivals and wedding seasons, plays a crucial role in shaping local demand and prices.
- Taxes and Duties: Retail gold purchases in India are subject to a standard 3% Goods and Services Tax (GST) on the metal's value and an additional 5% GST on jewellery making charges. Import duties and local transport surcharges also contribute to regional price variations.
Jeweller Specific Rates
Leading retail chains adjusted their prices in line with market movements on September 29, 2026. For 22-carat gold, major brands like Joyalukkas quoted ₹13,640 per gram and Malabar Gold & Diamonds at ₹13,665 per gram across most states. Tanishq listed its 22K gold rate at ₹13,710 per gram.
For 24-carat gold, Malabar quoted ₹14,907 per gram, while Tanishq was estimated at ₹14,956 per gram. Minor disparities between retailers often arise from store-level pricing strategies, inventory costs, and regional logistical overheads, even as global trends set the overall market direction.
While 24-karat gold represents pure gold, 22-karat remains the preferred choice for crafting ornaments in India due to its enhanced durability when mixed with other alloys.