Gold Prices Decline Amid Inflation Concerns Ahead of Ganesh Chaturthi Celebrations

Gold prices have continued to decline in India, including major cities like Mumbai, Pune, Nagpur, and Nashik. The price of non-yielding bullion eased on Monday as a surge in oil prices stoked inflation concerns, making investors less inclined to buy gold. According to Reuters, spot gold was down 0.5% at $4,327.80 an ounce, while US gold futures for December delivery fell nearly 1% to $4,368.60.

Goldman Sachs still sees upside risk to its forecast for gold to reach $4,900 an ounce by the end of 2026, but expects price volatility to remain elevated. The current decline in gold prices comes as a welcome news for buyers ahead of the Ganesh Chaturthi festival celebrations.

The MCX gold rate on 14 September stood 0.08% lower at ₹152,655.00 per 10 grams, while the silver futures price was about 0.04% lower at ₹234,886.00 per kg. The current prices in major cities are as follows: Mumbai - ₹153,260 per 10 grams for gold and ₹234,690 per kilogram for silver; Pune - ₹152,990/10 gm for gold and ₹234,260/1 kg for silver; Nagpur - ₹152,990/10 gm for gold and ₹234,260/1 kg for silver; and Nashik - ₹152,990.00/10 gm for gold and ₹234,260/1 kg for silver.