Gold Prices in India Remain Steady Ahead of Festival Season

The gold price in India remained steady on August 31, 2026, ranging between ₹15,875 and ₹15,905 per gram for 24-karat metal across nine cities. This tight compression of prices reflects synchronized global drivers and minimal local-market divergence.

The Federal Reserve's announcement at Jackson Hole last week that rate cuts are not coming in the near term has had a significant impact on gold prices. Goldman Sachs has held its year-end gold target at $4,900 per troy ounce since revising it upward earlier in 2026. The bank's commodity desk believes that sustained central bank buying, dollar softening, and geopolitical demand for non-dollar reserve assets will continue to drive gold prices higher.

The Reserve Bank of India's gold reserve data shows continued accumulation through mid-2026, running parallel to a broader pattern of emerging-market central bank buying. This trend has been the dominant structural force in the global gold market since 2022.