Gold Prices Plummet in India as US Dollar Surges

Gold prices in India plummeted on Saturday morning, September 5, 2026, after global market adjustments. Benchmark 24K gold fell by ₹186 per gram to ₹15,480 per gram (₹1,54,800 per 10 grams), down from Friday's close.

The sudden pullback comes ahead of the upcoming festive season, which typically sees a surge in physical buying. However, the Federal Reserve's decision to trim expectations of aggressive interest rate cuts due to stronger-than-expected US employment data has strengthened the US dollar.

This makes gold imports relatively more expensive for Indian buyers, dampening short-term spot buying. Additionally, domestic traders locked in gains ahead of the festive period, taking profits from recent rallies over August.