Gold Prices Plunge in India Amid Strong Dollar and Interest Rate Expectations

Gold prices in India have been under pressure on September 23, 2026, due to the ongoing struggle between safe-haven demand and a strong dollar. The price of 24K gold stood at ₹15,332 per gram, with 22K gold priced at ₹14,054 per gram and 18K gold at ₹11,499 per gram. This is down from ₹15,584 per gram for 24K on September 20.

The global spot price of gold fell to about $4,338 an ounce, while US gold futures were trading around $4,379.40 an ounce. The international market continues to be influenced by interest rate expectations, the value of the US dollar, oil prices, and geopolitics.

MCX gold futures were trading at ₹1,52,900 per 10 grams on September 23, with a slight increase of 0.12% in the recent report. The domestic market is also affected by the international price of bullion and exchange rates of the rupee-dollar.