Gold Prices Rise ₹121 in India Amid Revised Rate Hike Expectations
The gold market in India opened strong on Tuesday, September 9, 2026, after a brief stumble. Traders revised their expectations of a Federal Reserve rate hike following Friday's stronger-than-expected US payrolls report. By mid-morning, 24-karat gold was trading at ₹15,535 per gram in Mumbai, up ₹121 from the previous day.
The Fed's cautious approach and the softer rupee against the dollar contributed to the domestic gains. The Reserve Bank of India's record foreign exchange reserves also provided a buffer for managing rupee volatility. Analysts at Goldman Sachs maintained their view that gold could test $3,500 per ounce before year-end, citing continued central bank reserve diversification.
Silver prices tracked gold higher on Tuesday, with 999-fine silver quoted at ₹250 per gram, up around 0.6% from Monday's close. The World Gold Council reported Indian consumer demand for gold jewelry holding steady in the second quarter of 2026, consistent with a market that has absorbed higher prices without significant demand destruction.