Gold Prices Slump in India as Benchmark Rates Fall 1.85%

Indian gold and silver markets experienced pressure on September 28 across various purities. Benchmark gold rates stood at ₹1,51,136 per 10 grams, while silver remained steady at ₹2,29,318 per kilogram. On the Multi Commodity Exchange (MCX), gold futures declined by 1.85% to ₹1,48,097 per 10 grams, and silver futures fell by 2.47% to around ₹2,28,900 per kilogram.

The physical retail market primarily sells gold in 24-karat and 22-karat options. The latter is preferred for crafting ornaments due to its mixed alloys, which provide greater durability. Prices in India are influenced by international spot bullion trends, USD/INR currency dynamics, and anticipatory retail demand ahead of peak festival shopping.

Leading jewellers such as Joyalukkas and Malabar Gold & Diamonds kept prices unchanged on September 28. They quoted 22K gold at ₹13,995 per gram across most states, while Tanishq listed its 22K gold rate at ₹14,040 per gram. For 24-carat gold, Malabar quoted ₹15,267 per gram, and Tanishq stood at ₹15,316 per gram.