India Gold Prices Plummet After Fed Rate Hike
Gold prices in India have dropped by ₹60 per gram to ₹15,284 for 24-karat gold after the Federal Reserve's rate hike pushed the dollar higher and the rupee toward its weakest level since early August. The decline tracked the rupee's slide to ₹84.10 against the dollar, a level last seen in early August.
The India Bullion and Jewellers Association morning benchmark for September 18, 2026, reflected this change, with prices dropping across various cities. In New Delhi, 24-karat gold is priced at ₹15,299 per gram, while in Mumbai, it's priced at ₹15,284 per gram.
Despite the decline, international demand remains strong, with the World Gold Council reporting a record 4,189 tonnes of global exchange-traded fund holdings last month. This suggests that the global price floor remains firm, even as currency moves push Indian retail prices lower.