Indian Gold Market Sees Steady Prices Ahead of Festive Season
India's gold market saw relatively stable prices on September 7, with 24-karat and 22-karat gold rates holding firm across major cities. Gold prices in India are influenced by international trends, exchange rates, and domestic demand, especially ahead of the festive season.
The retail market is dominated by two purities: 24-karat and 22-karat gold. While 24-karat gold is considered pure, 22-karat gold is preferred for jewelry due to its strength and durability from alloyed metals.
Gold rates at top jewelers, such as Joyalukkas and Malabar Gold & Diamonds, remained steady, with some minor variations in brand-specific pricing policies. Tanishq's 24-carat gold rate stood at ₹15,529 per gram.
The Indian government has also been exploring ways to boost consumption through gold loans, which could become a new consumption engine for the country. Currently, only about 15% of India's gold is monetized.