Indian Precious Metal Prices Plummet Amid Global Market Concerns
On September 28, 2026, precious metal prices plummeted in India due to global market concerns. Gold and silver prices declined significantly in Indian markets, influenced by inflation and interest rate fears. The indicative price for 24-carat gold ranged from Rs 1,50,992 to Rs 1,51,477 per 10 grams across major cities like Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Jaipur, and Kolkata.
The price of 22-carat gold varied between approximately Rs 1,38,309 to Rs 1,38,753 per 10 grams. Silver prices hovered around Rs 2.33 lakh per kilogram across major cities. The price variations were relatively minor, indicating that fluctuations in silver rates were primarily influenced by broader national and international market factors.
R Ponmudi, Chief Executive Officer at Enrich Money, stated that inflation concerns and the US-Iran conflict continue to provide a support backdrop for bullion. However, near-term pressure from the dollar, Treasury yields, and expectations for the Federal Reserve's rate path is dominating price action.