India's Gold Prices Plunge Amid Volatility and Central Bank Buying Spree

Gold prices in India continued their volatile trend on September 6, 2026. The 24K gold price decreased by ₹186 per gram to reach ₹15,480 per gram, while 22K and 18K gold prices fell by ₹170 and ₹139 per gram respectively. This decline comes after a substantial daily fall in the latest quoted rates.

The World Gold Council data indicates that central banks have increased their gold purchases from around 400-500 tonnes annually before the war between Russia and Ukraine to about 1,000-1,100 tonnes now. In 2025, central banks bought 863 tonnes of gold as opposed to an annual average of 473 tonnes in 2010-21.

The US 24K reference price is $146 per gram, which converts to approximately $4,541 per troy ounce. The Indian 24K reference price is ₹15,480 per gram. Gold prices are subject to various factors such as interest rate expectations, geopolitics, central bank purchases, and fluctuations in the value of the US dollar.