Gold Price Today: Gold Falls to ₹1.48 Lakh, Silver Drops to ₹2.28 Lakh; Check Latest Rates

Gold and silver prices declined sharply on September 28, with bullion rates coming under pressure amid changing global interest-rate expectations and continued market volatility.

According to the India Bullion and Jewellers Association (IBJA) figures cited in the latest market update, 24-carat gold fell by ₹4,065 per 10 grams to around ₹1.48 lakh, while silver declined by ₹9,158 per kg to around ₹2.23 lakh.

The benchmark IBJA rates are different from exchange-traded MCX prices and city-level retail rates. IBJA itself notes that its benchmark rates are quoted without GST and making charges.

Gold and Silver Prices Fall in September

Gold and silver have both witnessed significant volatility during September.

Based on the figures in the latest IBJA comparison, gold has declined from around ₹1.56 lakh per 10 grams at the end of August to approximately ₹1.48 lakh, while silver has moved from around ₹2.37 lakh per kg to ₹2.23 lakh.

However, rates can vary depending on the benchmark, purity, location, GST, making charges and whether the price refers to physical bullion or futures.

On September 28, MCX October gold futures were trading around ₹1,48,168 per 10 grams, down 1.80% in morning trade, while MCX December silver futures were around ₹2,28,847 per kg, down 2.49%.

Why Are Gold and Silver Prices Falling?

One factor currently affecting precious metals is the US Federal Reserve's monetary policy.

The Federal Reserve raised its target federal funds rate by 25 basis points on September 16, taking the target range to 3.75%-4%. Higher interest rates can put pressure on non-yielding assets such as gold because they can increase the relative appeal of interest-bearing assets.

Global economic data, the US dollar, bond yields and geopolitical developments can also influence precious-metal prices.

Moneycontrol reported that spot gold was down around 1.63% in early September 28 trading, while US gold futures were down about 1.75%.

Will Gold and Silver Prices Continue to Fall?

The near-term direction of gold and silver remains uncertain.

Precious metals can react quickly to changes in interest-rate expectations, inflation data, currency movements, bond yields and geopolitical developments. A change in expectations about the Federal Reserve's future policy can therefore trigger sharp moves in bullion prices.

Geopolitical tensions can have the opposite effect by increasing demand for safe-haven assets.

Therefore, investors should avoid assuming that a single day's decline will necessarily continue. Gold and silver prices can move in either direction depending on incoming economic and geopolitical developments.

Gold Price Today: Check Rates Before Buying

Consumers planning to purchase gold should remember that the benchmark bullion rate is not necessarily the final amount payable at a jewellery store.

The final jewellery bill can include:

Gold price based on purity

Making charges

GST

Hallmarking-related charges, where applicable

Other applicable taxes or charges

Rates can also differ between 24K, 22K and 18K gold.

Check BIS Hallmark Before Buying Gold

Buyers should check that gold jewellery carries the appropriate BIS hallmark and purity information.

Consumers should also verify the weight and applicable gold rate before completing a purchase. Comparing the quoted rate with reliable bullion benchmarks can help buyers understand whether the jewellery price is consistent with prevailing market rates.

IBJA publishes benchmark gold and silver rates for different purities, providing a useful reference for market participants.