Gold and silver prices witnessed a sharp decline in the domestic market during early trading on Tuesday, September 29, amid continued global uncertainty and pressure on precious metals.
On the Multi Commodity Exchange (MCX), gold futures for October 5 stood at ₹1,46,513 per 10 grams, while December silver futures were trading at ₹2,27,390 per kg around 9 am. In the international market, gold was trading near $4,125 an ounce after falling around 4% to a seven-week low.
The decline came as the continuing US-Iran deadlock over the Strait of Hormuz kept energy costs elevated and added to concerns over inflation and interest rates. According to the report, uncertainty over a possible agreement between Washington and Tehran also weighed on sentiment in bullion markets.
Gold and silver retail prices today
In India’s retail market, 24-karat gold was priced at ₹1,47,250 per 10 grams in Mumbai, while 22-karat gold was available at ₹1,34,979 per 10 grams. The 999-fine silver rate in Mumbai stood at ₹2,25,870 per kg.
In New Delhi, 24-karat gold was priced at ₹1,46,990 per 10 grams, while 22-karat gold stood at ₹1,34,741 per 10 grams. Silver 999 fine was priced at ₹2,25,490 per kg.
Here are the retail rates across major cities:
| City | 24K gold (10g) | 22K gold (10g) | Silver 999 (1kg) |
|---|---|---|---|
| mumbai | ₹1,47,250 | ₹1,34,979 | ₹2,25,870 |
| New Delhi | ₹1,46,990 | ₹1,34,741 | ₹2,25,490 |
| Bengaluru | ₹1,47,360 | ₹1,35,080 | ₹2,26,050 |
| Kolkata | ₹1,47,050 | ₹1,36,015 | ₹2,27,850 |
| Hyderabad | ₹1,47,520 | ₹1,35,227 | ₹2,26,190 |
| Chennai | ₹1,47,710 | ₹1,35,401 | ₹2,26,490 |
The rates above are the retail rates reported for September 29 and can vary between jewellers and locations.
Why gold and silver prices are falling
Precious metals have come under pressure amid a combination of global economic and geopolitical factors. The continuing uncertainty surrounding the US-Iran conflict has kept energy prices elevated, while expectations around US interest rates have also influenced bullion sentiment.
Higher US Treasury yields and a stronger dollar can weigh on gold because the non-yielding asset becomes relatively less attractive compared with interest-bearing investments. Silver has also faced selling pressure, with its futures declining alongside gold.
The retail price of gold depends on purity. 24K gold is the highest-purity form commonly quoted in the bullion market, while 22K gold is more widely used for jewellery because it is harder and more suitable for making ornaments.
The final price paid by a jewellery buyer can be higher than the quoted gold rate because jewellers may add making charges, taxes and GST to the bill.
Gold and silver have also recorded significant gains over the longer term. According to the report, gold prices rose more than 75% over the previous year, while silver prices climbed from around ₹78,600 per kg in 2023-24 to above ₹2.40 lakh per kg in September 2026.
Gold and silver rates fluctuate during the trading day and may vary across cities, jewellers and market sources.