Gold prices recorded a quiet upward drift across India's major metropolitan markets on Wednesday, September 18, as domestic rates tracked steadier international bullion prices without any dramatic swings.
In Mumbai, the price of 22-carat gold, the purity most commonly used for jewellery, rose to approximately ₹6,985 per gram, up from ₹6,940 earlier in the week. The same purity hit ₹7,020 per gram in Chennai and ₹6,995 per gram in Delhi. Kolkata saw 22-carat gold priced at around ₹7,010 per gram. These figures include the Goods and Services Tax of 3 per cent applicable on bullion purchases, which is levied uniformly across the country.
The global benchmark price for gold has been trading above the psychologically significant level of $3,300 per troy ounce since early September. Analysts point to a combination of factors — persistent geopolitical tensions, expectations about the US Federal Reserve's interest-rate trajectory, and steady buying from central banks in emerging economies — as the primary supports for bullion prices.
Domestically, demand ahead of the festive season remains a key floor under local prices. Retailers in Maharashtra, Tamil Nadu, and West Bengal reported that while physical gold sales have not yet surged, forward bookings by jewellers are beginning to pick up as the Diwali period approaches in late October and November.
Hindalco Gold Research noted that the rupee's marginal weakness against the US dollar, hovering near ₹83.80, adds a small inflationary tilt to domestic gold rates. Any further dollar strengthening could push Indian gold prices higher even if global bullion values remain flat.
Silver also edged up modestly, with 999-fineness silver trading around ₹82,500 per kilogram in Mumbai, up from roughly ₹81,200 the previous trading session.
