Gold prices in India maintained their upward trajectory on Saturday, September 12, remaining largely flat across major cities despite moderate global fluctuations in bullion markets. According to data from the All India Gold and Diamond Traders Federation, 22-carat gold — the standard used extensively in jewellery manufacturing — was quoted at approximately ₹68,500 per 10 grams in Delhi, unchanged from the previous trading session. In Mumbai, the capital of Maharashtra, 22-carat rates hovered around ₹68,300 per 10 grams, while in Kolkata, eastern India's key financial hub, prices stood marginally higher at roughly ₹68,600 per 10 grams. Chennai and Bengaluru recorded similar pricing patterns, reflecting uniform national demand-supply dynamics.
The 18-carat segment, commonly used in lighter jewellery and coin purchases, was priced near ₹64,600 per 10 grams in Delhi on the same day. Spot gold prices on international exchanges experienced slight corrections earlier in the week as the US dollar index gained ground following stronger-than-expected economic data from America. However, these headwinds were offset by sustained physical demand from Indian consumers, who remain active buyers heading into the upcoming wedding and festive seasons that typically begin picking up momentum in October.
Industry insiders noted that the domestic price stability was also supported by the rupee's relatively steady trade range against the US dollar, which has not exhibited sharp movements in recent weeks. Currency volatility has historically been a key driver of gold price swings in India, where the country accounts for nearly a fifth of global consumption. Import duties, currently set at 15 percent, continue to form a substantial component of the final retail price paid by consumers.
Traders on the floor of the Bullion Association in Mumbai reported that office-to-office transactions remained moderate, with most jewellers adopting a wait-and-watch approach given the lack of clear directional cues from global markets. Investment-grade 24-carat gold coins and bars continued to see cautious buying interest, while the making charges on jewellery purchases remained competitive at between 8 and 12 percent depending on design complexity.
Looking ahead, market participants are monitoring several factors that could influence domestic gold rates in the coming weeks — including US Federal Reserve policy signals, geopolitical developments in the Middle East, and monsoon outcomes that could affect rural purchasing power. Analysts suggest that if global uncertainty persists, gold may continue to act as a safe-haven asset for Indian investors despite the elevated price levels.
