The gold rate in India today jumped for the third consecutive time this week as festive season demand picked up across major cities. Historically, the 24K gold rate in India tends to strengthen during September and October, with most buyers waiting for the festive period to make their purchases.
Key festivals like Dussehra and Diwali have a major impact on gold prices in India, as the surge in jewellery demand often pushes the yellow metal to new highs every year.
At the global level, the spot gold price today stayed stable just below the $3,400 per ounce mark, while investors await key U.S. economic data that could influence the Federal Reserve’s interest rate decision in its upcoming September policy meeting. The spot silver price today also remains firm in international markets.
Gold rates in India today, August 28
On Thursday, August 28, the 22-carat gold rate in India spiked once again by Rs. 150 per 10 grams to cost Rs. 94,050. While the 24-carat gold rate zoomed by Rs. 160 per 10 grams to retail at Rs. 102,600 per 10 grams. In a similar manner, the 18-carat gold rates in India increased by Rs. 120 to cost Rs. 76,950 per 10 grams.
Just like that, 100 g of 24-carat gold surged by Rs. 1600 to cost Rs. 102,600, and the 22-carat gold per 100 grams also saw a jump of Rs. 1500 to retail at Rs. 94,050. Similarly, 100 grams of 18-carat gold jumped by Rs. 1200 and now cost Rs. 769,500.
Silver prices in India today
Since the last two days, silver prices in India have remained stable, and currently, 1 kg of silver costs Rs. 120,000, and 100 grams of silver cost Rs. 12,000.
Impact of Tariff on the Jewellery Sector
Recently, the United States has announced the imposition of a 50% tariff on gems and jewellery imports from India, effective August 27, 2025, targeting a range of goods, including polished diamonds, gold jewellery, and coloured gemstones.
“This abrupt tariff escalation is not just an export concern; it’s a macroeconomic jolt. The pressure on the rupee and rising gold prices will ripple through domestic markets, dampening consumer sentiment and squeezing small retailers. We’re staring at a dual crisis: weakened global competitiveness and shrinking local demand. The government must urgently recalibrate its trade strategy to shield this vital sector.”said Avinash Gupta, Vice Chairman, All India Gem and Jewellery Domestic Council.
Gold prices city-wise
The back-to-back sharp rally in gold prices in India was reported across major cities in Below are the gold rates in the metropolis on August 28:
Gold Price in Chennai
Gold Price in Bangalore
Gold Price in Hyderabad
Gold Price in Mumbai
Gold and Silver Futures Prices on the Multi-Commodity Exchange
Gold prices on the MCX (Multi-Commodity Exchange) are in the red zone today. Currently, gold futures prices due to mature on October 3rd are trading at Rs. 101,412 after slipping by 0.13%. Silver futures, which are set to mature on September 5th, rose today, trading 0.27% higher at Rs. 116,412.
Spot Gold Price and Silver Price Update
According to the latest Reuters report, “spot gold traded steady at $3,390.27 per ounce as of 0257 GMT, after touching its highest level since August 11 earlier in the session. U.S. gold futures for December delivery were unchanged at $3,447.40, while spot silver inched up 0.3% to $38.72 per ounce.”