Gold rates in India pulled back from their strong record rally on September 24, which was the third day of Navratri festival. Prior to this, 24 carat gold prices in 100 grams skyrocketed by a whopping Rs 45,200 since September 19th.
However, silver rates in India outperformed gold with gains of more than 11% in September so far. Silver held its new all-time high of Rs 1,40,000 per 1kg. Going ahead, upcoming US inflation and jobs data will drive performance. Both gold and silver are expected to retain their upward bias.
Gold Rates In India:
On September 24, 10 grams gold price dropped by Rs 320 to Rs 1,15,370 in 24 carat, down by Rs 300 to Rs 1,05,700 in 22 carat, and was lower by Rs 240 to Rs 86,530 in 18 carat.
Meanwhile, the price of 100 grams gold price plunged by Rs 3,200 to Rs 11,53,700 in 24 carat, declined by Rs 3,000 to Rs 10,57,500 in 22 carat and tumbled by Rs 2,400 to Rs 8,65,300 in 18 carat.
Gold has now halted its gaining spree. Earlier, 100 grams gold price soared by Rs 26,200 in 24 carat on September 23, followed by upside of Rs 9,200 on September 22. This gold was also up by Rs 8,200 on September 20 and higher by Rs 1,600 on September 20. Gold saw muted performance on September 19.
From September 19 to September 24, gold prices rallied by Rs 45,200 in 100 grams of 24 carat.
Apart from global factors, festive season has also contributed to the uptrend in the gold prices. As per Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA), recently, gold has kept rising, aided by America’s growing expectation of interest-rate cuts and subsequent dollar weakness. Domestic demand has also picked up due to festival season and safe-haven buying amid international trade concerns.
Silver Rates In India:
Silver halted its winning streak on September 24 as well, however, it held the new all-time high mark. 1Kg silver rate is at Rs 1,40,000 in India as of September 24, a new peak. This comes after silver prices gained by a whopping Rs 9,000 from September 19 to September 23rd.
Currently, 100 grams silver is priced at Rs 14,000 and 10 grams at Rs 1,400. The cheapest price of silver is Rs 140 per 1 gram.
For silver, Kamboj added, silver prices have shown similar strength as gold, thanks to demand from industrial and ornamental uses, as well as collapse in global supplies.
MCX Gold Price + MCX Silver Price
Investors held a cautious tone on gold and silver futures at MCX. The October 2025 expiry of gold futures, ended at Rs 1,12,550 per 10 grams, mildly down by Rs 5. Meanwhile, MCX silver price with December 2025 expiry, closed at Rs 1,33,950 per 1kg, down by Rs 52 on September 24.
The latest drop in gold and silver prices could be attributed to hawkish remark of US Federal Reserve’s officials.
Decoding in detail, Axis Securities said, the Federal Reserve Chairman acknowledged the strength of the labour market and hinted at the prospect of additional rate cuts later this year. However, he maintained a modest stance on the timing and scale of easing, which could provide support for gold at lower levels. That said, the rally in bullion this year has been parabolic, and hence the brokerage advise investors to remain cautious in the near term.
Gold & Silver Prices Outlook:
Analysts see this partly as a reflection of international expectations around recession and the Fed through local factors like rupee depreciation. Although traders are surprised by record prices, there is some growing concern about profit-booking if inflation data from the globe disappoints or a deferred rate cut is sighted. Current trends are bullish, as per IBJA vice president.
In case of silver, Kamboj said, silver is usually more volatile than gold; it is always possible that an unexpected drop in global industrial demand or two or three negative macroeconomic reports could create a short-term correction. All of the prevailing conditions suggest that silver should remain generally firm in the near term.
Ponmudi R, CEO of Enrich Money added, “while minor corrections are possible, we expect the metal to retain its upward bias in the near term.”
Spot Gold Price + Spot Silver Price
Spot Gold climbed to around $3,770 per ounce on Wednesday, approaching its record high from the previous session, as investors weighed Federal Reserve commentary alongside ongoing geopolitical uncertainty, as per Trading Economics. Silver stayed above $44 per ounce on Wednesday, hovering near a 14-year high as traders reassessed the Federal Reserve’s outlook.