Gold Price Today: Yellow Metal Slips But Experts See Rs 1.13 Lakh Ahead! Check Latest Rates In Delhi, Mumbai, Chennai & More
Gold prices pulled back on Monday after scaling fresh record highs the previous week, as investors resorted to profit-taking and global markets showed signs of weakness.
- Republic Business
- 4 min read
Gold Price Today: Gold prices pulled back on Monday after scaling fresh record highs the previous week, as investors resorted to profit-taking and global markets showed signs of weakness.
On the Multi Commodity Exchange (MCX), gold futures for October delivery dropped by Rs 606 or 0.56% to Rs 1,07,122 per 10 grams.
This correction followed a lifetime high of Rs 1,07,807 per 10 grams on Friday. Similarly, December gold futures slipped by Rs 612 to Rs 1,08,176 per 10 grams.
Silver mirrored the trend, easing after its sharp surge in recent sessions. December silver futures declined by Rs 977 or 0.78% to Rs 1,23,720 per kilogram, against its record high of Rs 1,26,300 per kg touched on September 3.
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City-wise Gold Prices Today
According to jewellers’ associations and local market trends, gold rates across major Indian cities are as follows:
Gold Price Today In Delhi: Rs 10,852 per gram (24K), Rs 9,949 (22K), Rs 8,140 (18K)
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Gold Price Today In Mumbai: Rs 10,837 per gram (24K), Rs 9,934 (22K), Rs 8,128 (18K)
Gold Price Today In Kolkata: Rs 10,837 per gram (24K), Rs 9,934 (22K), Rs 8,128 (18K)
Gold Price Today In Chennai: Rs 10,876 per gram (24K), Rs 9,969 (22K), Rs 8,254 (18K)
Gold Price Today In Hyderabad: Rs 10,837 per gram (24K), Rs 9,934 (22K), Rs 8,128 (18K)
Gold Price Today In Bangalore: Rs 10,837 per gram (24K), Rs 9,934 (22K), Rs 8,128 (18K)
Gold Price Today In Lucknow: Rs 10,852 per gram (24K), Rs 9,949 (22K), Rs 8,140 (18K)
Spot market activity also reflected this buoyancy, with gold of 99.9% and 99.5% purity touching Rs 1,07,870 and Rs 1,07,000 per 10 grams respectively in Delhi over the weekend. Silver prices in the capital surged by Rs 1,400 to reach a new peak of Rs 1,27,000 per kg.
International Market Weakness
Globally, bullion saw some correction on Monday. Comex gold futures for December delivery fell 0.68% to $3,628.35 per ounce, easing from the all-time high of $3,655.50 per ounce hit in the previous session.
Spot gold declined to $3,584.40 per ounce. Silver followed suit, with Comex silver futures down 0.7% at $41.26 per ounce and spot silver losing 0.88% to $40.64 per ounce.
The recent rally had been underpinned by a combination of factors: expectations of a US Federal Reserve rate cut, geopolitical uncertainties, and steady demand from central banks.
Notably, China’s central bank extended its gold-buying spree into a 10th consecutive month, lifting its reserves to 74.02 million fine troy ounces in August, valued at $253.84 billion.
Expert View
Commenting on the recent moves, Dr. Renisha Chainani, Head of Research, Augmont, said, “Gold and silver saw gains of 4% and 2%, respectively, driven by rate-cut expectations, heightened political risks, a steepening yield curve, and worries about the Fed's independence.
"After a weaker-than-expected performance, gold reached a new high above $3650 and silver above $42. Non-farm payrolls in August increased the anticipation of a rate drop by the Fed in September," she added.
On the price outlook, she added, “We can see some profit-booking in Gold October Futures initially, but when gold sustains above $3640, the rally can continue towards $3700 (Rs 1,13,500) in the next few days. Silver may correct towards $41 (Rs 1,30,000) soon.”
Demand Drivers and Outlook
According to the World Gold Council (WGC), central banks’ buying momentum has slowed in recent weeks, but heightened geopolitical risks continue to support demand.
Global gold-backed exchange-traded funds (ETFs) recorded a third consecutive month of inflows in August, led by Western institutional demand.
In India, one of the largest gold consumers, domestic prices have jumped 34–35% since the beginning of 2025, outpacing several global peers.
US macroeconomic data has also influenced the rally. August non-farm payrolls rose by just 22,000 jobs against expectations of 75,000, while unemployment ticked higher to 4.3%.
The softer labor market has fueled expectations of a Fed rate cut in September, pushing Treasury yields lower and making gold more attractive.