Gold, Silver Prices Surge on Festive Demand

• Gold hits record highs in India due to festive demand and rupee weakness.
• Mumbai: 24K gold at Rs 1,13,080/10g, silver Rs 1,39,000/kg. MCX futures rise.
• Analysts cite dovish Fed, local buying. Silver bullish, but correction expected.

Gold and silver prices today, September 23: Gold and silver prices have continued the upward momentum in the Indian market to touch record highs due to strong festive demand for gold, a weakening rupee,

and expectations of further softening in interest rates abroad. In Mumbai, the prices of gold rose over Rs 1000, standing at Rs 1,13,080 per 10 gram for 24-carat and Rs 1,03,660 per 10 gram for 22-carat.

Silver, on the other hand, saw a jump of Rs 1000 to touch Rs 1,39,000 per kg.

On MCX, gold futures expiring on October 03, 2025 traded at Rs 1,12,625 per 10 gram with a gain of 0.35 per cent around 9:30 am on Tuesday. Similarly, silver futures too rose 0.12 per cent to trade at Rs 1,33,720 per kg.

Analysts said that the dovish rhetoric from the Federal Reserve and considerable local buying as a result of Navratri and forthcoming GST concerns have played a role in the upward pressure.

Rather than pullback, gold prices have gone up, and those who have bought gold appear preferring to hold on to their positions, rather than offload. There may be profit booking, however, the general view is one of positive momentum, and gold seems well supported at current levels, said Aksha Kamboj, Vice President, India Bullion & Jewellers Association (IBJA) and Executive Chairperson, Aspect Global Ventures.

She added that reports have indicated excitement in the renewed spot buying, particularly in anticipation of the upcoming festival period, and as the backdrop of global monetary easing continues with ongoing de-dollarization, the metal’s status as a destination of capital has clearly become favorable relative to gold.

However, Kamboj forewarned that forecasters are warning that silver will ultimately correct sharper than gold in price, but for now it is clearly bullish.

What Is The Price Of 22kt, 24kt Gold Rates Today In India Across Key Cities On September 23?

City	22K Gold (per 10gm)	24K Gold (per 10gm)
Delhi	Rs 1,04,950	Rs 1,14,480
Jaipur	Rs 1,04,950	Rs 1,14,480
Ahmedabad	Rs 1,04,850	Rs 1,14,380
Patna	Rs 1,04,850	Rs 1,14,380
Mumbai	Rs 1,04,800	Rs 1,14,330
Hyderabad	Rs 1,04,800	Rs 1,14,330
Chennai	Rs 1,04,800	Rs 1,14,330
Bengaluru	Rs 1,04,800	Rs 1,14,330
Kolkata	Rs 1,04,800	Rs 1,14,330