Gold Rate Today, September 28: Check 18, 22 and 24 carat gold prices in Chennai, Mumbai, Delhi, Kolkata and other cities

On September 28, 2026, the gold price in India experienced a decline, with 24 carat gold trading at Rs 15,017 per gram, 22 carat gold at Rs 13,765 per gram, and 18 carat gold at Rs 11,263 per gram, according to Good Returns. This represents a decrease of Rs 251, Rs 230, and Rs 188 respectively, when compared to the previous day's prices.

Vikram Subburaj, CEO of Giottus.com, noted that the Indian bullion markets have started the week on a mixed note. While gold is under pressure, silver is showing signs of early recovery. On MCX, October gold was priced at around ₹1,50,701 per 10 grams, and the Silver Mini contract was around ₹2,36,680 per kg. These prices were recorded in the early sessions of September 28, and not the closing levels for that day.

The pressure on gold is primarily attributed to global market conditions. Spot gold experienced a 1.5% decrease, reaching around $4,224 an ounce, while US gold futures were valued at approximately $4,258 an ounce. Factors such as rising oil prices, concerns over inflation, a stronger dollar, and the prospect of further US rate hikes are contributing to the downward pressure on non-yielding assets like gold.

Furthermore, geopolitical tensions in West Asia have also impacted the gold market. Iranian Foreign Minister Abbas Araghchi indicated that Tehran is open to real diplomacy but remains prepared for full-scale conflict if the US takes further action. In contrast, US President Donald Trump expressed optimism regarding upcoming talks, stating that Washington aims to achieve a decisive outcome soon.

AL Jazeera reported that the Pentagon refuted Iranian claims of capturing a high-tech US underwater drone in the strategic Strait of Hormuz. Additionally, British police arrested five suspects near a UK airbase linked to US operations against Iran, accusing them of terrorism and explosives violations. The 60-day maritime armistice between Iran and the United States, brokered in mid-2026, has now been broken, leading to renewed missile strikes and heightened naval risks.

This disruption in global energy markets has sparked a major safe-haven rally, causing domestic gold prices to surge alongside international spot benchmarks, recent import tax changes, and fluctuations in foreign exchange rates.