Gold Rate Today in India, September 12, 2026: 24K at ₹15,442/g as CPI Data Steadies Markets Ahead of Fed

MUMBAI — Gold prices in India edged marginally higher on Friday after Thursday’s sharp ₹109 decline, with 24-karat gold adding ₹16 per gram to reach ₹15,442 as US consumer price data for August came in broadly in line with market expectations. The mild recovery followed a week of volatility tied to incoming American inflation readings, with the Federal Reserve’s September 16 rate decision now fewer than 96 hours away.

The India Bullion and Jewellers Association morning rate serves as the national benchmark from which city-wise prices are derived, with state levies adjusting the final figure by tier. Rates across all cities exclude GST at 3% and jeweller-specific making charges, which can range from ₹200 to ₹700 per gram depending on the design and the establishment.

Thursday’s ₹109 fall — the sharpest single-day drop in four weeks — came after US producer price data for August showed services inflation accelerating by more than analysts had anticipated, reinforcing expectations that the Federal Reserve would follow through on its signalled rate hike. Friday’s consumer price release then offered a partial stabiliser: headline CPI for August rose 3.4% year-on-year, matching the analyst consensus, while core CPI came in at 0.3% month-on-month, a tick above the 0.2% estimate. Markets had feared a stronger upside surprise, and when it did not materialise, some of the pressure on gold lifted.

The CME FedWatch tool showed roughly 85% probability of a 25 basis point rate increase at the September 15–16 Federal Open Market Committee meeting. A rate hike strengthens the dollar, raises the opportunity cost of holding non-yielding assets like gold, and typically drives prices lower. That dynamic explains Thursday’s selloff and the limited nature of Friday’s bounce — neither outcome of next week’s meeting is likely to be straightforwardly positive for gold in the near term.

Spot gold traded at $140.25 per gram on Friday morning — the equivalent of approximately $4,362 per troy ounce — with the rupee hovering near 108.3 to the dollar. At those levels, the imported cost of gold in rupee terms sits above the India Bullion and Jewellers Association’s domestic benchmark, with import duty and insurance accounting for the effective premium Indian buyers pay over the international price. Daily LBMA benchmark data is tracked by the World Gold Council.

Across 38 major Indian cities, gold prices on September 12, 2026 follow the three-tier structure determined by state levies applied above the India Bullion and Jewellers Association base rate.

Silver moved in the opposite direction on Friday, slipping ₹10 per gram to ₹245 for 999 fine grade as the stronger dollar weighed on industrial metals alongside gold.

Is this a good time to buy gold in India?
The Federal Reserve’s September 16 decision is the single most important near-term variable. A 25 basis point hike is priced in at roughly 85%, so if the Fed delivers exactly what markets expect and signals a pause afterward, gold could recover modestly. If the Fed hikes and signals more increases ahead, the downward pressure will resume. Buyers with October and November festival commitments — Navratri begins October 2 — may find current levels acceptable; 24-karat at ₹15,442 per gram remains below last week’s high but above the same period last year.

What is the gold rate in Delhi today, September 12, 2026?
The gold rate in New Delhi on September 12, 2026 is ₹15,457 per gram for 24-karat and ₹14,169 per gram for 22-karat. These rates reflect the NCR/UP/Punjab/Haryana/Rajasthan state levy tier applied above the India Bullion and Jewellers Association base price. GST at 3% and making charges are additional and vary by jeweller.

Why did gold prices fall sharply on September 11, 2026?
The ₹109 fall on Thursday was driven by US producer price data showing services inflation accelerating above analyst expectations. That reading raised fears the Federal Reserve would signal more rate increases beyond September, which strengthened the dollar and made non-yielding assets like gold less attractive to international investors. Friday’s CPI print — in line with forecasts rather than above them — reversed a portion of that pressure.

How does the Federal Reserve’s rate decision affect gold prices in India?
A Fed rate hike strengthens the dollar, making dollar-denominated gold more expensive for buyers in other currencies and typically reducing global demand. In India specifically, a stronger dollar also raises the rupee cost of importing gold, which can partially offset any fall in the international benchmark price. The net domestic price effect depends on how the rupee moves alongside the dollar, which is influenced by RBI policy and India’s own inflation and current account dynamics.

Gold’s direction through the remainder of September will be set by the Federal Reserve announcement on September 16 and Chair Jerome Powell’s guidance on the path beyond that meeting. For the gold rate in India from September 10, and the gold price in the United States on the same date, see our earlier reports.