Gold Rate in India Today, September 25, 2026: 24K Eases to ₹15,267/g as Fed Rate Hike Odds Climb

MUMBAI — With Navratri a week away and jewellery counters already busy with advance orders, Thursday’s price correction arrived at an awkward moment for India’s gold market. A stronger-than-expected US PMI reading sent money-market traders scrambling to price in an October Federal Reserve rate increase, and the resulting dollar rally pulled 24-karat gold down to ₹15,267 per gram on September 25 — a ₹16 retreat from the previous session’s IBJA morning benchmark.

The IBJA morning rate, which anchors retail jewellery pricing across India’s bullion supply chain, reflected the same global pressure that weighed on gold in London and New York overnight. S&P Global’s flash composite PMI for September came in at 54.4 against a 52.0 consensus — the kind of beat that markets read as giving the Fed room to raise rates in October. With the rupee holding near ₹84.15 to the dollar, Indian importers could not fully offset the dollar-denominated price slide, and the domestic spot rate moved lower in sympathy.

Retail footfall in Mumbai’s Zaveri Bazaar and Delhi’s Karol Bagh jewellery markets was described as moderate on Thursday, with buyers monitoring prices before committing ahead of the festive season. For long-duration buyers — those accumulating gold for a daughter’s wedding or a portfolio hedge — a ₹16 single-session correction carries limited significance. The seasonal demand that arrives with Navratri and Dussehra typically provides a floor under deeper declines.

Physical silver in India settled at approximately ₹91 per gram for 999-fine grade on September 25. Industrial demand for silver — particularly from India’s rapidly expanding solar energy sector and electric-vehicle component manufacturing — has kept prices supported through the summer, and the precious metals complex did not fall as sharply as base metals on Thursday’s risk-off data.

The Reserve Bank of India has held its policy repo rate at 6.25 per cent and signalled a watchful hold through year-end. A transatlantic policy divergence — where the Fed raises while the RBI holds — would typically add modest appreciation pressure on the dollar against the rupee, incrementally raising the cost of India’s largely import-dependent gold supply. The World Gold Council has flagged India as the world’s second-largest gold consumer in 2026, with the Q3 festive surge expected to account for roughly a third of the year’s total retail demand.

That festive backdrop shapes how Thursday’s decline is likely to be read. The September 24 India gold rate was already down ₹49 from the prior session; two consecutive sessions of declines have now pushed the base rate roughly ₹64 below its recent peak. Traders comparing the move against international peers will note that the September 25 UK gold price slipped by a comparable margin in proportional terms, confirming that the catalyst — US rate expectations — was a global impulse, not a domestic one.

The city-wise differentials reflect state-level levy structures quantified in the IBJA morning benchmark release. Delhi and major UP cities carry the highest rates owing to additional state levies, while base-rate cities across Maharashtra, South India, and the East track the IBJA national figure closely. Buyers should confirm final retail prices with their jeweller — the IBJA benchmark excludes GST (3%), making charges, and applicable state taxes.

What is the gold rate in India today, September 25, 2026?

The IBJA morning benchmark on September 25 places 24-karat gold at ₹15,267 per gram (₹1,52,670 per 10 grams) at the base rate. City-level rates vary by state levy: Delhi and UP cities carry ₹15,282/g; Gujarat, Bihar, and Tamil Nadu cities carry ₹15,272/g; Mumbai, Bangalore, Hyderabad, and most other cities trade at the base rate of ₹15,267/g.

Why did gold prices fall in India on September 25, 2026?

The immediate cause was stronger-than-expected US economic data. S&P Global’s September PMI printed at 54.4, well above the 52.0 consensus, which pushed money-market odds of an October Federal Reserve rate hike above 70 per cent. A rising dollar index lifted the cost of holding non-yielding assets like gold, pulling spot prices lower across global markets including India.

Is this a good time to buy gold before Navratri 2026?

Gold at ₹15,267/g is down roughly ₹64 from its recent peak but still well above levels seen in the first half of 2026. For buyers targeting festive jewellery, current rates represent a modest discount to recent highs, but further softness is possible if US rate expectations keep firming. Longer-horizon buyers accumulating for weddings or portfolio diversification typically treat such short-term moves as noise rather than signal.

How does GST apply to gold purchases in India?

All gold purchases in India carry a 3 per cent GST on the metal value, levied uniformly across states. Making charges for jewellery attract an additional 5 per cent GST. The IBJA rates quoted here are pre-GST benchmark figures; the total cost to the buyer includes GST, making charges, and any hallmarking or certification fees charged by the retailer.