Gold price nudged upward on Saturday, September 27, 2025, as seasonal buying momentum and global market cues intersected. The GoodReturns GoodReturns platform reported 24‑carat gold at ₹1,14,890 per 10 grams, while 22‑carat slipped to ₹1,05,310 in key metros like Mumbai and Delhi. At the same time, major retailers such as Tanishq, Malabar Gold & Diamonds, Joyalukkas and Kalyan Jewellers posted their own tender‑price updates, sparking a flurry of questions among prospective buyers ahead of Dhanteras, Dussehra and Diwali. Gold price trends matter because they ripple through household savings, jewellery design choices and even small‑business cash flow.
Current Gold Prices Across Major Indian Cities
According to the latest GoodReturns data, 24‑carat gold held steady at ₹1,14,890 per 10 grams in Mumbai and Kolkata. Chennai posted a marginally higher figure of ₹1,15,100, while Delhi logged ₹1,15,040. The 22‑carat numbers were essentially flat, with a modest ₹10 dip to ₹1,05,310 in Mumbai, Kolkata, Bengaluru and Hyderabad; Chennai again led with ₹1,05,510, and Delhi recorded ₹1,05,460.
For comparison, the Economic Times cited a slightly higher 24‑carat rate of ₹1,15,480 in Mumbai and a 22‑carat level of ₹1,05,850. These variations reflect the fact that each jeweller applies its own hallmarking, overhead and regional logistics cost.
Retailer‑Specific Rates and Hallmarking Advice
Tanishq quoted 22K jewellery at ₹10,570 per gram on the same day, positioning itself just above its rival Malabar Gold & Diamonds, which offered the metal at ₹10,530 per gram. Joyalukkas reported a rate of ₹10,585 per gram across its Mumbai, Bengaluru, Delhi and Ahmedabad outlets, while Kalyan Jewellers matched Malabar’s ₹10,530 figure in the same cities on September 26.
"Customers should verify the hallmarked stamp before purchase," urged Priya Mehra, senior spokesperson at Tanishq, during a briefing in Mumbai. "Hallmarking guarantees the gold's fineness and shields buyers from hidden cost drops when they resell." The Economic Times echoed this warning, noting that non‑hallmarked pieces often carry a lower actual purity, which can erode resale value.
Hallmarking in India follows IS 15820, a standard that records the precise proportion of precious metal in an article. The Reserve Bank of India (RBI) has also been instrumental in promoting this practice by tightening oversight on jewellery retailers.
Global Market Influences and Festival Season Impact
Internationally, gold settled at $3,762.68 per ounce on September 27, up $18.05 (0.48%). Silver rose to $46.04 per ounce, a 2.53% increase, according to goldprice.org. The Gold‑Silver Ratio slipped to 81.72, while the Silver‑Gold Ratio ticked up to 0.01, signaling a subtle shift toward gold’s safe‑haven appeal.
Analysts attribute the domestic hike to a blend of a weaker US dollar, moderate oil price rebounds, and the looming Indian festival window. "Historically, we see a 5‑10% surge in gold buying during Dhanteras and Diwali," said Arvind Patel, a senior market analyst at the Indian Gold Exchange. "Retailers stock up early, and consumers—especially in tier‑2 cities—view gold as a dual‑purpose asset: jewellery and investment."
Indeed, city‑level data from the Economic Times showed Delhi’s 24‑carat price at ₹11,504 per 10 grams, Chennai at ₹11,510, and Bengaluru at ₹11,489, indicating a tight band that nonetheless crept upward.
Expert Take on Investment Options
The RBI’s sovereign gold bond (SGB) scheme, last updated on September 21, 2025, promises an 183% cumulative return over the bond’s tenure. Financial planner Neha Shah of Delhi highlighted the SGB as a “tax‑efficient” alternative to physical gold: "You get the price appreciation plus an annual coupon, and there’s no storage hassle." However, she cautioned that SGBs cap at ₹4 lakh per individual per tranche, which may not satisfy high‑volume buyers.
For small investors, the consensus among experts remains that buying hallmarked 22K jewellery from reputable chains—Tanishq, Malabar, Joyalukkas or Kalyan—is the safest route. They combine design appeal with verified purity, and resale platforms such as CaratLane and GoldX have made second‑hand transactions more transparent.
What’s Next for Gold Prices?
Looking ahead, most forecasts point to a steady rise through October, driven by festival‑season demand and a likely dip in the US dollar index. Yet volatility isn’t off the table: any sudden geopolitical flare‑up or a sharp correction in US Treasury yields could reverse the trend.
Retailers plan to roll out limited‑edition festive collections next week, with Tanishq teasing a “Heritage” line that blends traditional motifs with contemporary cuts. As the market balances consumer enthusiasm with cautious investment advice, the coming weeks will test whether the current uplift holds or gives way to a correction.
Frequently Asked Questions
How will the upcoming festivals affect gold prices?
Dhanteras, Dussehra and Diwali traditionally trigger a 5‑10% rise in gold buying as families purchase jewellery for gifts and auspicious rituals. Retailers increase inventory, and demand outpaces supply, nudging prices higher throughout October.
Is hallmarked gold really worth the extra cost?
Yes. Hallmarking guarantees the gold’s fineness, protecting buyers from hidden purity drops that can erode resale value. For investors, a hallmarked piece retains its market credibility, especially during resale on secondary platforms.
What are the price differences between major retailers?
On September 27, Tanishq priced 22K gold at ₹10,570 / g, Malabar at ₹10,530 / g, Joyalukkas at ₹10,585 / g, and Kalyan Jewellers matched Malabar’s ₹10,530 / g. The spread, roughly ₹40‑₹55 per gram, reflects brand positioning, overhead, and regional logistics.
Should I consider sovereign gold bonds instead of physical gold?
SGBs offer a tax‑free capital gain if held till maturity and an annual interest payment, making them attractive for long‑term investors. However, the ₹4 lakh per‑person cap may limit high‑volume buyers, who might still prefer physical jewellery for gifting and cultural reasons.
What global factors could reverse the current price rise?
A sudden strengthening of the US dollar, a sharp drop in oil prices, or heightened geopolitical tensions that shift investor sentiment toward other safe‑haven assets could all pull gold prices down. Keep an eye on US Treasury yields for early warning signs.
