Big shift in gold prices! Check Sept 29 rates in Kochi, Chennai, Bengaluru and Delhi

New Delhi: Retail gold and silver rates across major Indian metropolitan cities faced intense selling pressure for a second consecutive session on Tuesday, September 29, 2026. A sharp surge in crude oil prices, triggered by Iran's rejection of a peace proposal from the United States, sent ripples through global commodity exchanges.

The intensified geopolitical conflict in West Asia spurred a broad risk-off sentiment, forcing spot gold and spot silver to drop toward seven-week lows. Technical selling deepened as both metals broke crucial Fibonacci support levels (61.8% and 50%). On the Multi Commodity Exchange (MCX), gold futures slumped below the ₹1,50,000 per 10-gram mark, while silver slipped under its key support of ₹2,30,000 per kilogram.

City-wise gold rates across India (per gram)

Domestic retail bullion markets reflected steep corrections across 24-carat (24K), 22-carat (22K) and 18-carat (18K) purity levels.

City-wise silver rates across India

Physical silver rates hovered around ₹240 per gram (₹2,40,000 per kilogram) nationwide, though regional transportation costs and local duties resulted in modest variations.

Drivers of Indian bullion markets

Indian silver and gold prices depend heavily on global benchmark movements and the exchange rate of the Indian Rupee against the US Dollar. Even when international bullion prices remain range-bound, a depreciating Rupee raises import costs, driving domestic physical gold and silver rates higher. Investors and retail consumers are advised to factor in local taxes, making charges, and state-specific GST levies when making physical purchases.