Gold rate today: From local jewellers to MCX, here is what the latest numbers show
Gold prices have fallen across India on Monday (August 31), bringing a downward shift in costs for retail buyers across all major purity levels.
A single gram of 24-karat gold now stands at ₹15,677, representing a decline of ₹147 from previous trading. For 22-karat gold, the rate dropped by ₹135 to stand at ₹14,370 per gram. The 18-karat gold option also saw its price fall by ₹83, settling at ₹11,785 per gram. For larger transactions, an eight-gram purchase of 24-karat costs ₹1,25,416, while 22-karat stands at ₹1,14,960 and 18-karat is priced at ₹94,280. Standard ten-gram purchases of 24-karat gold are priced at ₹1,56,770, which represents a decline of ₹1,470. For those purchasing 100 grams, 24-karat gold stands at ₹15,67,700, 22-karat is at ₹14,37,000, and 18-karat is priced at ₹11,78,500.
Local prices show variation across different Indian cities. Delhi recorded the highest rates in the country, where a gram of 24-karat gold costs ₹15,838, 22-karat costs ₹14,519, and 18-karat is ₹11,882. Chennai buyers are seeing prices of ₹15,823 for 24-karat and ₹14,504 for 22-karat, alongside an 18-karat price of ₹12,274. In Ahmedabad and Vadodara, rates stand at ₹15,828 for 24-karat, ₹14,509 for 22-karat, and ₹11,872 for 18-karat gold. Meanwhile, residents in Mumbai, Kolkata, Bangalore, Hyderabad, Pune, and Kerala are all paying the standard national average of ₹15,677 for 24-karat, ₹14,370 for 22-karat, and ₹11,785 for 18-karat gold.
Futures contracts crash on commodity exchange
This retail drop was accompanied by a sharp plunge on the Multi Commodity Exchange (MCX), where gold and silver prices fell by up to 2% during Monday's morning deals. The downward movement is attributed to heavy profit-taking amid weak global cues. October gold futures dropped by more than ₹2,600, sliding to ₹1,53,640 per 10 grams. Meanwhile, silver contracts for September delivery took a hit, plunging by over ₹4,200 to settle at ₹2,32,501 per kilogram in early deals.