Today's (08.09.2026) gold price: Know rates in major cities and what's happening in MCX

Physical gold rates in India dipped slightly on Tuesday morning, September 08, 2026. This minor correction came even as gold futures and global prices climbed, driven by rising tensions in the Middle East.

For everyday buyers across the country, retail prices for physical gold fell by a single rupee per gram. This marginal drop brings 24-karat gold of 99.9% purity to ₹15,414 per gram, whilst the highly popular 22-karat jewellery-grade gold stands at ₹14,129 per gram. Buyers looking for 18-karat gold will find it priced at ₹11,560 per gram. Although physical gold is widely seen as a trusted shield against rising inflation, individual city rates show slight variations due to local market factors.

Retail prices in major cities

In the southern retail hub of Chennai, 24-karat gold is trading at ₹15,414, with 22-karat at ₹14,129, and 18-karat priced at ₹11,899 per gram. Meanwhile, Mumbai, Kolkata, Bangalore, Hyderabad, Pune, and Kerala are all matching the national baseline, offering 24-karat at ₹15,414, 22-karat at ₹14,129, and 18-karat at ₹11,560 per gram.

Capital buyers in Delhi face slightly higher rates, with 24-karat gold costing ₹15,429, 22-karat at ₹14,144, and 18-karat at ₹11,575 per gram. Gujarat markets also trade at a premium; both Vadodara and Ahmedabad are quoting ₹15,419 for 24-karat, ₹14,134 for 22-karat, and ₹11,565 per gram for 18-karat.

Domestic futures and global triggers

While physical retail rates cooled slightly, the domestic futures market experienced a morning surge. On the Multi Commodity Exchange (MCX), gold contracts for October delivery rose by 0.42 per cent to ₹1,53,461 per 10 grams in early trading. Domestic silver followed a similar upward trajectory, with December contracts climbing 0.67 per cent to ₹2,40,615 per kilogram. Local traders attribute this futures rally to healthy physical demand ahead of the Indian festive season.

Global developments are also playing a significant role. In international markets, US gold futures for December delivery rose by 0.40 per cent to $4,485.84 per troy ounce. This rise was supported by a 0.50 per cent fall in the US dollar index to 98.72, alongside a cooling of the 10-year US Treasury bond yields from 4.79 per cent to 4.77 per cent.

Interest rates and geopolitical conflict

Investors are closely watching the upcoming US Federal Reserve policy meeting on 15-16 September. Financial markets currently estimate a 60 per cent chance of an interest rate hike. Additional clarity is expected later this week with the release of US producer price index data on Thursday, followed by consumer inflation figures on Friday.

Beyond monetary policy, worsening conflict in the Middle East remains a critical trigger for both precious metals and equity markets. Iran recently threatened the United States with severe economic retaliation and claimed to have launched an advanced missile at US warships. Tensions escalated further following a missile attack by Yemen's Houthi rebels on multiple cities in Saudi Arabia, which left seventy-three people injured, keeping investors on high alert.