Gold Rate Today, September 28: Check 18K, 22K and 24K Gold Prices in Major Cities

Gold prices in India fell sharply on Monday, September 28, as international bullion markets came under pressure from a stronger US dollar, rising oil prices and renewed expectations that interest rates could remain higher for longer.

According to GoodReturns data reported by Indian Express, the 24-carat gold rate stood at ₹15,017 per gram, while 22-carat gold was at ₹13,765 per gram and 18-carat gold at ₹11,263 per gram nationally. The rates were lower than September 27, with 24K, 22K and 18K prices falling by ₹251, ₹230 and ₹188 per gram, respectively.

City-level prices varied slightly, with Chennai recording a higher 18K rate than several other major markets.

Gold Rate Today in India: 18K, 22K and 24K Prices

The following are indicative gold rates for September 28, based on GoodReturns data:

These are indicative market rates and can differ from the final amount quoted by individual jewellers. GoodReturns notes that its displayed rates do not include GST, TCS and other applicable charges.

For buyers, that distinction is important because the final jewellery bill can also include making charges and applicable taxes.

How Much Is 10 Grams of Gold Today?

Based on the Chennai rate published by GoodReturns, 10 grams of gold on September 28 was equivalent to:

• 24K: ₹1,50,170

• 22K: ₹1,37,650

• 18K: ₹1,15,350

The Chennai 24K price was down ₹2,560 for 10 grams from the previous day's rate, while 22K declined by ₹2,350.

The sharp daily move highlights how quickly retail gold rates can change when international bullion prices and currency markets move significantly.

Why Did Gold Prices Fall Today?

The decline was not limited to India's physical gold market. International gold prices also dropped sharply at the start of the week.

Moneycontrol reported that spot gold fell about 1.63% to just above $4,215 an ounce, while US gold futures declined around 1.75% during early trading. MCX gold futures for October delivery were also trading lower.

Several factors were weighing on the precious metal.

Higher Oil Prices and Inflation Concerns

Rising oil prices have become an important factor for financial markets because expensive energy can add to inflation.

When investors expect inflation to remain persistent, markets can start pricing in a more restrictive monetary-policy environment. That can reduce the appeal of gold, particularly when government bond yields and the US dollar are also rising.

Gold does not generate interest income. Therefore, when interest rates and bond yields become more attractive, the opportunity cost of holding gold can increase.

Stronger US Dollar

The dollar has also strengthened in recent trading sessions.

Gold is internationally priced in US dollars, so a stronger dollar can make the metal more expensive for holders of other currencies and can put pressure on global demand.

The combination of a stronger dollar and expectations of higher interest rates has therefore created a challenging short-term environment for bullion.

US Interest Rates Remain a Key Gold Driver

The Federal Reserve's policy outlook is particularly important for gold investors.

Reuters reported last week that gold prices were pressured as traders prepared for a potentially prolonged period of higher US interest rates. The report noted that persistent inflation, partly linked to stronger energy costs, was influencing expectations around monetary policy.

That means upcoming US economic data could have an outsized impact on gold.

Inflation figures, employment data, economic-growth indicators and comments from Federal Reserve officials will be closely watched because they can change expectations for future interest-rate decisions.

For Indian buyers and investors, movements in international gold prices are then reflected domestically through the global price, the rupee-dollar exchange rate and local market conditions.

18K vs 22K vs 24K Gold: What Is the Difference?

The carat number indicates the proportion of pure gold in the metal.

24K gold is the highest-purity category commonly quoted in bullion markets, with GoodReturns listing it at 99.9% purity. It is generally associated with investment bars and coins rather than everyday jewellery because pure gold is relatively soft.

22K gold contains about 91.6% gold and is widely used for jewellery. Other metals are added to improve durability.

18K gold contains about 75% gold, with the remaining portion consisting of other metals. It is commonly used for jewellery where greater strength and different designs are desired.

Therefore, comparing the price of 18K jewellery directly with a 24K bullion price can be misleading. The purity, making charges and final product specifications are different.

Gold Price Outlook: What Could Move Rates Next?

The near-term direction of gold is likely to remain closely tied to global monetary policy, the dollar, oil prices and geopolitical developments.

The September 28 decline came as markets assessed renewed uncertainty around the US-Iran situation and higher energy prices. Moneycontrol noted that gold's next major test would depend partly on incoming US economic data and whether concerns about inflation and tighter monetary policy persist.

A sustained rise in US yields or a stronger dollar could keep pressure on gold. Conversely, signs of weaker economic activity, easing inflation or renewed demand for safe-haven assets could support bullion.

For Indian consumers, the rupee's movement against the dollar is another important variable.

What Should Gold Buyers Check Before Purchasing?

The headline gold rate is only one part of the final jewellery price.

Before purchasing, buyers should check:

• Purity and hallmarking details

• Price per gram

• Net gold weight

• Making charges

• Wastage charges, if applicable

• GST and other applicable taxes

• Buyback or exchange terms

• Final invoice amount

This becomes particularly important when gold prices are elevated. Even a small difference in making charges can materially affect the total cost of jewellery.

Gold Rate Today: Key Takeaway

Gold prices started September 28 on a weaker note, with the indicative 24K rate around ₹15,017 per gram, 22K around ₹13,765, and 18K around ₹11,263, although rates differed slightly between cities. Chennai's reported 18K rate was ₹11,535 per gram.

The immediate pressure is coming from the combination of weaker international bullion prices, a stronger dollar, higher oil prices and expectations that interest rates could stay elevated.

For buyers, today's fall does not by itself establish a long-term trend. The next major signals will come from global gold prices, US economic data, Federal Reserve policy expectations and currency movements.

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This article is for informational and educational purposes only and should not be considered investment advice.