Gold Rate Today: IBJA 24K Gold at ₹1,48,048 per 10g on September 28;

IBJA gold rates are quoted per 10 grams and silver per kilogram. These benchmark rates exclude 3% GST and making charges. 

How Much Did Gold Move?

The latest official September 28 reading available at the time of writing is the AM 999-gold rate of ₹1,48,048 per 10 grams. 

Compared with the previous PM rate of ₹1,52,113, that represents a difference of ₹4,065, or 2.67%. 

The comparison should not be read as the final day-on-day decline, however. A like-for-like daily closing comparison requires the September 28 PM fixing against the September 25 PM fixing. Until the new PM benchmark is published, the official closing move remains unavailable. 

The same timing distinction applies to silver. Silver 999's AM rate of ₹2,23,192 per kg was ₹9,158, or 3.94%, below the previous PM rate of ₹2,32,350 per kg. 

What Is Driving Gold Prices?

International bullion weakened during September 28 trading. Spot gold fell more than 2% during the Asian session, with Reuters reporting prices near $4,172 an ounce by 06:27 GMT. 

One mechanism was the interaction between energy prices and interest-rate expectations. Crude oil moved higher after renewed uncertainty around US-Iran negotiations and the Strait of Hormuz. Higher energy costs can add to inflation concerns, which in turn can affect expectations for monetary policy and bond yields. 

The US dollar was also trading near a two-month high, while long-dated Treasury yields remained elevated. A stronger dollar increases the local-currency cost of dollar-priced bullion for non-US buyers, while higher yields increase the opportunity cost associated with holding an asset that does not generate interest income.

What Can Lower Gold Prices Mean for Indian Markets?

Jewellery Companies 

A lower bullion price reduces the rupee value of a fixed quantity of gold inventory. For jewellery businesses, the operational effect also depends on inventory accounting, hedging arrangements, procurement timing and how quickly raw-material costs are passed through to retail prices. 

Consumer Demand 

For a fixed weight and purity, a lower underlying gold benchmark reduces the pre-tax metal cost. The final jewellery bill also incorporates GST, making charges and other components. 

Gold Imports 

India imports a significant portion of its gold requirements. If international bullion prices or the rupee cost of gold decline while imported volumes are unchanged, the value of the corresponding import bill falls mechanically. Exchange-rate movements can either reinforce or offset changes in international gold prices. 

Gold-Loan Businesses 

The value of pledged jewellery is partly determined by the underlying gold price. Changes in benchmark prices therefore change the rupee value of collateral against which loan-to-value limits are calculated. 

Broader Markets 

Gold is also tracked alongside the US dollar, government bond yields, real interest rates and geopolitical risk. These relationships can change over time and do not imply a fixed directional relationship between gold and Indian equities.