Domestic Gold Prices Ease on Vishwakarma Puja While Silver Remains Steady

Gold rates in India edged lower across all purity categories on Vishwakarma Puja following monetary policy cues, whereas silver prices held flat across major weight denominations.

Gold rates in the Indian bullion market softened on the festive occasion of Vishwakarma Puja, easing marginally from previous levels following the latest interest rate increase by the US Federal Reserve. While the yellow metal registered broad-based losses across pure, standard, and light jewellery grades, domestic silver prices held firm without any day-on-day fluctuations. The muted movement across retail and wholesale counters offered moderate price relief to festive buyers planning purchases of ornaments and precious metal bars.

Detailed Breakdown of 24K Gold Rates
The highest purity standard, 24 Karat gold, shed Rs 60 per gram to settle at Rs 15,284 per gram. For consumers purchasing in standard increments, an 8-gram sovereign of 24K gold is now priced at Rs 1,22,272, representing a decline of Rs 480 from the preceding trading day. The widely tracked 10-gram denomination dropped by Rs 600, bringing its retail price to Rs 1,52,840. For commercial and bulk transactions, 100 grams of 24K gold stands at Rs 15,28,400, reflecting a cumulative single-day decline of Rs 6,000.

Current Pricing for 22K Jewellery Gold
Retail demand remains predominantly centred on 22 Karat gold, commonly utilized for crafting traditional jewellery. Rates in this segment dropped by Rs 55 per gram, taking the trading price down to Rs 14,010 per gram. Calculated across consumer quantities, 8 grams of 22K gold costs Rs 1,12,080, showing a day-on-day contraction of Rs 440. Purchasing a 10-gram bar or ornament piece in this purity now costs Rs 1,40,100, which is Rs 550 lower than the prior session. Similarly, 100 grams of 22K gold is priced at Rs 14,01,000, down by Rs 5,500.

Price Movements in 18K Gold
The 18 Karat gold segment, popular for contemporary and lightweight designs, mirrored the broader downward trend by shedding Rs 45 per gram. This price revision took the 18K rate down to Rs 11,463 per gram. In terms of retail measurements, 8 grams of 18K gold now stands at Rs 91,704, marking a drop of Rs 360 compared to the previous day. Meanwhile, 10 grams commands a price tag of Rs 1,14,630, down Rs 450, and a 100-gram lot eased by Rs 4,500 to settle at Rs 11,46,300.

Domestic Silver Prices Hold Ground
In contrast to the slide observed across gold denominations, the domestic market for silver displayed absolute stability on Thursday, September 17, 2026. The metal held unchanged at Rs 245 per gram across all major weight brackets. Consequently, 8 grams of silver traded at Rs 1,960, and a 10-gram retail token stood at Rs 2,450, matching the exact rates from the previous session. Larger quantities also remained flat, with 100 grams priced at Rs 24,500 and 1 kilogram of wholesale silver holding steady at Rs 2,45,000 without any price revision.

Technical Assessment and Expert Insights
Providing context on the prevailing trading conditions and global cues, Prithviraj Kothari, Managing Director at RiddiSiddhi Bullions Ltd. and President of India Bullion and Jewellers Association Ltd., outlined the primary factors influencing price discovery. He noted, "With a hike largely priced in, focus turns to the Fed's dot plot and Chair Kevin Warsh's comments on oil and inflation. Technically, gold has support at $4,275, resistance at $4,430-4,500; silver's Head and Shoulders pattern puts neckline support at $62.5." Market participants continue to track technical levels alongside international developments to anticipate near-term directional trends.

What this means for you
The marginal decline in gold prices on Vishwakarma Puja provides instant relief to retail buyers planning festival-season purchases.

• Impact on Jewellery Shoppers: A discount of Rs 550 on 10 grams of 22K gold makes festive purchases slightly more accessible for households. Consumers intending to purchase ornaments for upcoming weddings or celebrations can take advantage of this immediate dip.
• Impact on Bulk Buyers: Wholesale buyers save Rs 6,000 on every 100 grams of 24K pure gold procured today. This margin compression allows manufacturers and local jewellers to restock their retail counters at a comparatively lower cost base.
• Impact on Silver Consumers: Silver prices remain unchanged at Rs 245 per gram and Rs 2,45,000 per kilogram, providing predictable expenditure for festive gifting. Buyers can proceed with planned purchases of coins or utensils without encountering sudden price escalations.
• Strategy for Investors: Technical parameters indicate an underlying global support base at $4,275 for gold. Given the policy tightening context, market participants are advised to accumulate systematically rather than taking outsized speculative bets.

Why this happened
A recent policy rate hike implemented by the US Federal Reserve exerted downward pressure on precious metals, triggering a price correction in gold while silver consolidated around technical thresholds.

• Monetary Policy Tightening: The benchmark interest rate hike elevated treasury yields, curbing immediate speculative demand for zero-yielding bullion assets. Although the move was largely anticipated, it weighed heavily enough on spot rates to trigger minor retail declines.
• Focus on Macro Guidance: Market sentiment remains guarded ahead of Chair Kevin Warsh's policy statements regarding energy prices and inflation trends. Investors are closely scrutinizing the dot plot projections to gauge the trajectory of future policy moves.
• Technical Price Barriers: On technical charts, gold found baseline support near $4,275 alongside resistance between $4,430 and $4,500. Concurrently, silver demonstrated resilience around its Head and Shoulders neckline support at $62.5, keeping domestic prices completely unchanged.

Questions & Answers

1. What was the price of 24K gold on Vishwakarma Puja?
The price of 24K gold declined by Rs 60 to settle at Rs 15,284 per gram, bringing the rate for 10 grams to Rs 1,52,840.

2. What is the latest rate for 22K jewellery gold?
22K gold dropped by Rs 55 to trade at Rs 14,010 per gram, making 10 grams cost Rs 1,40,100.

3. How did silver prices perform in the domestic market?
Silver prices remained completely unchanged, trading flat at Rs 245 per gram and Rs 2,45,000 per kilogram.

4. What is the cost of 10 grams of 18K gold after the latest cut?
After declining by Rs 450, 10 grams of 18K gold is priced at Rs 1,14,630.

5. What are the key technical levels identified for gold and silver?
Gold has technical support at $4,275 and resistance between $4,430 and $4,500, while silver shows neckline support at $62.5.

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