The overall trend for 24-carat gold in India has resumed its strong upward trajectory, shattering previous record highs.
This surge is primarily driven by the outcome of the US inflation data, which strengthened expectations for continued Federal Reserve interest rate cuts, leading to a weaker US Dollar and a sharp rally in global and domestic gold markets.
| Metric | Yesterday (Sept 28, 2025) | Today (Sept 29, 2025) (Morning Rate) | Change (Approx.) |
| IBA 24K Gold Price (per 10 grams) | Approx. ₹1,14,350 (Estimated Range) | ₹1,15,530 (Record High) | ↑ ₹1,180 |
| MCX Gold Futures (October Contract) | Around ₹1,13,500 (Close) | ₹1,14,992 (Lifetime High) | ↑ ₹1,492 |
| Spot Gold (Global – per ounce) | Around $3,770 | Around $3,796 (Near Record High) | ↑ $26 |
Today’s 24 Carat Gold Rate in India (September 25, 2025)
old futures on the Multi Commodity Exchange (MCX) have surged to a fresh lifetime high in the morning session, continuing the sharp upward trend from last week’s close.
| Metric | Date | Price (per 10 grams) | Change from Previous Close | Note |
| Yesterday’s Close | September 26, 2025 | Approx. ₹1,13,766 | Up ₹22 | MCX October futures close. |
| Latest Trading Price | September 29, 2025 | ₹1,14,992 approx. | Up ₹1,226 approx. | NEW ALL-TIME HIGH. |
| December Contract Price | September 29, 2025 | ₹1,15,925 approx. | Up ₹1,034 approx. | Also hit a new record high. |
This shows a mild correction after a record-high rally, as traders await key US economic data.
City-Wise 24 Carat Gold Rate Today (per 10 grams)
Rates reflect a broad and strong rally across major cities in India, with prices now comfortably trading above the psychological ₹1,15,000 mark in most metros, reflecting the domestic price sensitivity to global bullish cues.
| City | Today’s Approximate Rate (₹/10 grams) | Yesterday’s Approximate Rate (₹/10 grams) |
| Delhi | ₹1,15,130 | ₹1,13,850 (Estimated) |
| Mumbai | ₹1,15,330 | ₹1,14,050 (Estimated) |
| Chennai | ₹1,15,630 | ₹1,14,350 (Estimated) |
| Bangalore | ₹1,15,380 | ₹1,14,000 (Estimated) |
| Kolkata | ₹1,15,140 | ₹1,13,900 (Estimated) |
⚠️ Note: Rates vary across jewelers due to local taxes, making charges, and transportation costs. Always cross-check before purchase.
MCX Gold Trends & Expert Technical Analysis
The market has decisively broken out of the previous consolidation phase, with the MCX Gold Futures hitting a fresh lifetime high of ₹1,14,992 per 10 grams for the October contract on Monday morning.
Trend Overview
The mild correction witnessed in the days leading up to September 26th (ahead of the US PCE data) was short-lived. The current move is a strong breakout rally driven by fundamental factors, confirming the strong overall bullish trend.
Key Technical Levels
- Crucial Support Zone (New Base): The previous resistance turned into a strong new support, with ₹1,13,500 – ₹1,14,000 now acting as a critical base.
- Immediate Trading Range: The new expected range is ₹1,14,000 – ₹1,16,000.
- Major Upside Hurdle (Immediate Target): The next major resistance is located at the psychological level of ₹1,16,000, with a potential extension towards ₹1,18,000.
Expert Insights
The primary driver has been the market’s reaction to the US PCE Price Index data (released on September 26, 2025).
- PCE Outcome: The core PCE inflation came in line with expectations at 2.9% YoY, reinforcing the narrative of persistent, yet contained, inflation and strengthening market bets for continued Federal Reserve rate cuts later this year.
- Market Impact: The in-line PCE data and the anticipation of further Fed easing led to a weaker US Dollar and lower Treasury yields, significantly boosting the appeal of non-yielding gold. This outcome caused the “sharp rally” that analysts predicted for a “Softer (Lower) PCE” scenario, effectively ending the consolidation phase.
- Strategy: The prevalent expert strategy remains “Buy on Dips” for long-term investors. Analysts view any short-term profit-taking dips towards the ₹1,14,000 level as strong buying opportunities.
Factors Driving the Current Gold Rate
- US PCE Inflation Data & Rate Cut Bets: The August 2025 Core PCE data confirmed inflation is sticky but stable. This strengthened the view that the Fed will continue its gradual rate-cutting cycle, which is highly bullish for gold.
- US Dollar Weakness: Expectations of continued Fed easing have weighed on the US Dollar Index, making dollar-denominated gold cheaper for international buyers and supporting higher domestic prices in INR.
- Safe-Haven Demand: Persistent geopolitical tensions (Russia-Ukraine, Middle East conflicts) and global economic uncertainty continue to drive significant safe-haven flows into gold.
- Domestic Demand & Rupee-Dollar Dynamics: Robust physical demand from the ongoing Indian festive and wedding seasons, coupled with the weakening Indian Rupee (INR) against the USD, provides a strong floor and upward bias to domestic gold prices.
📌 Takeaway for Buyers: For short-term traders, tracking the ₹1,12,000 support and ₹1,16,000 resistance levels will be key. Long-term buyers should see current dips as opportunities to accumulate gradually, given the bullish sentiment underpinning the market.
Also Read: What is MCX Gold? A Beginner’s Guide to Trading Gold in India
Factors Driving the Current Gold Rate
Gold prices are never static—they respond quickly to global cues and domestic economic conditions.
- GUS Economic Data & PCE Index: This is the single most important factor. Recent strong US GDP data and a strengthening US Dollar have caused a dip in global gold prices. The PCE result will confirm or deny the market’s expectation for future Fed rate cuts.
- Geopolitical Tensions: Ongoing conflicts (Russia-Ukraine, Middle East) provide a floor for gold prices by sustaining safe-haven demand and maintaining a “risk premium.”
- Domestic Demand (India): The start of the Indian festive season (Navratri/Diwali) and wedding season is maintaining robust physical demand, acting as a strong domestic support.
- Rupee-Dollar Dynamics: The weakening of the Indian Rupee (INR) against the US Dollar (USD) continues to make imported gold more expensive, which supports higher domestic gold rates.
Should You Buy Gold Now or Wait?
The market has delivered the predicted upside move, making the decision to buy more immediate.
| Why You Might Buy Now (Accumulate) | Why You Might Wait (For a Better Entry) |
| Long-Term Trend is Intact: The move to a new lifetime high confirms the strong, long-term bullish outlook. | Short-Term Overbought Conditions: The recent parabolic move may be followed by a sharp profit-taking correction. |
| Fed Rate Cut Cycle: The macro-economic backdrop, post-PCE data, is highly supportive of gold due to anticipated US rate cuts. | Labor Data Risk: Upcoming key US labor data (like NFP jobs report) could surprise the market. A much stronger-than-expected report might lead to a hawkish (less-dovish) shift from the Fed, causing a temporary dip. |
| Safe-Haven/Central Bank Buying: Institutional and central bank accumulation provides structural support, preventing significant long-term declines. | Psychological Resistance: The ₹1,16,000 level could act as a stiff hurdle, where the rally might pause or briefly reverse. |
✅ Expert Suggestion: The advice remains the same, but the dip level is higher. Long-term investors should continue to accumulate gradually on any short-term pullbacks, targeting entries near the new support zone of ₹1,14,000 – ₹1,14,500. Short-term traders should track the price action around the ₹1,16,000 resistance for potential profit booking.
Gold Hits All-Time Highs: The 2025 Price Rally
Yes, gold futures contracts traded on major commodity exchanges do have circuit limits (also known as price limits or daily price limits).
These limits are designed to curb excessive volatility, prevent large, sudden price moves, and allow the market to pause during periods of extreme price movement.
Here is how these rules typically work on major exchanges:
1. In India (MCX)
The Indian market regulator, SEBI, sets Daily Price Limits (DPLs) for non-agricultural commodities like gold.
- Initial Limit: The price is allowed to move a certain percentage (e.g., 3%) from the previous day’s closing price.
- Expansion & Halt: If the price hits this initial limit, trading may be temporarily halted (a “cooling off period”) for a short time (e.g., 15 minutes).
- Further Expansion: After the pause, the limit is often expanded to a higher percentage (e.g., another 3%).
- Trading Stops: If the maximum allowed limit is reached in either the upward or downward direction, trading in that gold contract may be automatically stopped for the rest of the day.
2. Internationally (COMEX/CME Group)
For COMEX gold futures contracts (the global benchmark), price limits are also in place, often using a “dynamic circuit breaker” or fixed-percentage system:
- Daily Limit: A common daily limit is 10% above or below the previous day’s settlement price, especially for full-sized gold contracts.
- Dynamic Circuit Breaker: The CME Group (which operates COMEX) also uses dynamic circuit breakers for its metal markets. For example, if the price moves a certain percentage (like +/- 10%) within a rolling 60-minute window, a 2-minute trading halt is initiated to allow the market to absorb the move.
Summary
| Exchange/Market | Does it have Circuit Limits? | Typical Mechanism |
| MCX (India) | Yes | Daily Price Limits (DPLs) with a cooling-off period and eventual hard stop. |
| COMEX (Global) | Yes | Fixed daily limits (e.g., 10%) and dynamic circuit breakers that trigger short trading halts. |
Also Read: Tax Audit Due Date
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