Sharp Rally in Gold Rate Today, Sept 18, in Top Cities in India; Can Prices Hit a Fresh Record by Dec 2026?

The gold rate in India rallied on Friday after sharp price swings throughout the week, with prices fluctuating across all purities of the yellow metal.

The 24-karat gold price this morning surged by Rs. 1580 to cost Rs. 1.54 lakh per 10 grams, while the 22-karat gold rate spiked by 1450 per 10 grams to retail at Rs. 1.41 lakh.

The rise in the gold price was quoted by jewellers across major cities in India, including Bangalore, Chennai, Hyderabad, Mumbai, and more.

The retail gold market is looking ahead to rising demand in the upcoming festive season, when gold prices typically rise.

"The upcoming festive and wedding season will be an important driver of domestic demand. Gold has a deep cultural connection with Indian weddings. Even at higher prices, consumers may not completely stop buying gold but could shift towards lighter-weight jewellery and new designs. Therefore, while the nature and volume of demand may change, wedding-related demand is unlikely to disappear completely," said Mahendra Luniya, Chairman, Vighnharta Gold Ltd.

"Recent GJEPC data also reflects resilience in India's jewellery market. In August, India's gems and jewellery exports increased by 3.14% year-on-year, with gold jewellery exports recording particularly strong growth," Luniya added.

Gold Rate Today in Top Cities on September 18

The 24-carat gold rate in Bengaluru, Chennai, Mumbai, and Hyderabad stood at Rs 15,442 per gram, up Rs 158, while 22-carat gold increased by Rs 145 to Rs 14,155 per gram. The 18-carat gold rate rose by Rs 114 to Rs 11,582 per gram.

For 10 grams, 24-carat gold was priced at Rs 154,420, while 22-carat and 18-carat gold stood at Rs 141,550 and Rs 115,820, respectively. On a 100-gram basis, 24-carat gold was priced at Rs 15,44,200, 22-carat gold at Rs 14,15,500, and 18-carat gold at Rs 11,58,200.

Reason Behind Rise In Gold Price Today

Gold prices in India are highly impacted by the performance of gold in the international market. As per Trading Economics, spot gold is trading at $4,373 an ounce at the time of writing on Friday and was up 0.73% from the previous session.

"The US Federal Reserve has raised interest rates by 25 basis points and indicated the possibility of a tighter policy ahead. Higher rates and elevated bond yields are generally negative for gold. Gold initially reacted sharply but recovered above $4,300, indicating that underlying demand remains strong," explained Mahendra Luniya

Can Gold Prices Hit a Fresh Record High by Dec 2026?

"Gold's recent rise has strengthened its medium-term outlook. $4,500 is now a key level. A sustained move above it could open the way towards $4,800, although the journey is unlikely to be one-way. In India, gold had found strong support around Rs. 142,000 before moving higher. If the current momentum continues, Rs. 161,000-Rs. 165,000 could be the next level." Said Mahendra Luniya

"For the past two years, our view has been that gold could reach Rs. 171,000 by December 2026. This level is now approaching and could be reached earlier if international gold prices remain strong and the rupee stays under pressure," he added.

Gold Prices On The MCX

Gold and silver futures traded higher on Monday on the Multi Commodity Exchange. Gold futures prices for October 5th rose by Rs 659, or 0.43%, to trade at Rs 153,640. Meanwhile, silver futures for December 4th gained Rs 2,770, or 1.16%, to trade at Rs 240,975.

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