Gold prices retreat after stronger-than-expected US jobs data reduces expectations of near-term Fed easing; check 24K, 22K and 18K rates across major Indian cities
New Delhi : Gold prices in India witnessed a sharp correction on Saturday after stronger-than-expected US employment data triggered a rise in the US dollar and Treasury yields, putting pressure on the precious metal globally.
The benchmark 24K gold rate stood at ₹15,480 per gram, or ₹1,54,800 per 10 grams, marking a decline of ₹186 per gram from the previous session. The 22K rate was quoted at ₹14,190 per gram, while 18K gold stood at ₹11,610 per gram.
Global gold prices also came under pressure following the latest US jobs report. Reuters reported that stronger-than-expected August employment growth increased expectations of tighter Federal Reserve policy, while a stronger dollar reduced the appeal of dollar-denominated bullion.
Gold and Silver Rates in India Today
The following benchmark rates are quoted before applicable GST, making charges and other retailer-specific costs.
| Purity / Metal | Rate per Gram | Rate per 10 Grams | Change |
|---|---|---|---|
| 24K Gold (999 Fine) | ₹15,480 | ₹1,54,800 | ▼ ₹186/g |
| 22K Gold (916) | ₹14,190 | ₹1,41,900 | ▼ ₹170/g |
| 18K Gold (750) | ₹11,610 | ₹1,16,100 | ▼ ₹139/g |
| 999 Fine Silver | ₹250 | ₹2,500 | ▼ ₹4/g |
Market reports published on September 5 also showed a decline in Indian gold prices, although retail jewellery rates varied across cities and brands.
City-Wise Gold Rates in India
Indicative benchmark prices for major cities are as follows:
| City | 24K Gold / 10g | 22K Gold / 10g | 18K Gold / 10g |
|---|---|---|---|
| New Delhi / NCR | ₹1,54,950 | ₹1,42,050 | ₹1,16,250 |
| Mumbai | ₹1,54,800 | ₹1,41,900 | ₹1,16,100 |
| Kolkata | ₹1,54,800 | ₹1,41,900 | ₹1,16,100 |
| Chennai | ₹1,56,670 | ₹1,43,610 | ₹1,21,310 |
| Bengaluru | ₹1,54,800 | ₹1,41,900 | ₹1,16,100 |
| Hyderabad | ₹1,54,800 | ₹1,41,900 | ₹1,16,100 |
Actual jewellery prices can differ because of local taxes, jeweller margins, making charges and other applicable costs.
Why Did Gold Prices Fall Today?
1. Strong US Jobs Data
The biggest trigger for Friday’s global gold sell-off was the latest US employment report.
US employers added 162,000 jobs in August, significantly stronger than market expectations. The unemployment rate remained at 4.1%.
The stronger labour market reduced expectations of an immediate easing in monetary policy and pushed US Treasury yields higher.
2. US Dollar Strengthens
The dollar strengthened after the employment data.
Since international gold is priced in US dollars, a stronger dollar generally makes bullion more expensive for holders of other currencies and can reduce demand.
Reuters reported that both the dollar and Treasury yields rose following the jobs data, while gold prices declined.
3. Fed Rate Expectations Change
Gold does not generate interest or dividends. Therefore, expectations of higher interest rates can reduce its relative attractiveness compared with interest-bearing assets.
The latest employment data has pushed markets to reassess the Federal Reserve’s next policy move, making upcoming inflation data particularly important for bullion prices.
4. Profit Booking After Recent Gains
Gold had remained at elevated levels in recent weeks. The stronger US data provided investors with an opportunity to lock in profits, adding to the downward pressure.
However, the broader direction of gold will depend on the interaction between US monetary policy, the dollar, geopolitical risks and physical demand.
What Does the Gold Correction Mean for Indian Buyers?
For jewellery buyers, a fall in the benchmark price does not automatically mean an equivalent fall in the final bill.
The final price can include:
- Gold value based on purity
- 3% GST
- Making charges
- Wastage charges, where applicable
- Jeweller-specific premiums
- Other applicable local charges
Therefore, consumers should compare the final invoice price, rather than comparing only the quoted gold rate.
24K vs 22K vs 18K Gold: What Is the Difference?
24K Gold:
It represents very high-purity gold and is generally used for investment products such as bars and coins rather than everyday jewellery.
22K Gold:
It contains approximately 91.6% gold and is widely used for traditional jewellery in India because the additional metals provide greater strength.
18K Gold:
It contains approximately 75% gold and is commonly used for diamond jewellery and contemporary designs because the alloy composition provides greater durability.
Buyers should always verify the purity and hallmarking details before purchasing jewellery.
What Should Investors Watch Next?
The next major trigger for international gold prices will be incoming US inflation and Federal Reserve policy signals.
A stronger-than-expected inflation reading could reinforce expectations of tighter monetary policy and put additional pressure on gold. Conversely, softer inflation data could revive expectations of monetary easing and support bullion prices.
Geopolitical uncertainty also remains an important factor because gold can attract safe-haven demand during periods of market stress.
Is Gold Still a Long-Term Safe-Haven Asset?
The short-term correction does not necessarily change the long-term investment case for gold.
The metal continues to be closely watched because of:
- Central-bank purchases
- Geopolitical uncertainty
- Currency volatility
- Inflation concerns
- Portfolio diversification
- Seasonal physical demand in India
However, investors should remember that gold prices can be highly volatile, particularly around major US economic data and central-bank policy announcements.
Key Gold Rates at a Glance
| Particular | September 5, 2026 |
|---|---|
| 24K Gold | ₹15,480/g |
| 24K Gold | ₹1,54,800/10g |
| 22K Gold | ₹14,190/g |
| 22K Gold | ₹1,41,900/10g |
| 18K Gold | ₹11,610/g |
| 18K Gold | ₹1,16,100/10g |
| 999 Silver | ₹250/g |
| Silver | ₹2,500/10g |
Bottom Line
Gold prices fell sharply on September 5 after stronger US employment data strengthened the dollar and pushed up Treasury yields. India’s benchmark 24K rate was quoted at ₹15,480 per gram, while 22K and 18K gold stood at ₹14,190 and ₹11,610 per gram, respectively.
For consumers, the actual jewellery price will be higher than the benchmark because of GST, making charges and other applicable costs. Meanwhile, investors will closely track US inflation data and Federal Reserve signals to determine whether the current correction deepens or gold resumes its upward momentum.
Disclaimer: Gold and silver prices fluctuate during the day and can vary by city, jeweller, purity and market conditions. The rates above are indicative benchmark figures and should not be treated as a guaranteed retail purchase price. Investors should conduct their own research or consult a qualified financial professional before making investment decisions.
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