The gold rate today, August 29, 2026: after a week of volatility on the futures and international side, Indian retail counters have held firm in record territory. One can see 24K quotes in key centres around the Rs 1.61 lakh mark per 10 grams; in some southern markets silver has been as high as Rs 2.65 lakh a kilogram. The IBJA weekly roll, however, tells a different story.
The India Bullion and Jewellers Association has it that over the course of the week silver has given up Rs 2,738, down from Rs 2.47 lakh on August 21 to stand at Rs 2.44 lakh per kilogram. A similar easing was seen in 24-carat gold which is now Rs 1,59,578 per 10 grams, a drop of Rs 1,042. For the buyer there is a tighter spread between what is offered at retail and the benchmark or futures numbers.
Market snapshot: domestic quotes and global cues
GoodReturns puts the all-India reference for August 29 at Rs 15,824 a gram for 24K, Rs 14,505 for 22K and Rs 11,868 for 18K. Compared with August 28 those are single-day falls of Rs 289, Rs 265 and Rs 217 respectively, an indication of pressure coming through from abroad.
Bullions were at Rs 1,56,820 while on August 28 MCX 24K futures made way for a 1.63 per cent slip, or Rs 2,596, to Rs 1,56,400 per 10 grams. On the world stage gold was trading at $4,504.10 an ounce. In Delhi’s bullion market 24K changed hands at Rs 1,62,400 per 10 grams (taxes included) following a three-session decline of Rs 4,700.
PTI reports analysts are putting the slide down to profit-taking and a US dollar holding above 99.15. There is also talk of possible changes to customs duty at home and some caution on the part of investors before Kevin Warsh, head of the US Federal Reserve, is due to speak at Jackson Hole.
City check: what jewellers are quoting today
You will find city prices are never quite in step due to local taxes and the like. In general 24K is in the neighbourhood of Rs 1.61 lakh per 10 grams and 22K about Rs 1.48 lakh. Chennai is an exception where 18K runs higher at Rs 1,25,700 owing to demand and product mix.
Standout figures for the day are:
– Delhi: 24K Rs 1,61,280; 22K Rs 1,47,850
– Mumbai: 24K Rs 1,61,133; 22K Rs 1,47,700
– Chennai: 24K Rs 1,61,460; 22K Rs 1,48,000
– Kolkata: 24K Rs 1,61,133; 22K Rs 1,47,700
– Hyderabad: 24K Rs 1,61,133; 22K Rs 1,47,700
As for silver, the divide between north and south is more pronounced. In Delhi, Mumbai, Kolkata, Bengaluru and Pune the going rate for printed bullion was Rs 2,55,000 a kilogram. One finds higher figures in Chennai, Hyderabad and Thiruvananthapuram at Rs 2,65,000, a reflection of the frictions in regional supply and consumption.
What is behind the move
There are four global factors at work on India’s bullion dashboard:
– The Fed’s rate trajectory has non-yielding gold and silver in play
– Geopolitical hot spots continue to draw safe-haven interest
– Spot valuations are propped up by central bank purchases
– Indian retail quotes are fed by any swing in the US dollar
Then there are energy headlines to consider. Brent finished at $89.31 a barrel, 39 cents lower, with WTI at $83.40, down 13 cents. Over the course of the week traders have been factoring in Middle East risks and shipping lane threats, leaving Brent over 5% in the red and WTI more than 4%.
Nerves were kept taut by the mixed messaging coming out of the Strait of Hormuz. Iran’s IRGC said it had total control; the White House put it to Al Jazeera that their naval blockade was in full effect and the strait was clear of mines and open. Such a backdrop is enough to keep safe-haven money flowing into gold despite any intraday weakness.
Strategy for the buyer and investor
The variance from one city to the next is no accident. Jewellers’ older stock and local association benchmarks will shape the final quote, as will transport and security costs. In South India, where some 40% of consumption takes place, bulk buying is skewed accordingly.
For those wanting a hands-off approach, Exchange Traded Funds on the BSE and NSE track the price of gold and silver without the need for physical metal. A Demat account is a must, but one can get in for under 500 rupees; units are sold through the trading account and settle in two days.
When at the counter, make sure the jewellery is BIS-hallmarked. An alphanumeric like AZ4524 is your assurance of certified purity. It is wise to verify the day’s rate and weight from more than one source and be mindful of the difference in pricing between 24K, 22K and 18K.
What to watch
Gold will be looking to the dollar, US yields and the Federal Reserve for direction in the near term. PTI reports some analysts think domestic customs talks could also put a premium or discount on international prices, which is telling for import flows and retail margins.
The magnitude of the recent action sets the scene. Gold made an all-time high of Rs 1.76 lakh on January 29 from Rs 1.33 lakh a month earlier on December 31, 2025, only to give back Rs 16,543. Silver has seen a similar pattern, climbing to Rs 3.86 lakh in late January before dropping Rs 1.42 lakh.
That kind of volatility is risk and opportunity in equal measure for the household or investor. Today’s 24K quotes of some Rs 1.61 lakh serve as a guide for the jeweller. For the rest, staggered ETF entries may be the way to handle the whipsaws while the global story unfolds.
