Gold Rate Today, September 23: Prices Cross ₹1 Lakh Mark, City-Wise Rates and GST 2.0 Impact

Gold prices in India have surged sharply, crossing the psychological level of ₹1 lakh per 10 grams, marking a new high as the festive season approaches. Rates have risen by more than ₹2,200 per 10 grams across all purities—24K, 22K, and 18K—driven by strong global demand, central bank buying, and a weakening Indian rupee against the US dollar.

According to market analysts, the rally underscores gold’s continued role as a safe-haven asset amid global economic uncertainties. With geopolitical tensions and inflationary concerns persisting worldwide, investors are increasingly turning to gold for stability.

In India, jewellers note that while rising prices may encourage customers to exchange old gold for new ornaments, the overall value of gold sales is expected to increase during the festival season. Buyers, though cautious, appear to be adjusting to the new price reality, accepting ₹1 lakh per 10 grams as the “new normal.”

The Indian Bullion Jewellers Association (IBJA) is closely monitoring these fluctuations as consumers weigh their purchase decisions ahead of Dussehra and Diwali.

City-Wise Gold Rates in India (per gram, September 23, 2025)

Delhi

24K: ₹11,323
22K: ₹10,381
18K: ₹8,497

Mumbai

24K: ₹11,255
22K: ₹10,317
18K: ₹8,441

Bengaluru

24K: ₹11,308
22K: ₹10,366
18K: ₹8,482

Chennai

24K: ₹11,288
22K: ₹10,347
18K: ₹8,466

Kolkata

24K: ₹11,240
22K: ₹10,303
18K: ₹8,430

Hyderabad

24K: ₹11,273
22K: ₹10,335
18K: ₹8,454

Ahmedabad

24K: ₹11,270
22K: ₹10,330
18K: ₹8,452

Lucknow

24K: ₹11,258
22K: ₹10,319
18K: ₹8,443

GST 2.0 and Its Possible Impact on Gold

The proposed GST 2.0 reforms, aimed at simplifying taxation and improving compliance, may also influence gold prices in the coming months. Currently, gold attracts a 3% GST. Any upward revision under GST 2.0 would make jewellery more expensive for consumers, potentially discouraging fresh purchases. On the other hand, a reduction in GST could provide some relief to buyers at a time when bullion rates are already at record highs.

For now, however, global cues remain the biggest driver of India’s gold rally, and both jewellers and buyers are bracing for continued volatility as the festive season approaches.

Disclaimer: Gold prices mentioned above are based on market updates and data from the Indian Bullion Jewellers Association (IBJA). Rates may vary across cities and jewellery stores depending on making charges, taxes, and other factors. Readers are advised to check with their local jewellers before making any purchase decisions.