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Gold dips to ₹1.49 lakh per 10g; major jewellers hold retail rates
Our read
Jewellers hold gold rates initially, using the bullion dip to defend margins and drive festive exchange-led demand before any broad retail price cut.
For operators
With benchmark gold down 0.68% but listed jewellery rates unchanged, major chains have a near-term opportunity to protect spreads while monitoring whether lower underlying prices lift store traffic and conversion.
Watch
Whether gold remains below ₹1.49 lakh per 10g for several consecutive sessions.
The report,
Indian gold and silver markets declined on September 29, 2026, with benchmark gold at ₹1,48,800 per 10 gm and silver at ₹2,27,390 per kg. Leading jewellers kept their retail rates unchanged.
- 24-carat gold benchmark, per 10 gm
- ₹1,48,800 per 10 gm
- Silver benchmark, per kg
- ₹2,27,390 per kg
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Reported figures
From the report. Source details below
- 0.68%
- 1.03%
What to watch next
- Rupee movement versus the US dollar and international spot-gold direction.
- Competitor retail-rate changes at major organised jewellers.
- Festive-season footfall, booking rates, coin sales and old-gold exchange volumes.
- Changes in making charges, discounting and EMI offers that indicate demand stress or competitive intensity.
The counter-case
The case against this reading — not reported by the source.
The benchmark price decline may not translate into stronger jewellery demand if consumers expect further falls and defer purchases. Unchanged jeweller-listed rates also suggest retail pricing is insulated by making charges, premiums, hedging and inventory costs, limiting any immediate volume or margin benefit for chains. Persistent elevated absolute gold prices could continue to pressure affordability, especially for discretionary bridal and lightweight jewellery purchases.
The source
Published
First seen