Gold Prices in Major Indian Cities on August 28: Market Update
Gold prices witnessed a dip in early trade on Thursday, August 28, 2025, across major Indian cities including Mumbai, Bengaluru, Chennai, and New Delhi. The downward trend in domestic futures markets came ahead of the much-anticipated US inflation data release. Contrarily, silver prices saw a slight uptick amid ongoing market movements.
Market Performance
At around 9:54 AM IST, the Multi Commodity Exchange (MCX) gold contracts for October delivery were trading at ₹101,396 per 10 grams, reflecting a 0.14% decrease compared to previous levels. On the other hand, MCX silver contracts for September delivery rose by approximately 0.3% to ₹1,16,450 per kilogram.
Historical Perspective
Over the past two decades, gold has demonstrated significant value appreciation in India. From ₹7,638 per 10 grams in 2005 to over ₹1,00,000 in mid-2025, gold prices have surged by nearly 1,200%. Out of the last 20 years, gold has generated positive returns in 16, highlighting its strength as a reliable investment and wealth protector.
Year-to-date, gold has achieved an impressive 31% growth, maintaining its status as one of the top-performing assets of 2025. Simultaneously, silver has remained resilient with prices sustained above ₹1 lakh per kilogram for some time. From 2005 through 2025, silver has recorded an appreciation rate of nearly 669%, underlining its appeal as an alternative precious metal investment.
City-Wise Gold and Silver Rates on August 28, 2025
Retail investors should note that jewelry retail prices may incur additional costs such as making charges, taxes, and GST, which affect the final payable amount.
Mumbai:
- Gold Bullion Rate: ₹1,01,500 per 10 grams
- MCX Gold Rate: ₹1,01,400 per 10 grams
- Silver Bullion Rate: ₹1,16,820 per kilogram
- MCX Silver Rate: ₹1,16,450 per kilogram
Delhi:
- Gold Bullion Rate: ₹1,01,310 per 10 grams
- MCX Gold Rate: ₹1,01,389 per 10 grams
- Silver Bullion Rate: ₹1,16,620 per kilogram
- MCX Silver Rate: ₹1,16,450 per kilogram
Kolkata:
- Gold Bullion Rate: ₹1,01,350 per 10 grams
- MCX Gold Rate: ₹1,01,389 per 10 grams
- Silver Bullion Rate: ₹1,16,670 per kilogram
- MCX Silver Rate: ₹1,16,450 per kilogram
Bengaluru:
- Gold Bullion Rate: ₹1,01,600 per 10 grams
- MCX Gold Rate: ₹1,01,417 per 10 grams
- Silver Bullion Rate: ₹1,16,930 per kilogram
- MCX Silver Rate: ₹1,16,468 per kilogram
Hyderabad:
- Gold Bullion Rate: ₹1,01,680 per 10 grams
- MCX Gold Rate: ₹1,01,417 per 10 grams
- Silver Bullion Rate: ₹1,17,030 per kilogram
- MCX Silver Rate: ₹1,16,468 per kilogram
Chennai:
- Gold Bullion Rate: ₹1,01,810 per 10 grams
- MCX Gold Rate: ₹1,01,417 per 10 grams
- Silver Bullion Rate: ₹1,17,180 per kilogram
- MCX Silver Rate: ₹1,16,468 per kilogram
Current Spot Prices (As per Indian Bullion Association at 9:56 AM, August 28):
- 24-Carat Gold: ₹1,01,680 per 10 grams
- 22-Carat Gold: ₹93,207 per 10 grams
- Silver (999 Fine): ₹1,17,040 per kilogram
Outlook
Investors and buyers are advised to monitor broader economic indicators, including upcoming US inflation reports, which have a significant influence on precious metal markets worldwide. Given the historical resilience of gold and silver, these metals continue to be preferred hedges against market volatility in India.
Disclaimer: This update is for informational and educational purposes only. Individual investment choices should be made after consulting certified financial experts. The views presented herein do not constitute financial advice.
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