# Gold falls nearly 2% in India as US-Iran tensions mount

2026-09-28T04:47:06+00:00 | Business & Economy | Indian Opinion Desk

Corroboration: 3 independent outlets

Gold prices in India fell nearly 2% on Monday, September 28, with 24K gold quoted at Rs 1,48,910 per 10 grams and 22K at Rs 1,36,501 per 10 grams in retail markets, according to the Indian Bullion Association. MCX gold October futures dropped to Rs 1,48,092 per 10 grams, while silver futures fell 2.6% to Rs 2,28,566 per kg. Live Mint reports the decline amid rising US-Iran tensions and a standoff over the Strait of Hormuz, with oil prices elevated. NDTV Profit attributes the fall to expectations of higher-for-longer US interest rates, a stronger dollar and elevated Treasury yields. Over the past month, gold prices have declined about 3.5%, while being up around 32% over the past year. Silver has dropped about 1.8% over the past week. City-wise 24K rates include Mumbai at Rs 1,48,580, Delhi at Rs 1,48,320, and Bengaluru at Rs 1,48,700 per 10 grams, based on Live Mint data. Markets will watch US economic data and West Asia developments this week for further price direction.

## Indian Opinion Analysis

Both NDTV Profit and Times Now report straight price data, while Live Mint leads with geopolitical context: US-Iran tensions and the Strait of Hormuz standoff as a cause for gold's fall. Live Mint also adds Trump's military comments, framing the decline as a safe-haven reaction to conflict fears. The price lists themselves differ significantly: Live Mint's 24K Mumbai rate (Rs 1,48,580) is Rs 2,620 below NDTV Profit's figure. The divergence likely reflects different data sources and timing within the trading day. Investors should check multiple sources before making transactions, as spot and retail rates vary.

## Coverage

- ndtvprofit.com (neutral report) <https://www.ndtvprofit.com/markets/gold-rate-today-check-24k-22k-gold-prices-in-mumbai-delhi-chennai-kolkata-bengaluru-on-september-28-12107007>
  Straight price reporting with no political framing and minimal context
- timesnownews.com (neutral report) <https://www.timesnownews.com/business-economy/personal-finance/gold-rate-today-september-28-2026-gold-prices-fall-nearly-2-check-24k-22k-18k-prices-in-delhi-mumbai-kolkata-chennai-lucknow-and-other-major-cities-article-156238543>
  Price list only, attributes fall to US rate hike expectations, no geopolitical framing
- livemint.com (neutral report) <https://www.livemint.com/money/gold-and-silver-price-today-sept-28-check-retail-rates-of-24k-22k-gold-and-999-silver-in-mumbai-delhi-other-cities-11790565059642.html>
  Leads with US-Iran tensions and Trump remarks as cause for gold price fall

Tags: Comex, Federal Reserve, gold, MCX, silver
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