India · INR · September 2023
Gold Price in India — September 2023
India gold price archive for September 2023 — historical INR reference rates per tola, gram and ounce.
September 2023 gold market: Autumn low as yields hit multi-year highs
BearishMulti-year-high yields and a strong dollar marked the autumn low.
Gold fell toward $1,850–$1,870 in September as the Federal Reserve reinforced its higher-for-longer message and 10-year yields surged toward 4.6%, a multi-year high. A strong dollar compounded the pressure.
What drove gold in September 2023
- Fed higher-for-longer guidance
- 10-year yields near 4.6%
- US dollar strength
- ETF outflows
Key events in September 2023
- Sep 20Fed signals higher-for-longer; gold heads toward $1,850
What happened next
The October 7 war shock abruptly reversed gold's slide.
For gold buyers in India
September's low near $1,850 was the year's best entry point — set just days before war reignited safe-haven demand.
Related months to read
The 2023 gold market: Banking crisis and another record CB buy year
Silicon Valley Bank failed in March 2023, followed by Credit Suisse rescue. Gold rallied to $2,072 in May, then traded $1,820–$2,090 through year-end. Central banks bought another 1,037 tonnes — second-highest ever. Year close: $2,062.
Key drivers in 2023
Regional banking crisis, Credit Suisse failure, central-bank buying continues, persistent inflation
2023 XAU/USD high
$2,135 (Dec)
2023 XAU/USD low
$1,810 (Feb)
Era context — The modern bull market (2019 to today)
Gold's second major bull market of the 21st century. Driven by COVID stimulus, Russia sanctions, central-bank accumulation at record levels, and the structural shift toward a multi-polar reserve system. New all-time highs reached repeatedly since 2020.
The India gold market
India is the world's second-largest retail gold consumer behind China. Retail prices are quoted per 10 grams in 22-karat purity (the jewellery standard). Imports attract a basic customs duty (currently around 12.5%) plus 3% GST, plus state-level taxes — so retail rates run notably above international spot. The Indian Bullion and Jewellers Association (IBJA) publishes a daily reference rate that most regional jewellers benchmark against.
Standard quote unit
10 grams
Common purity
22K
Currency
INR (₹)
How India gold prices are calculated on this page
Source. The international XAU/USD spot price comes from gold-api.com's historical archive (London PM-fix benchmark). The INR/USD exchange rate comes from exchangerate-api.com's 2023 year-end snapshot.
Conversion. Every INR figure on this page is computed as XAU/USD price × INR/USD rate. We use the year-end exchange rate consistently across all September 2023 prices on this page.
Per-unit math. Per-gram = per-ounce ÷ 31.1035. Per-tola = per-gram × 11.664. Per-10g = per-gram × 10. Per-kilo = per-gram × 1000. Karat values multiply per-gram by the purity ratio (24K = 0.999, 22K = 0.916, 21K = 0.875, 18K = 0.750, 14K = 0.585, 10K = 0.417).
What this page does NOT include. Local sales tax / VAT, customs duty on imports, dealer making charges, jewellery design premiums, or coin numismatic premiums. To go from this pure-metal value to a final retail rate in India, add the country-specific levies described in the “Indiagold market” section above.
FAQ — India gold price in September 2023
What was the gold price in India in September 2023?
Historical INR gold price archive for India in September 2023.
What was the 24K gold rate per tola in India in September 2023?
Tola-based gold rate for India in September 2023 requires both XAU/USD and INR/USD data which is unavailable for this period.
What was the 22K gold rate per 10 grams in India in September 2023?
Retail rate calculation requires international XAU/USD spot and INR/USD FX, both of which are missing for this period.
How was the local currency price calculated?
INR prices on this page are computed from the verified international XAU/USD spot price for September 2023 (sourced from gold-api.com), multiplied by the 2023-end INR/USD exchange rate from exchangerate-api.com. We use year-end rates as a single reference point for the entire month — for most stable currencies the within-year FX drift is small, but during currency crises (PKR 2022–23, TRY 2022, ARS 2024 etc.) the actual mid-month rate may differ.
Why does the retail price in shops differ from this number?
The ₹ figures here represent the international gold spot price converted to INR at the 2023-end exchange rate. India's retail jewellers add (1) import duties and sales tax (varies by SKU and karat), (2) dealer making charges (typically 3–12% of metal value), and (3) a small premium for purity certification on bars. Always verify the exact day's retail rate with a reputable local dealer before transacting.
Want today's rate in India? See live gold prices in India with minute-by-minute updates and per-karat breakdowns.
Different month or year? Use the prev / next buttons above, or jump to the full 2023 archive or the USD-only September 2023 page with the country-by-country list at the bottom.
Other markets? Compare September 2023 prices across other major gold-trading countries: Pakistan, United Arab Emirates, Saudi Arabia, United States, United Kingdom.
Disclaimer: Historical gold prices on this page reflect the international XAU/USD spot price for the requested period, converted to INR at the 2023-end exchange rate. They are intended for informational and educational use only and do not constitute investment advice or a price quote for buying or selling physical gold today. Always verify current local rates with a reputable bullion dealer in India before transacting.