Gold rate today: Yellow metal drops after sharp rally, check latest prices in your city on September 24

Gold rate on September 24

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26 Aug, 2025 12:21

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Gold prices dropped on September 24 after hitting fresh lifetime highs consecutively in the previous sessions. This comes as investors may have resorted to profit booking at elevated levels.

Gold futures on Multi Commodity Exchange (MCX) with October expiry opened at Rs 1,13,500 per 10 grams today. Let's check the latest prices of 10 grams of 22 carat and 24 carat gold in major cities of the country on September 24:

Why are gold prices falling today?

"Today, spot gold fell below $3,760 earlier as investors booked profits after the record high, though prices have since edged higher and currently trade above $3,770 as markets assess Powell’s cautious stance and await key U.S. inflation and jobs data," said Kaynat Chainwala, AVP Commodity Research, Kotak Securities.

Earlier yesterday, gold prices has soared to all time high levels. Ross Maxwell, Global Strategy Lead at VT Markets, said numerous bullish signals for gold persist. "The deceleration of U.S. economic growth, enduring risks associated with inflation, robust demand from central banks, and projections of additional rate cuts later this year collectively bolster gold's long-term prospects," he said.

What did Fed Reserve Governor Stephen Miran say? 

Federal Reserve Governor Stephen Miran said that his view of monetary policy diverges from the other FOMC members, and he sees the current policy as ‘restrictive’ which risks Fed's employment mandate.

"I believe the appropriate fed funds rate is in the mid-2 percent area, almost 2 percentage points lower than current policy. The Federal Reserve has been entrusted with the important goal of promoting price stability for the good of all American households and businesses, and I am committed to bringing inflation sustainably back to 2 percent. However, leaving policy restrictive by such a large degree brings significant risks for the Fed's employment mandate," he said.

After his comments, analysts expect more rate cuts this year. This had boosted gold prices earlier.

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Disclaimer: The views and investment tips expressed by experts on Moneycontrol are their own and not those of the website or its management. Moneycontrol advises users to check with certified experts before taking any investment decisions.