On 28 August 2026, Mumbai’s spot market saw gold priced at Rs 1.57 lakh per 10 grams, a 60% jump from Rs 98,000 a year earlier. The hike includes a 3% GST.
The price surge has cut sales by 15% year‑on‑year in volume terms, as buyers trim quantities or opt for lighter pieces. Surendra Mehta, national secretary of the India Bullion & Jewellers Association, told the Economic Times that many are exchanging old gold for new lightweight jewellery.
Demand for bullion in coin and bar form has risen, Kumar Jain of Umedmal Tilokchand Zaveri said, but overall volumes remain below last year’s. A 42‑year‑old mother of three in Mumbai chose a 5‑gram pendant over a 20‑gram one to keep her budget in check.
The Bureau of Indian Standards raised the hallmarking fee for gold articles to Rs 75, up from Rs 45, effective 14 September 2026, under the Hallmarking Amendment Regulations. Jewelers will now pay a minimum of Rs 200 per consignment, while the silver fee stays at Rs 35.