How the rupee moves gold prices in India
Gold trades in dollars everywhere. What an Indian buyer pays is that dollar price passed through one more exchange rate — which is why the local rate has a life of its own.
The live data on this page was updated at 11/09/26, 11:28 pm (IST).
Breakdown of today’s move
- Ounce leg
- 0.88%
- FX leg
- 0.45%
- Combined effect
- 1.34%
Dominant leg: the ounce price (ounce share 66.2%, FX share 33.8%).
Data as of 11/09/26, 11:28 pm (IST).
Current rates
- Gold rate · 1 g (24K)
- 13,393 INR 1.34%
- Gold rate · 1 g (22K)
- 12,277 INR 1.34%
- Gold rate · 10 g (24K)
- 1,33,928 INR 1.34%
- Gold rate · 10 g (22K)
- 1,22,768 INR 1.34%
- Gold (spot, per ounce)
- 4,360.10 USD 0.88%
- USD/INR
- 95.5400 0.45%
Data as of 11/09/26, 11:28 pm (IST).
Rates and the dollar
- US 10Y real yield
- 2.46% (2026-09-09 — daily data)
- US 10Y nominal yield
- 4.83% (2026-09-09 — daily data)
- Dollar index
- 99.101 0.01%
Data as of 11/09/26, 11:28 pm (IST).
Two legs, one price
The local rate is the product of two numbers, so its daily move is the combination of two daily moves: the ounce leg and the FX leg, plus a small cross term that only becomes visible when both move sharply on the same day.
When the two legs point the same way the move is amplified. When they oppose each other the local rate can be almost flat on a day when the international price moved a full percent — which is why a headline about "gold surging" sometimes does not show up on the counter in India at all.
What drives each leg
The ounce leg answers to US real yields, the dollar index and Fed expectations. Gold pays no coupon, so when inflation-adjusted yields on US government bonds rise, holding gold costs more in forgone interest and the price tends to come under pressure.
The rupee leg answers to India’s own balance — the current account, oil imports, portfolio flows and RBI intervention. It is the reason the rupee gold rate has historically fallen less and risen more than the dollar price.
What this means in practice
If you hold gold in India you hold two exposures at once. A view that gold is expensive in dollars is not the same as a view that gold is expensive in rupees, and the page above keeps the two separated instead of blending them into one number.
Frequently asked questions
Why is gold in India more expensive than the international price?
Import duty, GST, making charges and a local premium sit on top of the international price. The rate shown here is the international price converted to rupees, before those additions.
Does a weaker rupee always raise gold prices?
It pushes the local rate up, all else equal — but "all else" includes the dollar gold price, which can fall at the same time and offset it.
Where does the USD/INR rate here come from?
From the same market data provider used for the other instruments, refreshed within about a minute of a request. The provider and the timestamp are listed under Sources.
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