Gold Prices Hit Record Highs: Latest Rates and Background Analysis for Major Cities Including Delhi, Mumbai, and Chennai

1. Breaking News: Gold Prices in Major Indian Cities (10g) — September 2 (Local)

According to the latest report from NDTV Profit, the prices are hovering around "record highs" (unit: Rupees/10g) as follows.NDTV Profit

• Delhi:104,770

• Mumbai:104,950

• Bengaluru:105,040

• Kolkata:104,810

• Chennai:105,260

Reference: The same article points out that the surge in international prices and the weakening of the Indian Rupee have pushed domestic prices higher, with spot gold trading around **$3,492/oz and October futures around ₹1,04,810** at the time of reporting.NDTV Profit

2. Yen Conversion Reference

For convenience, using an approximate rate of 1 Indian Rupee = about 1.671 Yen (as of September 2, 2025), the price per 10g is roughly around 175,000 Yen (approximate).الان چند

The price per 1g is approximately 17,500 Yen (with city differences at a few tens of Yen level). Due to differences in exchange rates and domestic tax systems, it does not necessarily match the retail price in Japan.

3. Reasons Why Gold is Reaching "All-Time Highs" (Global Perspective)

• Growing Expectations of Rate Cuts: Strong expectations for early rate cuts by the U.S. Federal Reserve (FRB) have revived the relative appeal of gold, which is an "asset without yield." Recently, spot gold reached an all-time high of **$3,508/oz**, with futures also near record highs.The Economic TimesHindustan TimesMarket Watch
  
  

• Policy Uncertainty: Political turmoil over the independence of U.S. monetary policy has heightened market risk perception, boosting safe-haven asset preference.Financial TimesMarket Watch
  
  

• Central Bank Support: In 2025, central banks continue to hold strong gold reserves, providing price support. According to the WGC's "Gold Demand Trends," the average price in Q2 was the highest on record for a quarter ($3,280/oz).World Gold Council
  
  

• Diversification into Dollar Assets: Some reports indicate that the presence of gold in global reserves is expanding, with a trend of diversification away from the dollar acting as a tailwind.The Economic Times

4. India's "Real Demand" — What is Happening Amidst Price Surges

• Cooling Consumption: Due to soaring prices, jewelry demand is declining, and India's demand in 2025 may hit a five-year low (according to WGC estimates). As the world's second-largest consumer, India is significantly affected by price elasticity.Reuters

• Slowing Imports: In June, when domestic prices hit record highs, gold imports fell to a two-year low. The trend of reduced buying at high prices continues.Reuters

• On the other hand, investment demand remains strong: During the price rise phase, demand from the investment side, such as bullion, ETFs, and OTC, is growing in monetary terms, with the record-high average price in Q2 acting as a tailwind.World Gold CouncilInvesting News Network (INN)

5. "Minor Differences" in City Rates and the Impact of Taxes and Logistics

Chennai is relatively higher, while Delhi/Kolkata is slightly lower due to differences in transportation costs, inventory turnover, state taxes/additional costs, and wholesale pricing practices. International benchmark prices (LBMA, COMEX, etc.) are adjusted with exchange rates (USD/INR) and local expenses, causing variations in the "actual" rates in each city. The latest benchmarks and domestic futures levels are as indicated in the NDTV article, with spot at $3,492/oz and domestic October futures at ₹1,04,810 as references.NDTV Profit

6. Three Points Japanese Investors Should Note

1. Dual Market Drivers
   In addition to the rise in international gold prices, movements in the Yen exchange rate cause Yen-denominated prices to expand or contract. If the Yen weakens, prices can rise in Yen terms even if international prices remain flat (this time, a reference from Rupee to Yen conversion is provided).الان چند
   
   

2. Differences in Investment Vehicles
   - Physical (Gold Bullion & Coins): Consider the spread (difference between buy and sell prices) and storage costs.
   - Domestic ETFs: Check management fees and exchange rate factors (hedging or not).

   • Overseas ETFs (Yen purchase → foreign currency): The dual impact of exchange rates is significant, so decide on a hedging strategy.

   • Accumulation: During high-price phases, dollar-cost averaging tends to be more effective.
     
     

3. Actions Based on Scenarios
   - Rate cuts are brought forward: Positive for gold.
   - Soft landing of the economy + volatility decrease: Gold may pause (but central bank buying provides support).World Gold Council
   - Policy uncertainty increases: Safe-haven preference leads to renewed buying.Financial TimesMarket Watch##