Significant Drop in Gold and Silver Prices on September 28, 2026
Gold and Silver Prices Plummet
On September 28, 2026, there was a notable decline in the prices of gold and silver. The domestic market experienced increased pressure on precious metals, with gold prices hovering around ₹1.48 lakh per 10 grams. Similarly, silver prices also saw a drop of several thousand rupees. However, it's important to note that prices may vary based on purity, city, and market type.
Gold Prices Drop by ₹4,065
According to data from the India Bullion and Jewellers Association (IBJA), the price of 24-carat gold fell by ₹4,065 per 10 grams, settling at approximately ₹1,48,048 per 10 grams. Compared to the beginning of the month, gold prices have decreased by nearly ₹8,000.
Additionally, gold futures for October delivery on the MCX faced pressure during trading, dropping to around ₹1,47,667 per 10 grams at one point.
Silver Prices Also Experience Major Decline
Alongside gold, silver prices also witnessed a sharp decline. As per IBJA data, silver prices fell to approximately ₹9,158 per kilogram, reaching around ₹2.23 lakh per kilo. Over the past 28 days, silver prices have decreased by about ₹14,000.
The futures price of silver on the MCX also saw a significant drop, with September delivery silver falling by ₹6,661 to reach ₹2,28,035 per kilo.
Current Price of 22-Carat Gold
Prices vary based on the purity of gold. As per the IBJA data available for September 28, 22-carat gold was priced at approximately ₹1,35,612 per 10 grams, while 24-carat gold was recorded at around ₹1,48,048 per 10 grams.
It's essential to remember that when purchasing jewelry, additional costs such as GST and making charges may apply, which could lead to a final bill that differs from these base rates.
Price Variations Across Cities
Gold and silver prices are not uniform across the country. For instance, on September 28, the price of 24-carat gold in Delhi was reported at approximately ₹1,48,330 per 10 grams, while in Mumbai, it was around ₹1,48,590.
Some retail sources indicated that the price of 24-carat gold in Delhi and other major cities could exceed ₹1.50 lakh. This discrepancy is attributed to differences in benchmarks, taxes, and retail pricing used by various sources.
Reasons Behind the Price Decline
Several factors are contributing to the pressure on gold and silver prices in the international market. Key reasons include expectations regarding U.S. interest rates, changes in bond yields, and rising crude oil prices. The increasing cost of oil raises inflation concerns, which can lead to uncertainty in interest rate trends, ultimately affecting precious metals like gold.
Price Changes in September
Data indicates that during September, gold prices fell by approximately ₹8,000 per 10 grams and silver by around ₹14,000 per kilo compared to the end of August.
However, fluctuations in prices are likely to continue. Factors such as the international market, dollar value, interest rates, crude oil prices, and global events may influence gold and silver prices in the coming days.
Important Considerations Before Purchasing
When buying gold, it's crucial to consider more than just the market price. Customers should verify the purity of gold, hallmarking, weight, making charges, GST, and the final bill. Additionally, comparing rates from different jewelers can help in understanding the actual price.