Gold Silver Price: Why Rates Crashed and Rebounded in September 2026

Gold silver price searches spiked in India after a dramatic mid-September 2026 swing: on 17 September, MCX gold fell nearly ₹2,000 per 10 grams and silver crashed over ₹4,500 per kg in a single session, only for both metals to rebound sharply the very next day. If you are checking today's rate (आज क्या है), note that the figures below are dated 17–18 September 2026 and prices may have moved since.

What happened on 17 September 2026

According to AajTak, MCX October gold dropped from ₹1,52,470 to ₹1,50,483 per 10 grams — a fall of ₹1,987 — while December silver plunged ₹4,565, from ₹2,34,786 to ₹2,30,221 per kg. After that fall, silver was about ₹1,89,827 per kg below its late-January 2026 lifetime high of ₹4,20,048 per kg.

Dainik Bhaskar confirmed the move on IBJA benchmark rates: 24-carat gold fell ₹513 to about ₹1.52 lakh per 10 grams, and silver dropped ₹1,695 to about ₹2.30 lakh per kg. Over the month to that point, silver had become roughly ₹8,000 cheaper and gold about ₹4,000 cheaper.

The 18 September rebound

The crash did not last. Per Jagran, IBJA rates on 18 September showed 24-carat gold up ₹1,809 to ₹1,53,658 per 10 grams and silver jumping ₹6,474 to ₹2,36,116 per kg. On MCX, October gold rose about 0.88% to ₹1,53,972 and silver climbed 1.41% to ₹2,41,572 per kg by 5 pm that day.

Why did prices whipsaw?

Three drivers were cited across the reports:

• US Federal Reserve decision: The Fed raised interest rates by 0.25% — its first hike in three years, per Bhaskar — which initially knocked gold down about 2% before it recovered, according to Kotak Securities' Anindya Banerjee.
• Rupee weakness: With the rupee near ₹95.94 per dollar, domestic prices fell less than global prices, since India imports most of its bullion.
• Middle East tensions: Geopolitical risk supported safe-haven demand even as rate fears pressured prices.

MCX vs IBJA vs jeweller prices: what you actually pay

The numbers you see in headlines are not one single rate. MCX quotes are futures contract prices; IBJA publishes twice-daily benchmark rates used as a national reference; and your local jeweller adds making charges, GST and city-level premiums. For example, Jagran's city table on 18 September showed 24K gold at ₹1,54,730 per 10 g in Delhi versus ₹1,54,450 in Mumbai. Bhaskar advises buying only BIS-hallmarked gold, cross-checking the day's rate on the IBJA website, and negotiating making charges, which are not fixed.

What experts are predicting — and why to be cautious

Expert opinion is sharply divided. Kedia Advisory's Ajay Kedia told Jagran that gold could test ₹1.80 lakh and silver could approach ₹3 lakh per kg domestically by Diwali 2026 if global targets ($5,000/oz gold, $90/oz silver) are met. In contrast, Intelisis Ventures' Amit Suresh Jain warned that if silver breaks the ₹2.25 lakh support, it could fall below ₹2 lakh per kg amid crude and geopolitical risks. These are opinions, not guarantees — treat them as context, not investment advice, and consult a registered adviser before buying.