Gold Rates Fall Rs 8,200 From Monthly High, Silver Rates Upbeat; Will 24K, 22K, 18K Gold Prices Rise Next Week

Gold rates in India are broadly up by more than 1% in September 2026 so far. However, the 100-gram gold and 10-gram gold prices have declined by Rs 8,200 and Rs 820 in 24-carat from their monthly high of Rs 1,566,600 and Rs 156,660, which was recorded on September 4th. On Sunday, both gold and silver prices were unchanged in India, while precious metals recorded over 1% weekly gains at MCX and the global market. In the next trading week, gold and silver rates in India are expected to be highly sensitive to movements in Treasury yields, the U.S. dollar, and inflation data, as well as further signals on the pace and timing of additional tightening.

Gold Rates In India:

Gold prices had touched its highest level of September month on 4th where 24-carat gold price stood at Rs 1,56,660 per 10 grams and Rs 15,66,600 per 100 grams. From this level, gold prices have fallen by Rs 8,200 in 100 grams and Rs 820 in 10 grams to Rs 15,58,400 and Rs 1,55,840 as of September 20, 2026.

Meanwhile, on Sunday, 22-carat gold rates are at Rs 1,42,850 per 10 grams and at Rs 14,28,500 per 100 grams. Also, 18-carat gold price stood at Rs 1,16,880 per 10 grams and at Rs 11,68,800 per 100 grams.

Despite easing from their monthly high, gold prices are still in positive for month-on-month gains. In September 2026 so far, 24-carat, 22-carat and 18-carat gold rates surged by over 1%.

Silver Rates In India

Silver rates in India have outperformed yellow metal. On September 20, silver stood at its highest level in the month to Rs 2.55 lakh per 1Kg, while 100 grams and 10 grams silver prices stood at Rs 25,500 and Rs 2,550.

Overall, in September, silver prices gained over 2%.

Gold Rates & Silver Rates Weekly Outlook

Looking ahead, Ponmudi R, CEO of Enrich Money said, the Federal Reserve's hawkish dot plot, rather than the rate hike itself, is likely to remain the dominant driver for precious metals. Gold and silver are expected to remain highly sensitive to movements in Treasury yields, the U.S. dollar and inflation data, as well as further signals on the pace and timing of additional tightening. At the same time, persistent geopolitical uncertainty and fiscal concerns could provide intermittent safe-haven support, while silver's structural supply deficit may offer additional support if monetary conditions become more favorable and industrial demand remains firm.

Furthermore, the expert highlighted that the Fed ultimately delivered a 25-basis-point rate hike, raising the federal funds target range to 3.75%-4.00% and marking its first increase since 2023. While the move had been largely anticipated, the accompanying projections proved more consequential for markets. Sixteen of the 18 officials submitting projections indicated a preference for further tightening this year, keeping the prospect of another increase firmly in focus.

Also, persistent inflation remained a concern, with August U.S. CPI rising 0.4% month-on-month and core CPI increasing 0.3%. Markets subsequently priced the probability of another rate hike in October at around 55%. Treasury yields moved above 5%, creating a more challenging backdrop for non-yielding assets and prompting gold and silver to reverse their gains shortly after the Fed announcement.

Another key factor that will impact gold is the movement of rupee.

Currency movements added another layer to the outlook for domestic commodity prices. USD/INR rose during the week as the rupee weakened by around 0.3% to close near ₹95.86 per dollar. Higher global interest rates, elevated crude oil prices and persistent inflation concerns weighed on the currency, while expectations of RBI intervention around the Rs 96 level provided some support. The weaker rupee raised the landed cost of imported bullion, helping cushion MCX gold and silver against pressure from weaker international prices, as per Ponmudi.

Giving a technical outlook, analysts at SMC Global Securities said that investors are assessing the Federal Reserve's policy outlook following its first interest rate hike in three years. The central bank signalled that further tightening may be necessary to contain inflationary pressures, while markets are pricing in approximately a 53% probability of another rate move in October.

Elsewhere, the Bank of England kept interest rates unchanged on Thursday but warned that further increases could be required. The Bank of Japan is also expected to raise rates to a 31-year high on Friday and signal further action to address inflation risks.

On COMEX, SMC's analysts note added, gold is consolidating within the $4,250-$4,510 range. A decisive breakout above or below this band could help define the next directional trend. Silver is expected to remain range-bound between $62 and $68. On the domestic front, MCX gold is likely to trade within Rs 1,49,500- Rs 1,56,600, while silver may move in the Rs 2,30,000-Rs 2,48,000 range.

Disclaimer: The views and recommendations expressed are solely those of the individual analysts or entities and do not reflect the views of Goodreturns.in or Greynium Information Technologies Private Limited (together referred as "we"). We do not guarantee, endorse or take responsibility for the accuracy, completeness or reliability of any content, nor do we provide any investment advice or solicit the purchase or sale of securities. All information is provided for informational and educational purposes only and should be independently verified from licensed financial advisors before making any investment decisions.