Gold and silver prices remained in focus on Wednesday, September 16, 2026, as investors waited for the US Federal Reserve’s policy decision and signals on the future direction of interest rates. Gold traded largely steady in early international dealings, while silver recorded gains.

A stronger US dollar and elevated Treasury yields continued to put pressure on precious metals. At the same time, high crude oil prices kept inflation concerns alive, adding another factor for bullion traders to monitor.

In India, gold had already recorded a sharp fall in the previous session, while silver prices remained unchanged in the Delhi market.

Gold Trades Near $4,329 on COMEX

Internationally, COMEX gold was quoted at $4,329.30 per ounce, compared with the previous closing level of $4,333.50.

According to the source, gold was down by around $3.50, or 0.08%, during early trading. The contract touched an intraday high of $4,339.50 per ounce and a low of $4,315.20 per ounce.

The relatively narrow movement reflected caution among investors ahead of the Federal Reserve's policy announcement.

Silver Moves Higher in International Market

Silver performed comparatively better during early trade.

COMEX silver was quoted at $64.235 per ounce, with the source reporting a gain of 0.59%. The previous closing price was given as $64.185 per ounce.

During the session, silver traded between a high of $64.480 and a low of $63.940 per ounce.

The movement meant silver was showing greater strength than gold as markets waited for fresh signals from the US central bank.

Gold Fell ₹1,000 in Delhi in Previous Session

The Indian bullion market had seen a noticeable decline in gold prices a day earlier.

According to local traders cited by PTI in the source, gold prices in New Delhi fell by ₹1,000 on Tuesday, September 15, taking the precious metal to approximately ₹1.54 lakh per 10 grams.

The decline reportedly pushed gold to its lowest level in more than a month.

Silver, meanwhile, remained unchanged at ₹2.34 lakh per kilogram, including taxes.

Why Is Gold Facing Pressure?

Several global factors were influencing gold prices.

One of the major pressures came from rising US Treasury yields. According to the source, the benchmark US 10-year Treasury yield moved above 5% on September 15, reaching its highest level since 2007 before easing slightly during Asian trading on Wednesday.

Higher bond yields can reduce the relative appeal of gold because the precious metal does not generate interest income.

The US dollar was another important factor. The dollar index was trading close to a two-week high, putting additional pressure on dollar-denominated gold.

A stronger dollar can make gold more expensive for buyers using other currencies, potentially affecting international demand.

Federal Reserve Decision Becomes the Key Trigger

Investor attention was firmly focused on the Federal Reserve.

Markets were not only waiting for the immediate policy decision but also watching for guidance on the future path of US interest rates.

Changes in expectations for interest rates can influence both Treasury yields and the dollar. These movements, in turn, can have a significant impact on precious-metal prices.

Therefore, the Fed's policy commentary could become an important near-term trigger for gold and silver markets.

Crude Oil Prices Add to Inflation Concerns

Another factor being monitored was the sharp rise in crude oil prices.

The source reported that Brent crude remained around $108 per barrel following a strong advance in the previous session.

Elevated energy prices can increase concerns about inflation. Persistent inflation can influence expectations around monetary policy, making the relationship between crude oil, interest rates, bond yields and precious metals particularly important for investors.

India's Gold Imports Drop Sharply in August

The report also highlighted a major change in India's precious-metal imports.

According to Commerce Ministry data cited in the source, India's gold imports fell 57.75% year-on-year in August to $2.3 billion.

Silver imports moved in the opposite direction, jumping 127% to $1.02 billion.

For the April-August period of FY 2026-27, gold imports were reported to have increased 3.38% to $17.47 billion.

These figures highlight contrasting trends in India's gold and silver imports during the period.

What Should Gold and Silver Buyers Watch Next?

The immediate focus remains on the Federal Reserve's policy announcement and its guidance on interest rates.

Movements in the US dollar, Treasury yields and crude oil prices could also influence the direction of bullion markets. Domestic prices may additionally be affected by international bullion movements, currency fluctuations and local market conditions.

As of the figures cited for September 16, COMEX gold was hovering around $4,329 per ounce, while COMEX silver was trading above $64 per ounce. In the previous Indian session, Delhi gold had dropped to approximately ₹1.54 lakh per 10 grams, while silver remained at ₹2.34 lakh per kilogram.

With several global factors moving simultaneously, buyers and investors should check the latest market price before making a transaction.

Disclaimer: Gold and silver prices fluctuate according to market conditions. This article is for informational purposes only and should not be considered investment advice. Consider consulting a qualified financial professional before making an investment decision.