Gold prices remained under pressure on September 16, 2026, with rates declining for a third consecutive session after remaining stable for a day. Buyers tracking jewellery prices can now find 18-carat gold below ₹1.15 lakh per 10 grams in several major cities, according to the rates provided in the source.

The weakness in bullion comes at a time when global markets are closely monitoring crude oil prices, inflation risks and the US Federal Reserve's interest-rate decision.

According to the source, 24-carat gold has become ₹1,420 cheaper per 10 grams over the latest three-day decline, while 22-carat gold has fallen by ₹1,310. On September 16 alone, both 24K and 22K gold were reported ₹10 lower per 10 grams.

Gold Prices Fall for Third Consecutive Day

After a brief period of stability, gold has continued to lose some of its recent shine.

The source attributes the pressure partly to elevated crude oil prices and concerns that higher energy costs could contribute to inflation. Expectations surrounding interest-rate decisions have consequently remained an important factor for bullion markets.

Gold does not generate regular interest income, so expectations of higher interest rates can sometimes reduce its relative appeal compared with interest-bearing assets.

The source notes that the US Federal Reserve meeting began on September 15, with its outcome expected on September 16.

Gold Rates Today in Major Indian Cities

Here are the 10-gram gold prices for different purity levels as provided in the source:

The source lists Chennai's 24-carat rate as ₹1,593,160 per 10 grams, which is inconsistent with the surrounding city rates and the source's own price context. Since the supplied material does not provide a corrected figure, the table above leaves it unverified rather than guessing a replacement.

Where Is 18K Gold Available Below ₹1.15 Lakh?

According to the quoted city-wise rates, 18-carat gold is below ₹1.15 lakh per 10 grams in several cities.

In Mumbai, Kolkata, Bengaluru and Hyderabad, the quoted price is ₹1,14,870 per 10 grams.

In Patna and Ahmedabad, 18K gold is listed at ₹1,14,920 per 10 grams.

Delhi, Lucknow and Jaipur are slightly above the ₹1.15 lakh mark at ₹1,15,020 per 10 grams.

Chennai is significantly higher in the supplied table, with 18-carat gold quoted at ₹1,18,090 per 10 grams.

Silver Price Also Declines

Gold is not the only precious metal facing pressure. Silver also declined after remaining stable for four consecutive days.

According to the source, silver became ₹100 cheaper per kilogram in Delhi, bringing its price to ₹2,44,900 per kg.

Mumbai and Kolkata were also quoted at ₹2,44,900 per kg.

Chennai, however, had a higher silver price of ₹2,49,900 per kg, making it the most expensive among the four major metropolitan markets mentioned in the report.

Silver had witnessed considerably larger movements earlier. The source states that the metal fell ₹10,000 per kg on September 11 after having increased by ₹5,000 on September 10.

Why Are Gold Prices Under Pressure?

Global economic developments continue to play an important role in determining bullion sentiment.

The source points to higher energy prices and expectations surrounding major central-bank meetings as key factors affecting gold.

Higher crude oil prices can contribute to inflationary pressure. If central banks respond to persistent inflation with tighter monetary policy or higher interest rates, non-interest-bearing assets such as gold may face pressure.

At the same time, uncertainty over geopolitical developments can sometimes support demand for gold as investors look for perceived safe-haven assets.

What Experts Say About Gold

The source cites Tim Waterer, chief market analyst at KCM Trade, as saying that the current market environment is challenging for gold.

According to the attributed view, rising energy prices and expectations surrounding the US Federal Reserve and Bank of Japan meetings are creating pressure on the precious metal.

However, the analyst also suggested that geopolitical tensions and uncertainty around interest rates could encourage buying at lower price levels.

This remains an analyst's market assessment rather than a guarantee about the future direction of gold prices.

What Should Gold Buyers Check Before Purchasing?

Consumers planning to buy jewellery should remember that quoted market gold rates and the final jewellery bill can differ.

The purity of gold is particularly important. A 24-carat rate should not be directly compared with 22-carat or 18-carat jewellery prices without considering purity.

The final amount charged by a jeweller can also include making charges and applicable taxes. Rates can vary between cities and sellers as well.

For September 16, the supplied data shows 18-carat gold below ₹1.15 lakh per 10 grams in Mumbai, Kolkata, Bengaluru, Hyderabad, Patna and Ahmedabad, while Delhi, Lucknow and Jaipur are quoted marginally above that level.

With gold and silver prices moving frequently amid global economic developments, buyers should verify the latest local rate and jewellery charges before completing a purchase.

Disclaimer: Gold and silver prices can change during the trading day and may vary across markets and sellers. The rates above are based on the supplied source for September 16, 2026. This article is for informational purposes and is not investment advice.