Gold and silver extend decline:10gm gold drops to ₹1.51 lakh, becoming ₹10,000 cheaper this month

Precious metals saw a sharp dip on September 15 as gold and silver prices continued their downward trend across Indian domestic markets. According to the India Bullion and Jewellers Association (IBJA), 24-carat gold dropped by ₹888 per 10 grams, while silver slipped by ₹1,270 per kilogram. Daily and 15-Day Price Breakdown 24-Carat Gold: Fell ₹888 today to around ₹1.51 lakh per 10 grams. Prices have declined by ₹5,000 over the last 15 days, down from ₹1.56 lakh on August 31. Silver: Fell ₹1,270 today to around ₹2.28 lakh per kilogram. Prices are down by ₹10,000 over the last fortnight, compared to ₹2.37 lakh on August 31. 2026 Year-to-Date Performance Despite the recent cooling period, gold remains up significantly this year: Gold Rally: Gold has gained ₹18,000 per 10 grams so far in 2026, rising from ₹1.33 lakh on December 31, 2025, to its current ₹1.51 lakh level. Silver Movement: Silver traded at ₹2.30 lakh per kg on December 31, 2025, and has slightly eased to ₹2.28 lakh. All-Time Highs: Both metals touched record peaks on January 29, 2026, when gold hit ₹1.76 lakh per 10 grams and silver reached ₹3.86 lakh per kilogram. Market Outlook and Expert Insights Market analysts expect gold and silver to remain volatile in the near term: US Fed Meeting: Prices may remain under pressure until the US Federal Reserve clarifies its path on interest rates. Safe-Haven Demand: Geopolitical tensions and broader economic uncertainties continue to offer underlying support, keeping safe-haven demand alive. Investor Strategy: Analysts advise caution amid short-term weakness, though sharp dips could present strategic buying opportunities for long-term investors. 3 Essential Checklist Items for Buyers Verify BIS Hallmarking: Always check for Bureau of Indian Standards (BIS) hallmarking with an alphanumeric HUID code (e.g., AZ4524) to ensure certified purity. Cross-Check Live Benchmark Rates: Confirm daily purity rates (24K, 22K, or 18K) on reliable reference platforms like the IBJA website before finalizing a deal. Negotiate Making Charges: Making fees are flexible rather than fixed. Request a clear breakdown of labour costs from your jeweller to negotiate better rates, especially on larger purchases.