Gold Rate in India Today, September 15, 2026: 24K Slips ₹490 Per 10g Ahead of Fed Rate Decision

MUMBAI — The Federal Reserve’s shadow fell across Indian gold counters on Monday, pushing 24-karat bullion to its weakest shop price since early August. With FOMC policymakers assembling in Washington ahead of Tuesday’s rate decision, dealers across Zaveri Bazaar marked gold down for a second consecutive session, leaving a 10-gram bar of 999-fine gold at ₹1,54,080, a decline of ₹490 from Friday’s close.

The retreat tracked a surge in US Treasury yields after Friday’s consumer price data confirmed American inflation held firmer than anticipated. The August CPI reading of 3.4 percent on an annual basis pushed the probability of a Federal Reserve rate increase to between 86 and 92 percent in overnight futures pricing, compounding a broader environment in which US consumer confidence had already fallen to its second-lowest point of the year as energy prices climbed. Gold, which pays no yield, reliably softens when borrowing costs rise, and London spot bullion slid to around $4,287 per troy ounce by Sunday’s close, pulling India Bullion and Jewellers Association’s morning benchmark lower when domestic markets opened on Monday.

A stronger dollar compounded the pressure. The rupee softened to around 95.55 against the greenback, raising the import cost of bullion at the margin. Analysts at Goldman Sachs maintained their structural bullish case for the metal, pointing to persistent central bank accumulation by India, China, and Gulf sovereign wealth funds as a floor under long-term prices. JPMorgan’s commodities desk was more cautious, flagging the FOMC outcome as the near-term variable that would determine whether the five-week slide deepened or found a base.

Houthi attacks on tankers in the Red Sea kept Brent crude above $100 per barrel for a second consecutive week, sustaining broader commodity volatility. Disruptions to shipping lanes near Yemen’s Hanish Islands have been adding a logistics premium to physical gold shipments from Swiss and UAE refineries to Indian ports, partly offsetting the global price decline for domestic buyers. The World Gold Council‘s real-time data showed a modest reduction in ETF holdings for the week ending September 12, in a pattern that typically precedes a rate decision rather than persisting through the subsequent rally.

Delhi and NCR consumers paid the session’s steepest domestic rate, ₹15,424 per gram for 24-karat gold, as the North Indian state levy structure added a consistent premium above the national benchmark. Buyers in Gujarat, Madhya Pradesh, and Bihar paid ₹15,416 per gram under the middle tier, while the base rate of ₹15,408 per gram applied across Maharashtra, Karnataka, Tamil Nadu, Kerala, West Bengal, and the eastern states. For jewellery buyers specifically, 22-karat hallmarked gold, the grade used in most Indian wedding and religious ornaments, traded at ₹14,140 per gram in Delhi and at ₹14,124 per gram in Mumbai, Hyderabad, and the southern cities.

Silver tracked gold lower. The 999-fine grade settled at ₹250 per gram on Monday, flat from Friday’s close despite thin trading volumes ahead of the Fed decision.

Is gold a good buy in India today?

Near-term, the risk is skewed toward further softness if the Federal Reserve signals a hawkish pace for future increases. Buyers who can delay purchasing by 48 to 72 hours may find a clearer picture once Tuesday’s FOMC statement and press conference are out. Longer-term, analysts at Goldman Sachs and JPMorgan both see structural demand from central banks and Indian jewellery buyers as a floor, but that floor sits well below current prices. Patient investors typically treat dips of this kind as accumulation opportunities rather than exit signals.

What is the gold rate in Delhi today, September 15, 2026?

In New Delhi and across the NCR, 24-karat gold costs ₹15,424 per gram and ₹1,54,240 per 10 grams on September 15. The 22-karat hallmarked jewellery rate stands at ₹14,140 per gram. These prices exclude GST at 3 percent, making charges (typically 8 to 15 percent of the gold value for machine-made jewellery), and wastage levied by individual jewellers.

Why did gold fall in India today?

The primary driver was the approach of the Federal Reserve’s September rate decision, widely expected to produce a 25-basis-point increase, the tenth of this tightening cycle. Higher US interest rates lift real yields and the dollar simultaneously, reducing the appeal of non-yielding gold. India Bullion and Jewellers Association’s morning fixing tracked the overnight move in London spot prices, pulling domestic rates down across all three purities.

How is GST calculated on gold in India?

GST on gold jewellery is charged in two stages. The metal value attracts 3 percent GST. Making charges attract 5 percent GST. A hallmarked BIS-916 piece costing ₹1,41,240 in raw 22-karat gold with ₹14,000 in making charges would carry GST of approximately ₹4,237 on the gold plus ₹700 on the making, a total bill of around ₹1,60,177 before any wastage deductions. Buyers should request a detailed invoice breaking out each component.

Yesterday’s gold rate in India provides the direct comparison for today’s decline. Whether Tuesday’s Federal Reserve decision extends the slide or triggers a relief rally will be the defining move for gold markets through the rest of September.