Precious metal prices, including both gold and silver, experienced a decline across India on September 17, 2026. This downward trend was observed in both futures trading on the Multi Commodity Exchange (MCX) and retail markets for various purities.
Precious Metals See Decline on MCX
On the Multi Commodity Exchange (MCX), gold futures for September 17, 2026, were down by 0.79%, settling at ₹1,51,260 per 10 grams. Similarly, silver futures also registered a decrease, falling by 0.74% to trade at approximately ₹2,33,048 per kilogram.
This pressure on bullion prices reflects broader market dynamics and local influencing factors.
City-wise Retail Gold Rates
In the retail sector, both 24-carat and 22-carat gold prices showed variations across major Indian cities. While 24-carat gold is recognized for its purity, 22-carat gold is commonly preferred for jewelry due to its enhanced strength and durability from alloyed metals.
- Delhi: 24K gold at ₹1,51,190 per 10 gm, 22K gold at ₹1,38,591 per 10 gm.
- Mumbai: 24K gold at ₹1,51,450 per 10 gm, 22K gold at ₹1,38,829 per 10 gm.
- Kolkata: 24K gold at ₹1,51,140 per 10 gm, 22K gold at ₹1,38,545 per 10 gm.
- Bengaluru: 24K gold at ₹1,51,570 per 10 gm, 22K gold at ₹1,38,939 per 10 gm.
- Hyderabad: 24K gold at ₹1,51,580 per 10 gm, 22K gold at ₹1,38,948 per 10 gm.
- Chennai: 24K gold at ₹1,51,780 per 10 gm, 22K gold at ₹1,39,132 per 10 gm.
Silver Prices Across Major Cities
Silver prices also experienced a uniform trend across key Indian urban centers. On September 17, 2026, silver was priced at ₹23,168 per 100 grams, translating to ₹2,31,680 per kilogram in cities including Delhi, Mumbai, Bengaluru, Kolkata, Hyderabad, and Chennai.
Factors Influencing India's Bullion Market
Several critical factors contribute to the fluctuation of gold and silver prices in India. These include global gold price trends, the exchange rate of the US Dollar against the Indian Rupee, and domestic demand for jewelry, which typically sees a surge ahead of the festive season.
Leading Jewellers' Rates
Major jewelry retailers also reflected the market pressure. On September 17, 2026, Joyalukkas and Malabar Gold & Diamonds quoted 22K gold at ₹14,065 per gram across most Indian states. Tanishq's 22K gold rate stood slightly higher at ₹14,110 per gram.
For 24-carat gold, Malabar Gold & Diamonds offered rates at ₹15,344 per gram, while Tanishq's 24-carat gold was priced at ₹15,393 per gram. These minor differences in retail prices are often influenced by brand-specific policies, procurement costs, and localized market conditions, while the overarching bullion trends guide the general price direction.