Gold fell 4.9% in September 2026: the month in rupees

The month in one paragraph

Gold fell 4.9% in rupee terms in September 2026. It closed August at about ₹1,35,882 per 10 grams and September at about ₹1,29,290. Silver fell harder, 8.6%, from ₹2,03,070 to ₹1,85,589 per kg.

Every figure here is the international spot rate (the COMEX futures close) converted to rupees at that day's dollar rate, the series behind our gold and silver price page. It is before import duty and GST, so it is lower than a jeweller's price.

September day by day

Gold traded on 21 sessions in September. The month had two halves.

• The first three weeks went sideways. Gold closed between ₹1,32,856 and ₹1,36,451 on every session from 1 to 23 September. The high of the month, ₹1,36,451, came on 3 September.
• The fall came at the end. On 28 September gold dropped 3.9% in a session, from ₹1,33,597 to ₹1,28,373, the low of the month. It finished at ₹1,29,290 on the 30th.
• High to low, the month spanned 6.3%.

Silver followed the same path on a larger scale. It lost 5.1% on 28 September, from ₹1,98,624 to ₹1,88,537 per kg.

The rupee cushioned it

Gold is priced in dollars, so a rupee price can move for two reasons.

In September the dollar rose 0.70% against the rupee, from about ₹95.38 to ₹96.05. A weaker rupee raises the rupee price of gold. Taking that out, gold fell about 5.5% in dollar terms, more than the 4.9% a rupee buyer saw.

Third-worst month in five years

The series starts in September 2021, which gives 60 complete months. Gold fell in 22 of them. The largest falls:

All three of the largest came in 2026. A year earlier, September 2025 went the other way: gold rose 12.0% that month.

2026 so far

Two strong months, a long flat spring, a sharp June fall and a partial recovery. Over the nine months gold is up 3.6%. Silver, on the same basis, is down 8.3%.

Distance from the high

Gold's highest close in the series was about ₹1,57,381 per 10 grams on 29 January 2026. At the end of September it stood 17.9% below that. On 1 October, at ₹1,28,868, it was 18.1% below.

August had closed some of the gap: gold was 13.7% below its peak on 31 August. September undid most of that recovery.

What this does not tell you

A month's move says little about the next. In 2026 alone gold has had two 10%-plus rises and a 12.9% fall, each followed by something different.

Spot is not what you pay. A jeweller adds import duty, 3% GST and making charges. A gold ETF or fund tracks the domestic price, which includes duty, and charges an expense ratio.

Part of the rupee price is the currency. Over the year to 1 October 2026 the dollar rose 7.9% against the rupee. A rupee gold price carries that, in both directions.

Where to go from here

The gold and silver price page has today's rate for every common weight and the five-year chart. For the full year rather than the month, see gold and silver over the year to October, and for how the two metals moved against each other, the gold-silver ratio.

On ways to hold it, the guide to gold funds and ETFs compares the options.