Business & Finance
India Gold Prices Dip on September 16, 2026 Amid Fed Decision Focus
By Aanya Mehta
Gold prices in India on September 16, 2026 were reported by Good Returns as Rs 15,344 per gram for 24‑carat gold, Rs 14,065 per gram for 22‑carat gold and Rs 11,508 per gram for 18‑carat gold. The 24‑carat price fell by Rs 27 compared with September 15, while the 22‑carat and 18‑carat prices rose by Rs 25 and Rs 20 respectively. Research analyst Vedika Narvekar of Anand Rathi Share and Stock Brokers said gold was rebounding, rising as much as 1% to above $4,330 an ounce after two consecutive sessions of decline. She attributed the recovery to a modest pullback in oil prices, easing inflation concerns, and a slight dip in Treasury yields following a sharp climb to near two‑decade highs. Narvekar noted that the Fed’s rate decision is the main event of the day, with markets pricing in a 93% probability of a hike, the first since 2023. She warned that if Fed Chair Kevin Warsh signals further tightening, gold could fall below $4,250, potentially moving toward $4,100. If he signals caution, the rally could continue. For now, gold is expected to trade in a $4,250‑$4,400 range while markets await the Fed statement and press conference. In other news, Saudi authorities intercepted and destroyed a Houthi‑launched drone aimed at Mecca, heightening regional tensions. Iranian Foreign Minister Abbas Araghchi travelled to China for talks with Wang Yi as Beijing increases diplomatic efforts to mediate the conflict. A collapsed shelter for displaced Palestinians west of Gaza City left eight people dead and dozens missing, according to Palestinian Civil Defence. The Trump administration is advancing a $2.8 billion arms package for Israel that includes 40,000 heavy bombs, while the U.S. House of Representatives passed a War Powers resolution to block military action against Iran without congressional authorization. Maritime traffic through the Strait of Hormuz was severely disrupted, with Reuters shipping data showing only four vessel transits on Tuesday compared with a 10‑day average of 18. A 60‑day armistice arranged by Washington and Tehran in mid‑June 2026 to protect merchant corridors collapsed after a surge of missile strikes, leading both nations to resume hostilities and break diplomatic communications. The escalation has pushed investors toward gold as a safe‑haven asset, supporting higher local bullion prices in line with global spot market trends and currency movements.