Gold Prices Dip on US Fed Rate Hike, Major Brands Report Lower Rates
Gold prices dipped on Thursday, September 17, 2026, according to major jewellery brands' reports. The India Bullion and Jewellers Association (IBJA) indicative rates for different gold purities and 999-purity silver also saw a decline.
The IBJA's managing director Prithviraj Kothari attributed the weakness in gold prices to the US Federal Reserve raising interest rates for the first time since 2023. He mentioned that officials signalled one more hike this year amid persistently high inflation, rising tensions between Saudi Arabia and Houthi rebels in Yemen, and easing oil-supply concerns.
Kothari also provided technical analysis of gold prices, stating that they face key support near $4,275 and resistance around $4,430, $4,500. He warned that a break lower could open the path to $4,150, while silver's head-and-shoulders pattern puts $62.5 support in focus.
The current prices of 22k gold jewellery at various brands across major cities in India were reported as follows: Tanishq (Rs 14,055 per gram), Malabar Gold & Diamonds (Rs 14,010 per gram), Kalyan Jewellers (Rs 14,010 per gram), and Joyalukkas (Rs 14,010 per gram).