Gold Prices Plummet in India Amid Global Turmoil

Gold prices in India have dropped to 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 as of September 16, 2026, according to Good Returns.

The price decrease is attributed to a modest pullback in oil prices. Easing recent inflation anxiety, and a slight dip in Treasury yields.

According Vedika Narvekar Research Analyst

According to Vedika Narvekar, Research Analyst- Commodities & Currencies at Anand Rathi Share and Stock Brokers, "Gold is bouncing back today, rising as much as 1% to above $4,330 an ounce, after two straight sessions of losses." The recovery is expected to continue in a broad $4,250-4,400 range today, with markets pricing in a 93% chance of a hike by the Federal Reserve.

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Concurrently, Iranian Foreign Minister Abbas Araghchi travelled to China for talks with counterpart Wang Yi, as Beijing steps up diplomatic efforts to mediate a resolution to the conflict. The ongoing human toll from the collapsed shelter for displaced Palestinians west of Gaza City has reached eight killed. With dozens remaining missing, according to the Palestinian Civil Defence.

Regional Instability Continues Compound Multiple

Regional instability continues to compound on multiple fronts, including maritime trade through the Strait of Hormuz. This has faced dramatic disruptions, with vessel transits plummeting to just four on Tuesday.

A short-lived pause in fighting, initially arranged by Washington and Tehran in mid-June 2026 as a 60-day armistice, rapidly disintegrated beneath a relentless wave of targeted missile strikes and ongoing hazards to commercial ships.

The Trump administration is advancing a $2.8 billion arms package for Israel, including 40,000 heavy bombs, even as domestic legislative pushback mounts. The U.S. House of Representatives passed a War Powers resolution aimed at blocking military action against Iran without prior congressional authorisation.

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The swift escalation of turbulence across international energy markets compelled investors to seek refuge in gold. Propelling local bullion valuations upward alongside global spot market trends, revised import duty policies, and foreign exchange market swings. The Fed's rate decision is expected to have a significant impact on the gold market.

The gold price is likely to trade within a broad $4,250-4,400 range today. With markets pricing in a 93% chance of a hike by the Federal Reserve. The outcome will depend on Fed Chair Kevin Warsh's signal regarding future interest rate hikes.

The ongoing global turmoil has led to a significant shift in investor sentiment, driving them towards safe-haven assets like gold. The conflict between Iran and the US has also had a profound impact on regional stability, further exacerbating the crisis.