Silver Price Today Crashes 4%: Why Gold and Silver Fell on 28 September
If you checked the silver price today and thought your app had glitched, it hadn’t. Silver had its worst day in a while on Monday, 28 September 2026. The India Bullion and Jewellers Association (IBJA) closing rate for 999 silver came in at ₹2,23,053 per kg, down ₹9,297 from Friday’s close of ₹2,32,350. That’s a fall of about 4% in a single session. Gold slid too, and slipped below the ₹1.5 lakh mark that everyone had been talking about for weeks. If you were planning to buy a silver coin or a pair of payal for Dhanteras, this is worth a closer look before you do anything.
I’ll go through the actual closing numbers, why prices fell, what it means if you’re buying for the festive season, and what I’d personally avoid doing right now. There are no price predictions here, because nobody can tell you where silver will be on 6 November.
Silver price today: the closing numbers for 28 September
Intraday figures bounce around, and different websites quote different contracts, so I’ve stuck to IBJA’s published PM (closing) rates. Banks and NBFCs use these for gold loan valuation, and the government uses them to price Sovereign Gold Bonds. You can check them yourself on IBJA’s official rates page.
| Metal (IBJA, excl. GST) | 25 Sep close | 28 Sep close | Change |
|---|---|---|---|
| Silver 999 (per kg) | ₹2,32,350 | ₹2,23,053 | −₹9,297 (−4.0%) |
| Gold 999 / 24K (per 10g) | ₹1,52,113 | ₹1,47,980 | −₹4,133 (−2.7%) |
| Gold 916 / 22K (per 10g) | ₹1,39,336 | ₹1,35,550 | −₹3,786 (−2.7%) |
So the silver price today, going by the benchmark close, is roughly ₹9,300 a kilo cheaper than it was on Friday evening. The futures market told a similar story. On MCX, silver was down about 3.2% at ₹2,27,268 per kg and gold down 2.25% at ₹1,47,490 per 10g in evening trade, according to an MCX evening roundup. CNBC-TV18 reported the December silver contract down as much as 3.46% during the day. Economic Times noted MCX silver had dropped ₹6,661 per kg soon after the open.
Globally, spot silver fell to around $61 an ounce, down roughly 4.5%, while spot gold touched about $4,150, its lowest level in seven weeks.
What does this mean per gram?
Most of us don’t buy silver by the kilo, so it helps to break the silver price today down into smaller units. At the IBJA close, 999 silver works out to roughly ₹223 per gram, or ₹2,230 for 10 grams. A 100-gram silver coin would cost about ₹22,305 before GST, compared with about ₹23,235 on Friday. That’s close to ₹930 cheaper on a single coin, overnight.
Why gold price falling today? The three things that pushed metals down
The fall in silver and gold on 28 September came from outside India. Three things lined up at once, and every newsroom from ET to Business Standard to CNBC-TV18 pointed at the same culprits. The MCX futures board simply reflected what was happening overseas.
US bond yields near 5.2%
The US 10-year Treasury yield rose to around 5.20%, Anand Rathi’s commodities analyst told CNBC-TV18. That’s the highest since 2007. Gold and silver don’t pay any interest. When a safe US government bond pays over 5% a year, holding a metal that pays nothing looks less attractive to big global funds, so some of them sell.
Oil above $100 and the Iran standoff
Brent crude climbed above $106 a barrel after US President Donald Trump rejected Iran’s proposal to reopen the Strait of Hormuz and end the fighting. Economic Times and several brokerage notes reported this on Monday. Expensive oil feeds inflation. Higher inflation makes central banks keep rates high. And high rates are bad news for non-yielding assets like bullion.
Bets on another Fed hike
Traders were pricing a 66% chance of another US Federal Reserve rate hike in October, according to CME’s FedWatch tool as quoted by ET. A stronger dollar usually comes with that, and a strong dollar tends to push dollar-priced gold and silver lower.
So if you’re wondering why gold price falling today looks so sharp compared with the last few weeks, it’s mostly that these three pressures hit together on one Monday, after a weekend of bad headlines.
Why silver fell harder than gold
Silver dropped about 4% at IBJA rates against gold’s 2.7%. That’s normal behaviour for silver, even if it doesn’t feel normal when you’re watching it. Silver is a smaller, thinner market, and around half its demand comes from industry: solar panels, electronics, EVs. When the global economy looks shaky, silver takes a double hit, first as a precious metal and then as an industrial metal.
Giottus CEO Vikram Subburaj pointed out to CNBC-TV18 that silver showed some early recovery during the session, which just underlines how jumpy it is. It can fall 4% on a Monday and claw back 2% by Wednesday. It can also keep falling, which is why the silver price today shouldn’t be read as a floor.
Gold price today in India, and why the rupee softened the blow
Gold price today at the IBJA close was ₹1,47,980 per 10 grams for 24K, and ₹1,35,550 for 22K, which is what most jewellery is made of. Remember these are rates without GST and making charges.
Here’s something that doesn’t get said enough. International gold fell about 3% in dollar terms, but Indian gold fell a bit less, around 2.7%. That gap is the rupee. With the rupee sitting near 96 to the dollar, every ounce of imported gold costs more in rupees, which cushions the fall here. It works the other way too: if the rupee strengthens suddenly, Indian prices can drop faster than global ones.
If you read our earlier piece on whether to buy gold at ₹1.5 lakh, this is the kind of move we warned was possible. Prices sitting near a round number tend to be fragile.
Gold rate before Dhanteras 2026: should you buy now or wait?
Dhanteras falls on Friday, 6 November this year, a little over five weeks away. That’s a long time in a market this volatile. I can’t tell you whether the gold rate before Dhanteras 2026 will be higher or lower than today. Neither can the analysts quoted in the papers; their support and resistance levels are working ranges that get revised every few days.
What I can do is suggest a way of buying that doesn’t depend on guessing right.
Stagger your purchase
Say you’ve budgeted ₹60,000 for silver and a small gold coin this Diwali. Instead of spending it all this week, split it into three parts of ₹20,000. Buy one part now, one in mid-October and one in the Dhanteras week. If prices keep falling, your later purchases get cheaper. If they bounce back, you’ve already bought a third at today’s lower rate. Either way you avoid the regret of putting everything in at the worst moment.
Know the full price before you pay
A 10-gram 22K gold chain at today’s rate starts at ₹1,35,550 for the metal alone. Add making charges (often 8% to 15% at big jewellers; say 10%, which is ₹13,555), then 3% GST on the metal and 5% GST on making charges, as Business Standard explained this week. That’s roughly another ₹4,067 on the metal and ₹678 on the making. Your bill comes to around ₹1,53,850. The headline “gold price today” is only about 88% of what you’ll actually pay.
Silver jewellery has the same maths. The GST is identical, and making charges on silver can be even higher as a share of the price because the metal itself is cheaper.
If it’s investment, not jewellery
If you’re buying metal purely as an investment, jewellery is the costliest way to do it because the making charges are lost when you sell. Coins, bars, or silver and gold ETFs through a demat account avoid most of that. We’ve covered some low-cost ways to start investing if you’re new to this.
What I’d avoid doing this week
Don’t sell old jewellery in panic because of one bad day. If you didn’t need the money yesterday, a 4% fall doesn’t create a need today.
Don’t borrow to buy the dip. If you’re thinking of taking a gold loan for festive spending, notice what happens on days like this: lenders value your pledged gold at the lower of the 30-day average or the previous day’s price, so a sharp fall can shrink your borrowing room right when you need it.
And don’t put money meant for next month’s rent or EMI into silver because a YouTube video said it’s “cheap now”. Silver can fall another 10% as easily as it can rise. If you need somewhere safe to park cash while you decide, a short fixed deposit or a sweep account will do.
FAQ: silver price today and gold
What was the silver price today, 28 September 2026?
The IBJA closing rate for 999 silver was ₹2,23,053 per kg (excluding GST), down ₹9,297 or about 4% from 25 September.
Why is silver falling more than gold?
Silver is a smaller, more volatile market with heavy industrial demand. When growth worries and high interest rates hit together, it usually falls harder than gold.
Is gold below ₹1.5 lakh now?
Yes. The IBJA closing price for 24K gold on 28 September was ₹1,47,980 per 10 grams, excluding GST and making charges.
Should I wait for the gold rate before Dhanteras 2026 to fall further?
Nobody knows where it’ll be on 6 November. Splitting your purchase over the next five weeks is safer than trying to time a single day.
Why are jeweller prices different from the silver price today on news sites?
News sites and IBJA quote rates without 3% GST and making charges. Jewellers also add their own margins, and city-level rates vary slightly.
Metal prices will probably stay jumpy through October, with US inflation data, oil and the Iran talks all in play, and the silver price today may look very different by the Dhanteras weekend. If you’re a festive buyer rather than a trader, today’s drop gives you a slightly better entry for part of your budget. Take that, keep the rest in hand, and check back here. We’ll update the numbers as the Dhanteras week gets closer.
Disclaimer: Prices quoted are IBJA and MCX figures reported on 28 September 2026 and exclude GST and making charges. This is general information, not investment advice.
