Gold Prices in September 2026: What August’s Rally Means for Your Jewellery
Gold is trading near US$4,340 an ounce as of September 16, 2026 - about C$6,050 in Canadian dollars, or roughly C$194 per gram for pure gold. The month opened near US$4,432, pushed above US$4,500 in the first week, then slid to a near six-week low around US$4,290 on September 15 as traders positioned for the Federal Reserve’s rate decision. It has bounced back more than 1% today. Net of it all, gold is down about 2% so far in September but still sits roughly 18% above where it was a year ago. Here is what moved it, and what it means if you own, are buying, or are thinking of selling gold jewellery in London, Ontario.
Where Gold Stands Right Now
As of September 16, 2026, spot gold is trading around US$4,340 per ounce - about C$6,050 at a US/CAD rate near 1.394. That works out to roughly C$194 per gram for pure gold. The month opened near US$4,432, reached about US$4,510 in the first week, then bottomed near US$4,290 on September 15 - its weakest level in almost six weeks - before recovering more than 1% today. Month to date that is a decline of roughly 2%, but gold is still about 18% higher than this time last year and remains in the upper half of its 2026 range. For context, the record high set in January was US$5,608.
What Moved the Price This Month
The Federal Reserve drove most of it. Its September 15-16 meeting was the first genuinely live rate-hike meeting in about three years: with US inflation stuck at 3.4% in August, traders moved to price better-than-90% odds of a 25 basis point increase. Higher rates raise the cost of holding an asset that pays no interest, so gold sold off into the decision, and a US 10-year Treasury yield at its highest level since 2007 added to the pressure. Pulling the other way was energy - supply disruptions in the Middle East pushed crude above US$100 a barrel, feeding exactly the inflation the Fed is trying to contain and keeping a safe-haven bid under gold. When oil eased on September 16, gold rallied more than 1%. Steady central bank buying still sits under the market as a structural floor, and for Canadian sellers there is a currency factor too: the Canadian dollar hit a four-week low this week, which cushions the pullback in CAD terms.
What This Means for Your Jewellery in London
If you are selling: at roughly C$6,050 per ounce, pure-gold melt value works out to about C$194 per gram - roughly C$81 per gram for 10K, C$114 for 14K and C$146 for 18K, before any buyer’s margin. That is down a few dollars a gram from the start of September, but still well above where the market sat in July. Broken chains, single earrings, mismatched pieces and dated gold sitting in a drawer are worth considerably more than they were at the start of the summer.
If you are buying or commissioning: metal is slightly cheaper than it was on September 1, so this is a marginally better window for a heavier piece, a ring sized up, or gold added to a custom design. Quotes are struck at the day’s market rate, so timing matters on larger jobs - and with the Fed signalling further increases may follow in October or December, the market can move quickly in either direction.
Quotes Change Daily - Get Yours in Person
With the market moving this fast, any number you read online (including this one) ages quickly. At Daniel A Jewellery, 467 Wharncliffe Road South in London, we weigh and test your gold in front of you and quote from that day’s market price - free, with no obligation. The same applies to custom work and resizing: the quote is locked to the day you approve the job.
Frequently Asked Questions
What is the gold price in Canada today?
As of September 16, 2026, spot gold is about C$6,050 per troy ounce (US$4,340), or roughly C$194 per gram for pure gold. It moves by the minute during trading hours, so treat any published figure as a snapshot.
Do jewellers pay the full spot price for gold?
No. Spot is the benchmark for refined, pure gold. Buyers price by karat and weight, minus a margin for refining and handling - a fair shop weighs your pieces in front of you and shows you the math.
Is now a good time to sell gold jewellery?
Gold has eased about 2% so far in September but still sits roughly 18% above where it was a year ago, so scrap and unworn pieces carry strong value right now. The right time still depends on your needs - bring it in for a free, no-obligation quote and decide with the numbers in front of you.
Spot prices referenced are as of September 16, 2026 and will have moved since. This article is general information about the gold market, not financial advice.