Gold Slips Below ₹1.50 Lakh as Silver Tumbles Too

Gold and silver prices fell sharply in both domestic and international markets on Monday, 28 September 2026, as an impasse in talks between the US and Iran kept crude oil prices elevated, strengthening expectations that the US Federal Reserve could raise interest rates further. Gold futures on the Multi Commodity Exchange (MCX) fell below ₹1.50 lakh per 10 grams for the first time in several sessions.

In the global market, gold futures on Comex fell to around $4,230 an ounce, touching a seven-week low, while silver slipped below $62.50 an ounce. The moves mark one of the sharpest single-day declines for both metals in recent weeks.

How Far Gold and Silver Have Fallen

On the MCX, the benchmark October gold contract opened ₹751 lower at ₹1,50,100 per 10 grams, against a previous close of ₹1,50,851. By the time of writing, the contract was trading ₹2,781 lower at ₹1,48,100.

Silver futures also opened weak. The benchmark December contract on the MCX opened ₹2,396 lower at ₹2,32,300 per kg, against a previous close of ₹2,34,696, and was later trading ₹6,146 lower at ₹2,28,550 per kg.

On Comex, gold opened at $4,315 an ounce against a previous close of $4,321.20, and was later trading $96.60 lower at $4,224.60. Silver opened at $64.66 an ounce against a previous close of $64.80, and was later down $2.40 at $62.40.

Why Gold and Silver Are Under Pressure

Vikram Subburaj, chief executive officer of Giottus.com, said elevated oil prices had increased inflation concerns, keeping alive expectations of further interest-rate increases in the US. A stronger dollar and higher interest rates tend to put pressure on non-interest-bearing assets such as gold, he said.

For Indian investors, movements in the rupee would also remain important this week, alongside US inflation and employment data, oil prices, the dollar and geopolitical developments, Subburaj added.

• Gold on MCX fell below ₹1.50 lakh per 10 grams for the first time in several sessions.
• Silver on MCX dropped below ₹2.30 lakh per kg during the day.
• Comex gold touched a seven-week low near $4,230 an ounce.
• Both metals remain well below their respective highs recorded earlier in 2026.

Levels Analysts Are Watching

According to Ajay Kedia, director at Kedia Advisory, gold was expected to trade in a range of ₹1,49,505 to ₹1,52,685 on Monday, while silver could trade between ₹2,29,965 and ₹2,39,565 per kg.

These ranges reflect near-term technical expectations rather than a forecast of where prices will ultimately settle, and actual moves through the session can move outside such ranges depending on how global cues develop.

Monday’s session also coincided with a broader sell-off in Indian equities, with the Sensex and Nifty both trading sharply lower amid the same set of global pressures, elevated crude oil and rising US bond yields, that weighed on bullion. Gold and silver, often seen as safe-haven assets during equity market stress, did not benefit from the stock market weakness this time, since the same rate and dollar dynamics were working against precious metals directly.

What This Means for Precious Metal Investors

Monday’s fall comes after gold and silver had rallied sharply earlier in 2026, with both metals still trading well below their peaks for the year despite the pullback. The scale of the single-day move, gold down more than ₹2,700 on the MCX and silver down over ₹6,100, reflects how sensitive bullion prices remain to shifts in US rate expectations and the dollar.

• The immediate trigger was the stalled US-Iran talks and firmer crude oil prices.
• Rising US bond yields and a stronger dollar are adding pressure on non-yielding assets like gold.
• This week’s US inflation and employment data are likely to be closely watched for further direction.
• Domestic investors should also track rupee movements, since MCX prices are quoted in rupee terms.

Investors holding gold or silver exposure through a commodity trading account can watch how prices behave around the levels flagged by analysts in the coming sessions, since a break below or a recovery from these zones would signal whether the current pullback extends or stabilises. Those tracking bullion through an online trading platform may also want to follow this week’s US economic data releases, given how directly they are expected to influence rate expectations and, in turn, gold and silver prices.

Disclaimer: Analyst views and price ranges cited are those of the respective individuals and are not endorsed by Findoc. This article is for informational purposes only and does not constitute investment advice.