Gold, silver tumble as global rate fears trigger sharp precious-metals correction

Gold prices on the Multi Commodity Exchange fell sharply from the previous session's levels, while silver also recorded a substantial intraday decline.

Gold prices on the Multi Commodity Exchange fell sharply from the previous session's levels, while silver also recorded a substantial intraday decline. 

Gold and silver prices came under pressure in Indian markets on Monday, September 28, 2026, following a sharp decline in international precious-metals prices. Gold prices varied modestly across major Indian cities, reflecting differences in local bullion-market conditions and pricing.

The indicative price of 24-carat gold was around Rs 1,50,992 to Rs 1,51,477 per 10 grams across Ahmedabad, Bengaluru, Chennai, Delhi, Hyderabad, Jaipur and Kolkata. The corresponding price of 22-carat gold ranged from approximately Rs 1,38,309 to Rs 1,38,753 per 10 grams. Chennai recorded one of the higher 24-carat gold rates among the cities considered, at about Rs 1,51,477 per 10 grams.

Silver was quoted at around Rs 2.33 lakh per kilogram across the major cities, with rates ranging from approximately Rs 2,32,776 to Rs 2,32,936 per kilogram. The relatively narrow variation between cities indicates that the broader movement in silver prices was being driven primarily by national and international market factors rather than significant differences between individual cities.

Gold prices on the Multi Commodity Exchange fell sharply from the previous session's levels, while silver also recorded a substantial intraday decline. 

"Inflation concerns and the lack of a resolution to the US-Iran conflict continue to provide a broader support backdrop for bullion, but near-term pressure from the dollar, Treasury yields and expectations for the Federal Reserve’s rate path is dominating price action. The bias has turned negative, with a sustained move back above $4,300 needed to stabilise the setup. A decisive break below $4,200 could expose the metal to further downside toward $4,100," said R Ponmudi, CEO at online trade and weathtech firm Enrich Money.

The domestic market nevertheless experienced a notable decline during trading. Gold prices on the Multi Commodity Exchange fell sharply from the previous session's levels, while silver also recorded a substantial intraday decline. The fall represented a reversal from the strong gains precious metals had recorded earlier and reflected increased volatility in the market.

He added that the decline follows the sell-off in international gold, with the Federal Reserve’s rate path, the dollar and Treasury yields remaining key drivers. A weaker rupee is providing only a partial cushion to domestic gold prices. The bias has turned negative, with a sustained move above Rs 150,000 needed to stabilise the setup. A decisive break below Rs 148,000 could expose the metal to further downside toward Rs 146,000, Ponmudi cautioned.

Internationally, gold and silver also moved lower on September 28. Spot gold declined by more than 2% during trading, while silver suffered an even sharper percentage fall. The global correction was associated with renewed concerns about inflation, higher oil prices, rising bond yields and expectations that US interest rates could remain higher for longer. A stronger US dollar and higher yields generally reduce the appeal of non-interest-bearing assets such as gold and silver.

Overall, September 28 was a weak trading session for precious metals in both India and international markets. Gold remained at historically elevated levels despite the day's decline, while silver continued to show greater day-to-day volatility. 

The direction of prices in the near term is likely to remain sensitive to US monetary-policy expectations, movements in the dollar and bond yields, crude-oil prices, geopolitical developments and investor demand for safe-haven assets.