Gold and silver prices witnessed a sharp decline in domestic and international markets on Monday, September 28. The fall in precious metal prices was reflected across international commodity markets and India’s futures market. On the Multi Commodity Exchange (MCX), both October-delivery gold and silver remained under pressure. During trading, gold prices declined by around Rs 2,790, while silver prices fell by as much as Rs 6,296.
Amid the sudden decline, investors and buyers are watching the price trend of gold and silver in the coming days. With the festive season beginning in India, demand for precious metals generally increases. The current movement in prices has therefore drawn attention in the bullion market and among investors.
Gold and silver prices also came under heavy pressure in the international market on Monday. At the time of writing, gold prices in the COMEX market had declined by around 2.02 percent, bringing the price to approximately $4,323.80 per ounce.
Silver also declined, with its COMEX price falling around 3.60 percent to trade at approximately $62.465 per ounce. The simultaneous decline in both major precious metals reflects sharp movement in the global bullion market.
Changes in international gold and silver prices also affect the Indian market. Global prices, movements in the dollar, investor sentiment, and demand and supply are among the factors that influence domestic prices.
On the domestic futures market, October-delivery gold on MCX declined by around Rs 2,790 during trading. Following the decline, the price of gold reached approximately Rs 1,48,091 per 10 grams.
Gold prices had remained at elevated levels in earlier trading, making the sudden decline a notable movement in the recent market. Gold prices can also fluctuate sharply on a daily basis as international market signals change.
Silver prices also recorded a sharp decline alongside gold. October-delivery silver on MCX fell by around Rs 6,296 during trading. The price subsequently reached approximately Rs 2,28,400 per kilogram.
The decline in silver was sharper than that in gold. Silver prices in the international market had also declined by more than three percent, which was reflected in the Indian futures market.
Gold and silver prices also declined in the domestic bullion market. According to available market data, gold was trading at around Rs 1.48 lakh per 10 grams, while silver was trading at around Rs 2.28 lakh per kilogram.
Retail gold and silver prices may vary slightly across cities due to local taxes, making charges, purity, jewellers' margins and other local costs.
