Gold and Silver Prices Plummet on September 26

The price of gold and silver continued to decline on September 26, with gold falling by 2.1% to $4,285 per ounce, while silver dropped by 2.9% to $64.30 per ounce.

In the domestic market, gold futures fell 2.3% to ₹1,50,881 per 10 grams, and silver futures declined 2.9% to ₹2,34,696 per kilogram.

The MCX-Gold (Oct) futures contract managed to stay above a key support level of ₹1,50,000, despite declining through last week. As long as this level holds, the probability for a rally remains high.

Analysts suggest that if the support at ₹1,50,000 is breached, the contract could decline to ₹1,44,000. On the other hand, a potential upswing from the current level could lift gold futures to ₹1,67,000.