Gold Prices Plummet Amid Fed Rate Hike Fears and Weakening Demand

Gold prices continued to fall on September 29, 2026, as fears of a Federal Reserve rate hike weighed on investors. The COMEX gold price declined to around USD 4,166.10 per ounce, while silver fell to USD 61.16 per ounce. On the MCX, gold opened at Rs 1,46,770 per 10 grams and silver at Rs 2,25,300 per kg.

Ajay Kedia, Director of Kedia Advisory, noted that softer-than-expected US inflation data supported expectations of a rate hike being left unchanged. The headline PCE price index rose 0.3% month-on-month, while core PCE increased 0.2%, indicating relatively moderate inflation pressure.

Despite this, gold prices remained under pressure, with the MCX gold price settling 0.14% higher at Rs 1,49,036. Silver, however, fell 0.77% to Rs 2,23,706 due to elevated oil prices and Treasury yields.