Commodities
Gold Prices Plummet as Oil Costs Rise and Rate Hike Expectations Grow
Gold prices on the Multi Commodity Exchange (MCX) fell sharply on September 28, 2026, due to rising oil prices and strengthened expectations of further interest rate hikes by the US Federal Reserve.
The price of gold futures for October 5 expiry was trading at ₹1,47,275 per 10 grams, down ₹3,606, or 2.39%, from the previous close of ₹1,50,881.
Global prices also hit their lowest level since early August, with spot gold falling 2.7% to $4,171.85 per ounce and US gold futures dropping 2.7% to $4,204.30.
The sell-off was driven by a rise in crude oil prices, which has put inflation back at the centre of investor concerns, according to Tim Waterer, chief market analyst at KCM Trade.