Gold Prices Plummet on Global Interest Rate Changes and Geopolitics
The price of gold and silver is being closely watched by traders due to several factors. The global interest rates, US Federal Reserve rate expectations, the dollar, bond yields, and geopolitical developments are all having an impact on precious metals. Gold has been particularly sensitive to these changes.
As of September 5, 2026, the MCX Gold October 2026 contract was priced at ₹1,52,800 for 10 grams. This is a slight decrease from its previous close of ₹1,55,775. The price range during the recent session was between ₹1,51,262 and ₹1,57,075.
The MCX Silver price was around ₹2,32,519 per kg, down 1.50% in the latest recorded session. Retail silver is being quoted at around ₹2.50 lakh per kg nationally, although rates can vary by city.
Traders are looking to US inflation numbers, what the Federal Reserve might do next, gold prices around the world, and the rupee versus the US dollar for key signals in India. The India Bullion and Jewellers Association (IBJA) releases gold and silver benchmark rates for different levels of purity, which are often used as a reference in the local bullion market.