Gold, Silver Prices Plunge as Oil Rises and Rate Hike Bets Grow
The price of gold and silver on the MCX plummeted by up to 3% in the first trading session of the week, following a sharp sell-off due to rising oil prices and increased expectations of further interest rate hikes by the US Federal Reserve.
The October 2026 gold futures declined Rs 3,656, or 2.42%, to Rs 1,47,225 per 10 grams, while December 2026 silver futures fell Rs 7,563, or 3.22%, to Rs 2,27,133 per kg.
The sell-off was also visible in international markets, with spot gold down 1.5% at $4,223.95 per ounce and US gold futures declining 1.5% to $4,257.90.
Ponmudi R, CEO of Enrich Money, noted that immediate resistance for MCX gold is at Rs 150,000, Rs 150,700, followed by Rs 152,000, Rs 152,600, while the broader bias has turned negative with a sustained move above Rs 150,000 needed to stabilise the setup.