Gold Prices Plunge Amid Rising Oil Costs and Interest Rate Expectations
Gold and silver prices plummeted on September 28, 2026, as rising crude oil prices fueled inflation concerns and strengthened expectations of further interest rate hikes by the US Federal Reserve.
The MCX silver futures for September 2026 delivery declined by Rs 6,661 to Rs 2,28,035 per kg, while gold futures for October 2026 delivery fell Rs 3,214 to Rs 1,47,667 per 10 grams in the domestic market.
International markets also saw a decline, with spot gold dropping 1.5% to $4,223.95 per ounce and US gold futures declining 1.5% to $4,257.90 per ounce.
The decline in precious metal prices can be attributed to rising crude oil prices and bond yields, which have heightened inflation risks and strengthened expectations of further rate hikes by the Federal Reserve.