Gold and silver futures on the MCX fell on September 21, tracking a decline in international markets. The October gold contract dropped ₹881 to ₹1,53,500 per 10 grams, while December silver declined ₹1,599 to ₹2,40,004 per kg. Prices for both metals remain significantly below their 2026 peaks, and investors are watching the ₹1.53 lakh and ₹2.40 lakh support levels for potential stability.
Gold and silver futures on the Multi Commodity Exchange (MCX) started the trading week with losses on September 21, following a broader decline in international precious metal prices. The benchmark October gold contract opened at ₹1,53,500 per 10 grams, down ₹881 from the previous close. Silver followed a similar trend, with the December contract opening ₹1,599 lower at ₹2,40,004 per kg.
Global Weakness Impacts Domestic Prices
The drop in domestic prices is primarily driven by weakness in global bullion markets. International gold prices on the Comex platform slipped below the $4,400 per ounce mark, which weighed on sentiment in India. As one of the world's largest importers of precious metals, domestic prices in India are highly sensitive to global rates and the strength of the Indian rupee against the US dollar. When global prices soften, it often translates into lower prices for Indian buyers, provided the currency remains relatively stable. Movements in the exchange rate can either cushion or amplify the impact of international price changes on domestic commodities.
A Significant Retreat From 2026 Highs
Both precious metals are currently trading well below their earlier 2026 peaks. Earlier this year, gold prices had climbed as high as ₹1,80,779 per 10 grams, while silver reached ₹4,20,048 per kg. The current levels represent a substantial correction from those highs, reflecting the volatility that has characterized the commodities market throughout the year. Investors often look to bullion as a traditional hedge against inflation and currency depreciation, making these price shifts highly relevant for long-term portfolio management.
What Investors Should Monitor
The immediate direction for bullion on the MCX will depend on global price stability and movements in the rupee. Market participants are watching the ₹1,53,000 level for gold and the ₹2,40,000 level for silver to see if these prices can find support in the coming sessions. The sustainability of these levels, or a further decline, will depend on upcoming international economic data and central bank commentary, which typically influence global gold and silver demand. Any signs of bargain hunting at these lower levels could provide a floor for prices, though the current trend remains under downward pressure.