Gold and silver prices fell sharply on the Multi Commodity Exchange in India as global pressures weighed on precious metals. On Monday, gold futures for October delivery slipped by ₹3,214 to ₹1,47,667 per 10 grams. Silver futures for September delivery dropped by ₹6,661 to ₹2,28,035 per kilogram.
The decline was triggered by rising crude oil prices that raised inflation concerns and strengthened expectations of further interest rate hikes by the United States Federal Reserve. Internationally, spot gold fell 1.5% to $4,223.95 per ounce while silver dropped 2.6% to $62.64 per ounce. Other metals such as platinum and palladium also traded lower.
Analysts pointed out that surging United States bond yields added pressure. The 10‑year yield climbed to 5.13%, its highest since 2007, while the 30‑year yield reached 5.44%, its highest since 2004. Market experts believe volatility will continue as investors watch crude oil prices, dollar movements and geopolitical tensions, especially between the United States and Iran.
According to CME FedWatch, traders now see a 68% chance of another Federal Reserve rate hike in October. Support for gold is expected between ₹1,48,000 and ₹1,46,000, with resistance between ₹1,52,500 and ₹1,55,000. Silver is likely to find support near $63.00 to $63.80 per ounce, with resistance between $65.50 and $66.60.