Gold and Silver Prices Fall Sharply on September 28

Gold and silver prices witnessed a sharp correction on Monday, September 28, 2026, after recently trading near record levels. On the Multi Commodity Exchange (MCX), gold and silver futures declined significantly during early trading, offering some relief to buyers following the recent rally.

Gold, Silver Prices Drop on MCX

MCX gold futures for October 5 delivery fell to around ₹1.48 lakh per 10 grams, with the day’s low recorded at ₹1,47,667. Silver futures for December 4 delivery also declined sharply, falling below ₹2.30 lakh per kilogram.

At one point, gold was down by more than ₹3,200 per 10 grams, while silver declined by more than ₹6,600 per kilogram compared with the previous close.

International Market Also Under Pressure

Precious metals also declined in international markets. Spot gold fell around 1.5%, while silver declined by more than 2% during early trading. Reports attributed the pressure partly to higher crude oil prices, rising bond yields and expectations of further US interest-rate tightening.

City-Wise Gold and Silver Rates

Retail prices also varied across major Indian cities. On September 28, 24-carat gold was reported at around ₹1,48,320 per 10 grams in Delhi, ₹1,48,580 in Mumbai and ₹1,48,380 in Kolkata. Silver prices stood at approximately ₹2,27,760 per kilogram in Delhi, ₹2,28,150 in Mumbai and ₹2,27,850 in Kolkata.

Buyers Should Check Final Jewellery Cost

The sharp one-day decline comes after a strong rise in precious-metal prices over the longer term. However, consumers should remember that jewellery prices include making charges, applicable local taxes and 3% GST on the value of the metal. Therefore, the final amount paid at a jewellery store can differ from the quoted bullion or exchange price.

With gold and silver prices remaining volatile, buyers should compare current rates and check purity, making charges and other applicable costs before making a purchase.