Stories
Gold, Silver Crash: Prices plummet by Rs 4,000 and Rs 8,500; what caused the sudden fall?
- •Gold and silver faced pressure in both domestic and international markets on September 28, 2026.
- •Last week also saw a sharp decline in gold and silver prices.
- •Comex gold futures for December delivery fell by $103.70, or 2.34 percent, closing at $4,321.20 per ounce.
- •Silver dropped by $2.35, or 3.5 percent, to close at $64.80 per ounce during the same period.
Key Questions Answered
Gold and silver prices tumbled due to shifting expectations around US interest rates, with markets factoring in a potential Federal Reserve rate hike, alongside rising oil prices, higher bond yields, and a stronger US dollar.
On September 28, 2026, domestic markets saw gold plummet by over Rs 4,000 and silver drop by Rs 8,500 to Rs 9,158 per kilogram. Internationally, COMEX gold futures for December delivery fell to $4,321.20 per ounce following previous losses, while silver declined to $64.80 per ounce.
Rising US Treasury yields, a two-month high in the dollar index, and persistent inflation pressures driven by climbing oil prices diminished the appeal of non-interest-bearing assets like gold and silver. Additionally, geopolitical tensions between the US and Iran added broad uncertainty to global commodity markets.
