Global Softness Hits Gold and Silver as Fed Rate Fears Rise

International and domestic markets alike observed a weakening in gold and silver prices on Monday. In Mumbai, the MCX gold contract for October 5, 2026 opened at ₹1,50,100 per 10 grams, slipping from the prior close of ₹1,50,881, and later settled at ₹1,48,160, a 1.80 percent decline. Silver’s December 4, 2026 contract began at ₹2,32,300 per kilogram, down from ₹2,34,696, and fell to ₹2,29,206, reflecting a 2.34 percent loss. The day’s range for gold was ₹1,47,667 to ₹1,50,100, while silver moved between ₹2,28,035 and ₹2,32,300. Overseas, gold priced at $4,230 per ounce, down 2.09 percent, and silver at $62.43 per ounce, down 3.67 percent. The price pressure is largely linked to speculation that the U.S. Federal Reserve will raise interest rates, coupled with a strengthening dollar index now standing at 100.83.