Kolkata: Gold and silver prices fell sharply on Monday, prompting potential customers to defer purchases for upcoming festivals and weddings in anticipation of further declines.
Silver futures for September delivery fell by ₹6,661 to ₹2,28,035 per kg on MCX. Gold futures for October delivery slipped 3,214 to ₹1,47,667 per 10 grams. The correction has improved affordability, but jewellers said buyers are unlikely to rush in until prices of the yellow metal show signs of stabilising or a recovery.
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"Generally, buying happens in a rising market and not in a falling market due to fear of more fall," said Surendra Mehta, secretary, India Bullion & Jewellers Association. "Unless prices start moving up, the festive season buying will not pick up."
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The selloff came amid strengthening of the US dollar, higher US yields and uncertainty over the US-Iran war. Spot gold was trading around $4,185 an ounce, down more than 2%, while the US 10-year Treasury yield rose to about 5.22%, putting further pressure on non-yielding asset.
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Gold, silver slide as buyers wait for prices to stabilise
Gold and silver prices fell sharply on Monday, leading potential buyers to postpone purchases for upcoming festivals. Silver futures dropped significantly, while gold futures also experienced a notable decline on the MCX. The current correction in prices has made buying more affordable, but customers remain hesitant. Jewellers indicate that purchases typically happen in a rising market rather…
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- The Economic Times
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- 206 words · 1 min
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This story was reported and first published by The Economic Times on 28 September 2026. HUE Legacy Ventures did not write it.
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