Precious metals faced intense downward momentum during the opening trading session of the week on Monday, 28 September, 2026. Both gold and silver contracts came under sustained selling pressure on the Multi Commodity Exchange, commonly known as MCX. While gold futures shed over 1.70 percent in value, silver witnessed an even steeper retreat, tumbling more than 2.50 percent as market participants unwound long positions across the board following a weak closing in the prior week.
Gold Contracts Tumble up to Rs 3214 per 10 Grams
Around 10.25 am on Monday, the benchmark 5 October delivery gold contract on MCX was changing hands at Rs 1,48,285 per 10 grams, recording a steep drop of Rs 2596, or 1.72 percent. The session began on a negative note as gold opened lower by Rs 781 at Rs 1,50,100 per 10 grams, compared to the previous week's closing price of Rs 1,50,881 per 10 grams recorded on Friday.
The opening quote of Rs 1,50,100 per 10 grams remained the intraday high for the session as sustained bears pushed the bullion lower. Prices subsequently descended to an intraday low of Rs 1,47,667 per 10 grams. Measured against Friday's settlement level, the yellow metal logged an intraday slide of up to Rs 3214 per 10 grams, underlining the sheer scale of the ongoing pullback.
Silver Sees Deep Cuts, Sliding Rs 6661 per Kilogram
Industrial and precious metal silver suffered an even harsher correction during Monday's trading. The December 4 delivery silver contract on MCX was trading at Rs 2,28,658 per kilogram, registering a sharp reduction of Rs 6038, or 0.2.57 percent. Trading for the metal kicked off with an opening loss of Rs 2396 at Rs 2,32,300 per kilogram, having settled at Rs 2,34,696 per kilogram in the previous session on Friday.
As the session unfolded, the opening level of Rs 2,32,300 proved to be the day's peak, from which selling intensified to drag prices down to an intraday trough of Rs 2,28,035 per kilogram. When juxtaposed against the closing level seen on Friday, silver's cumulative intraday decline stretched to as much as Rs 6661 per kilogram.
Experts Forecast Heightened Volatility to Persist
Commodity market analysts highlighted that heightened price swings in both precious metals are likely to persist throughout the ongoing week. Multiple macro and geopolitical drivers are currently influencing trading desks globally. Crucial economic data prints originating from the United States, continuing friction and tensions in West Asia, and fluctuating crude oil prices remain pivotal elements that could dictate near-term price discovery in bullion assets.
Consecutive Selling Extends Last Week's Deep Losses
Monday's downturn represents a continuation of the weakness observed during the preceding week. In the prior trading week, MCX October delivery gold had recorded a loss of Rs 3500, or approximately 2.3 percent, to close at Rs 1.50 lakh per 10 grams. Similarly, silver had shed Rs 6907, representing a slide of roughly 3 percent, to finish at Rs 2.34 lakh per kilogram. The back-to-back pressure highlights an extended phase of consolidation across the precious metals space.
