New Delhi, September 28, 2026 : Gold and silver prices witnessed a sharp decline in the domestic market on Monday, September 28, amid a selloff in global precious metals, a stronger US dollar and a surge in crude oil prices linked to renewed geopolitical tensions.
Gold of 99.9 per cent purity fell by ₹2,600 to ₹1.50 lakh per 10 grams in the national capital. The precious metal had closed at ₹1,52,600 per 10 grams in the previous trading session.
Silver faced an even steeper decline, tumbling ₹5,000 to ₹2.32 lakh per kilogram, including all taxes, from its previous closing level of ₹2.37 lakh per kilogram, according to local traders.
Global Market Pressure
Market analysts attributed the decline in precious metals to continued strength in the US dollar and weakness across global bullion markets.
Gaurav Garg, Head of Research at Lemonn, said gold and silver remained under pressure as the firm US dollar weighed on precious metals.
Meanwhile, Brent crude surged around 4 per cent to USD 108.53 a barrel, with renewed US-Iran tensions and uncertainty surrounding the Strait of Hormuz raising concerns over global energy supplies.
Gold and Silver Fall Overseas
In international markets, spot gold declined USD 128.93, or 3.01 per cent, to USD 4,156.44 per ounce.
Silver also witnessed a sharp fall, declining USD 2.96, or 4.6 per cent, to USD 61.34 per ounce.
Gold slipped below the USD 4,200-per-ounce level, while silver traded around USD 61 per ounce.
According to Akshat Siddhant, Lead Quant Analyst at Mudrex, the decline came after US President Donald Trump rejected Tehran’s proposal to reopen the Strait of Hormuz within a week and resume nuclear talks in exchange for lifting the naval blockade.
US-Iran Tensions Add to Market Uncertainty
Geopolitical developments continued to influence global financial markets. Iran said its delegation attending the United Nations General Assembly had no talks planned with the United States, following Trump’s statement that he expected further negotiations.
The developments have added uncertainty to energy markets, with concerns over the Strait of Hormuz contributing to the sharp rise in crude oil prices. The stronger US dollar and changing expectations around geopolitical and economic conditions also weighed on precious metals.
Key Market Moves
- Gold: Down ₹2,600 to ₹1.50 lakh per 10 grams
- Silver: Down ₹5,000 to ₹2.32 lakh per kg
- Spot Gold: Down 3.01% to USD 4,156.44/oz
- Silver: Down 4.6% to USD 61.34/oz
- Brent Crude: Up around 4% to USD 108.53/barrel
- Key factors: Strong US dollar, higher crude prices and geopolitical uncertainty
Market prices can change during trading and may vary across locations, dealers and tax structures.
