MCX gold opens at ₹1.53 lakh per 10 grams while silver starts near ₹2.40 lakh per kg; Comex gold trades below $4,400 an ounce

Gold and silver futures started the week on a weaker note, with both precious metals opening lower in domestic as well as international markets on Monday, September 21.

On the Multi Commodity Exchange (MCX), the benchmark October gold contract opened ₹881 lower at ₹1,53,500 per 10 grams, compared with its previous close of ₹1,54,381. Silver also came under pressure, with the benchmark December contract opening ₹1,599 lower at ₹2,40,004 per kg against the previous close of ₹2,41,603.

The weakness in domestic futures mirrored the trend in global precious-metals markets, where Comex gold and silver were also trading lower.

Gold Prices Move Lower on MCX

MCX October gold futures opened at ₹1,53,500 per 10 grams before recovering slightly from the day's initial decline.

At the time of the reported update, the contract was trading around ₹1,53,634, down ₹747 from the previous close. During the session, the contract touched an intraday high of ₹1,54,059 and a low of ₹1,53,050.

The latest decline comes after gold prices had experienced a significant rally earlier in the year. MCX gold futures had touched a high of ₹1,80,779 per 10 grams earlier in 2026.

The gap between the earlier peak and current levels highlights the volatility that has characterised the precious-metals market this year.

Silver Futures Also Under Pressure

Silver followed gold lower during Monday's opening session.

MCX December silver futures opened at ₹2,40,004 per kg, down ₹1,599 from the previous close of ₹2,41,603.

At the time of the update, silver was trading at around ₹2,40,129 per kg, representing a decline of ₹1,474. The contract touched an intraday high of ₹2,41,122 and a low of ₹2,40,004.

Silver futures have also witnessed substantial price swings during 2026, with the contract having touched a much higher level earlier in the year.

The metal's dual role as both an investment asset and an industrial commodity makes silver particularly sensitive to changes in investor sentiment as well as expectations for global manufacturing and economic activity.

Comex Gold Trades Below $4,400

The weakness was not limited to Indian markets.

In international trade, Comex gold opened at around $4,413 per ounce, compared with its previous closing level of $4,424.90.

At the time of the reported update, gold was trading around $4,396.80 per ounce, down approximately $28.10.

The international gold market has also experienced considerable volatility this year, with Comex gold having touched a high of $5,586.20 per ounce.

The movement in global gold prices is important for Indian investors because international bullion prices, combined with currency movements and domestic market conditions, influence MCX gold prices.

Silver Remains Weak in Global Markets

Comex silver also opened lower on Monday.

Silver futures opened at approximately $66.68 per ounce, compared with the previous close of $67.14. At the time of the reported update, the contract was trading around $66.66, down $0.48.

Silver had earlier touched a significantly higher level of $121.79 per ounce during the year, underlining the scale of volatility in the metal.

The sharp difference between previous highs and current prices reflects the changing balance between investment demand, industrial demand, interest-rate expectations and broader commodity-market sentiment.

Why Precious Metals Remain Volatile

Gold and silver prices are influenced by several global macroeconomic variables.

Interest-rate expectations remain one of the most important drivers for bullion. Changes in US Treasury yields and expectations regarding the Federal Reserve can influence the attractiveness of non-yielding assets such as gold.

The US dollar is another major factor. Since international gold and silver are generally priced in dollars, changes in the dollar can affect the purchasing power of investors using other currencies.

Geopolitical developments, central-bank buying, inflation expectations and movements in global equity and commodity markets can also influence precious-metals demand.

Silver additionally has an industrial component, making its price sensitive to expectations surrounding manufacturing, electronics, solar-energy demand and broader industrial activity.

Gold's Safe-Haven Role Remains Important

Gold continues to occupy an important position in global portfolios because of its traditional safe-haven characteristics.

Periods of geopolitical uncertainty, financial-market volatility or concerns about inflation can encourage investors to increase exposure to gold.

However, gold can also experience sharp corrections after strong rallies, particularly when investors book profits or when bond yields and the dollar move in a direction that reduces demand for non-yielding assets.

The latest decline therefore needs to be viewed in the context of the metal's substantial price movement over the course of the year rather than as an isolated session.

Domestic Prices Also Depend on the Rupee

For Indian investors, international bullion prices are only one part of the equation.

The rupee-dollar exchange rate also has an important influence on domestic gold and silver prices. A weaker rupee can raise the landed cost of imported bullion, potentially cushioning domestic prices even when international prices decline.

Conversely, a stronger rupee can amplify the impact of a fall in global bullion prices.

This means MCX prices may not always move in exactly the same proportion as Comex prices.

Silver Has a Different Demand Profile

Unlike gold, silver has significant industrial demand in addition to investment demand.

The metal is used in several industrial applications, including electronics and renewable-energy-related manufacturing. Consequently, expectations for global industrial production can influence silver prices.

This industrial exposure can make silver more volatile than gold during periods of significant changes in economic-growth expectations.

For investors, this means silver's price trajectory can be influenced simultaneously by monetary-policy expectations, investment flows and industrial-demand projections.

Key Levels in Focus

With MCX October gold trading around ₹1.53 lakh per 10 grams, traders are likely to monitor whether the contract can stabilise around the current levels or whether further selling pressure emerges.

For silver, the ₹2.40 lakh-per-kg zone becomes an important near-term reference after Monday's opening decline.

In international markets, gold's movement around the $4,400-per-ounce level and silver's behaviour near $66-$67 per ounce could remain important for short-term market sentiment.

However, these levels can change quickly as global currency, bond-yield and geopolitical conditions evolve.

Market Outlook

Gold and silver have started the week under pressure after both metals recorded significant gains and sharp volatility during 2026.

For domestic investors, the next direction of bullion prices will depend on the combination of global precious-metals prices, US interest-rate expectations, the dollar, bond yields, geopolitical developments and the rupee's movement against the US dollar.

Gold remains sensitive to investment and safe-haven demand, while silver has the additional influence of global industrial activity. The divergence in their demand drivers means the two metals can experience different price movements even when broader commodity-market sentiment is similar.

For the near term, traders will be watching the sustainability of the decline in Comex gold below $4,400 and the ability of MCX gold to hold the ₹1.53-lakh zone, while silver's response around ₹2.40 lakh per kg will remain in focus.