Gold prices came under pressure on Monday, September 28, as trading resumed after a two-day break. The decline was also visible on the Multi Commodity Exchange (MCX), where 24-carat gold futures moved lower during early trading.
At the beginning of the session, the MCX gold futures price fell 1.82% to ₹1,48,131 per 10 grams. The previous trading session had ended at ₹1,50,881 per 10 grams, representing an initial decline of ₹2,750.
Silver also recorded a sharp fall. By 9:30 AM on September 28, MCX silver had declined by ₹6,121 to ₹2,28,879 per kg. Bullion market prices for gold and silver generally move in line with prevailing MCX rates.
Gold and Silver Prices Fall on MCX
According to the figures provided, MCX gold had reached a record high of ₹1,93,096 on January 29. Since then, the price has declined by ₹45,071.
Silver had also touched an all-time high of ₹4,20,048 on MCX. From that level, its price has fallen by ₹1,91,169.
Later in the trading session, the October 5, 2026 gold futures contract was quoted at ₹1,47,864 per 10 grams at 11:06 AM on September 28. This represented a decline of 2.00% from the previous close of ₹1,50,881, taking the fall to ₹3,017 at that point.
Why Are Gold Prices Falling?
Changing expectations surrounding US interest rates and the impact of elevated crude oil prices have been cited as factors behind the recent movement in gold prices.
The situation involving Iran and the Strait of Hormuz has also been mentioned in connection with the market trend. Iran has reportedly maintained its conditions for reopening the strait, while US President Donald Trump rejected a seven-day proposal from Iran. Trump has said that talks are expected to resume this week.
Gold Rates in Delhi, Mumbai, Chennai and Other Cities
Gold prices vary across cities and also differ according to purity. The rates provided for September 28 are as follows:
| City | 24K Gold (10g) | 22K Gold (10g) | 18K Gold (10g) |
|---|---|---|---|
| Delhi | ₹1,50,320 | ₹1,37,800 | ₹1,12,780 |
| Mumbai | ₹1,50,170 | ₹1,37,650 | ₹1,12,630 |
| Kolkata | ₹1,50,170 | ₹1,37,650 | ₹1,12,630 |
| Chennai | ₹1,50,170 | ₹1,37,650 | ₹1,15,350 |
| Patna | ₹1,50,220 | ₹1,37,700 | ₹1,12,680 |
| Lucknow | ₹1,50,320 | ₹1,37,800 | ₹1,12,780 |
| Meerut | ₹1,50,320 | ₹1,37,800 | ₹1,12,780 |
| Ayodhya | ₹1,50,320 | ₹1,37,800 | ₹1,12,780 |
| Kanpur | ₹1,50,320 | ₹1,37,800 | ₹1,12,780 |
| Varanasi | ₹1,50,320 | ₹1,37,800 | ₹1,12,780 |
| Ghaziabad | ₹1,50,320 | ₹1,37,800 | ₹1,12,780 |
| Noida | ₹1,50,320 | ₹1,37,800 | ₹1,12,780 |
| Gurugram | ₹1,50,320 | ₹1,37,800 | ₹1,12,780 |
| Chandigarh | ₹1,50,320 | ₹1,37,800 | ₹1,12,780 |
| Jaipur | ₹1,50,320 | ₹1,37,800 | ₹1,12,780 |
Gold prices can move during the trading day, so the rates available at a particular time may differ from later market or retail quotations.
Disclaimer: The prices and market information mentioned in this article are based on the figures provided for September 28, 2026 and are intended for general information only. Gold and silver rates can change during the day and may vary between markets, dealers and locations. Readers should verify the latest price with the relevant exchange or jeweller before making any purchase or investment decision.