The MCX Gold contract for October 2026 dropped 1.8% to ₹1,47,667 per 10 grams on Monday, while the silver counterpart fell 1.5% to ₹2,28,035 per kg. Spot gold fell 1.5% to $4,223.95 an ounce, and U.S. gold futures slid 1.5% to $4,257.90.
The slide follows a sharp rise in U.S. Treasury yields – the 10‑year hit 5.13%, its highest since 2007 – and a 68.1% market probability of an additional 25‑basis‑point Fed rate hike by the end of October. Oil price gains, which had initially spurred the move, later rebounded more than 1%, but the elevated crude levels support expectations of further tightening.
Ashish Rajodiya, Head of Commodities at PL Capital, said the metal is now trading 1.8% below the December contract, citing the bond sell‑off as the main pressure. Manoj Kumar Jain of Prithvi Finmart projected continued volatility, urging traders to wait for U.S.-Iran diplomatic developments before taking new positions and recommending stop‑losses below ₹1,49,600 for gold and ₹2,30,000 for silver.