Silver drops over Rs 4,000/kg, gold falls to Rs 1.56 lakh as rising oil prices dent rate cut bets. Check key levels to track today

Gold and silver prices opened sharply lower on the Multi Commodity Exchange of India on Monday as soaring energy prices dampened expectations of near‑term U.S. interest rate cuts amid elevated inflation risks. Concerns about the Federal Reserve’s ability to lower interest rates if oil prices stay elevated are partly offsetting gold’s safe‑haven appeal.

Oil prices continued to remain above $100 per barrel as the U.S.-Israeli war against Iran entered its third week, keeping energy markets on edge.

On the MCX, silver futures due May 2026 were down Rs 4,335 (‑1.7%) to Rs 2,55,101 per kg, while gold futures for April 2026 delivery fell Rs 1,811 (‑1.1%) to Rs 1,56,655 per 10 grams.


In the international market, spot gold edged lower, slipping 0.2% to $5,007.58 per ounce as of 0240 GMT, and U.S. gold futures for April delivery also declined. Silver followed the downtrend, with spot prices dropping around 1.2% to $79.57 per ounce on the back of broader commodity weakness.

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Jigar Trivedi, Senior Research Analyst at IndusInd Securities, said gold has been holding near the $5,000 level after two consecutive weeks of declines, while crude markets remain volatile following U.S. strikes on Iran’s main oil export hub. He noted that rising energy prices and inflationary pressures have further reduced expectations of interest rate cuts by the U.S. Federal Reserve, weighing on non‑yielding assets such as gold. Trivedi added that MCX Gold April futures could weaken toward Rs 1,57,500 per 10 grams as international prices soften.

On silver, he observed that prices have slipped to around $80 per ounce, marking a fourth consecutive session of declines amid persistent geopolitical tensions and oil‑driven market uncertainty. Trivedi said MCX Silver May futures could weaken toward Rs 2,56,000 per kg amid subdued global sentiment.

Gold Rates in Physical Markets (India)

Delhi: Standard gold (22‑ct) at Rs 1,17,192/8g; pure gold (24‑ct) at Rs 1,27,840/8g
Mumbai: Standard at Rs 1,17,072/8g; pure at Rs 1,27,720/8g
Chennai: Standard at Rs 1,18,072/8g; pure at Rs 1,28,808/8g
Hyderabad: Standard at Rs 1,17,072/8g; pure at Rs 1,27,720/8g

(Data reflects prevailing physical market rates; verify with local dealers for real-time pricing.)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)