Mumbai, September 21, 2026, 3:50 PM IST: Gold and silver prices traded under pressure in India on Monday, with domestic futures retreating after a two-day rally as investors tracked rising US Treasury yields, interest-rate expectations and continuing geopolitical uncertainty.
On the Multi Commodity Exchange (MCX), October gold futures were trading at ₹1,53,393 per 10 grams at 12:07 PM IST, down ₹988, or 0.64%, from the previous close of ₹1,54,381. Gold had fallen to an intraday low of about ₹1,53,031 per 10 grams earlier in the session.
Silver also came under pressure. MCX December silver futures were quoted at ₹2,40,128 per kg at 9:29 AM IST, down ₹1,475, or 0.61%, from the previous close, according to an intraday market snapshot.
The figures show why the time attached to a bullion quotation matters: prices can change significantly during the trading day.
MCX Gold and Silver Price Today
Gold began Monday on a weaker footing. At around 9:05 AM IST, October 5 MCX gold futures were trading at ₹1,53,870 per 10 grams, while December 4 silver futures stood at ₹2,40,663 per kg, down 0.39%.
By 12:07 PM, gold had declined further to ₹1,53,393 per 10 grams, a drop of ₹988 from its previous close.
These are futures-market prices, not necessarily the amount a consumer will pay for physical gold or silver at a jewellery store.
Retail Gold and Silver Rates Today
According to Indian Bullion Association data reported by Mint on Monday morning, 24-carat gold was priced at ₹1,54,530 per 10 grams, while 22-carat gold stood at ₹1,41,653 per 10 grams. The reported Silver 999 Fine rate was ₹2,40,640 per kg.
Retail prices can differ from MCX quotations because they represent a different part of the bullion market.
Consumers should also remember that the final jewellery bill can be higher after GST, making charges and other applicable costs are included.
Gold Price in Mumbai Today
For Mumbai, the same IBA-linked retail dataset reported by Mint placed 24-carat gold at ₹1,54,250 per 10 grams, while 22-carat gold was ₹1,41,396 per 10 grams. Silver 999 Fine was quoted at ₹2,40,200 per kg.
Different price providers may show somewhat different rates. For example, India Today's Mumbai commodity tracker listed 24-carat gold at ₹1,55,830 per 10 grams and 22-carat gold at ₹1,42,840 per 10 grams for September 21.
That difference is important for readers: there is no single retail quotation that every jeweller in Mumbai must use. The source, pricing methodology, taxes, dealer premiums and timing of the quote can all affect the displayed figure.
Gold Prices Across Major Indian Cities
Retail rates also differed across cities on Monday.
The IBA-linked data reported by Mint showed 24-carat gold at ₹1,53,960 per 10 grams in New Delhi, compared with ₹1,54,250 in Mumbai and ₹1,54,350 in Bengaluru. Corresponding 22-carat rates were ₹1,41,130, ₹1,41,396 and ₹1,41,488, respectively.
For anyone planning to buy jewellery, checking the local jeweller's final rate remains important rather than relying solely on a national or MCX headline price.
Why Are Gold and Silver Prices Falling Today?
The decline in domestic futures followed gains in precious metals during the previous two sessions.
One factor weighing on bullion was the movement in US Treasury yields, alongside expectations surrounding further US interest-rate increases. Because gold itself does not pay interest, higher yields on interest-bearing assets can reduce its relative appeal to some investors.
At the same time, geopolitical uncertainty continues to complicate the outlook. The ongoing US-Iran conflict remains one of the risks being monitored by precious-metal investors, potentially supporting safe-haven demand even as yields put downward pressure on prices.
That combination helps explain why gold and silver can experience substantial intraday volatility rather than moving consistently in one direction.
What Is Happening to Gold Internationally?
The weakness was not confined to India.
International spot gold was around $4,365 per ounce, while US gold futures were down roughly 0.40% at about $4,407 per ounce, according to a Monday morning market report.
International bullion prices are particularly important for India because the country depends heavily on imported gold.
Domestic prices therefore reflect not only movements in international bullion markets but also factors such as the rupee-dollar exchange rate and local market conditions.
MCX Price vs Jewellery Price: Why the Numbers Don't Match
Consumers can easily be confused when an MCX gold price of roughly ₹1.53 lakh per 10 grams appears alongside a retail 24-carat quotation above ₹1.54 lakh or ₹1.55 lakh.
They represent different things.
MCX figures cited in market reports relate to specific futures contracts, while retail rates relate to physical bullion or jewellery-market pricing. A consumer purchasing jewellery may then pay additional GST and making charges.
The same distinction applies to silver. An MCX futures quotation should not automatically be treated as the final price of one kilogram of physical silver at a local dealer.
What Gold and Silver Buyers Should Watch Next
For consumers and investors following precious metals, the most useful approach is to distinguish between three prices: international spot prices, MCX futures prices and local retail bullion prices.
Global interest-rate expectations, US bond yields, the dollar, geopolitical developments and movements in the Indian rupee can all influence domestic bullion prices.
Monday's trading points to short-term weakness in gold and silver futures, but that does not mean every jewellery-store quotation will decline by an identical amount.
With multiple global factors pulling precious metals in different directions, gold and silver could remain volatile, making the time and source of every quoted price especially important.
