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Gold and Silver Prices Plunge Amid Dollar, Crude Surge
Gold and silver became cheaper in India on Monday.
Gold fell by Rs 2,600 for every 10 grams.
Silver fell by Rs 5,000 for every kilogram.
Prices also dropped in markets around the world.
A stronger US dollar made precious metals less attractive.
Oil prices rose because of worries about supplies through the Strait of Hormuz.
These worries were linked to renewed tensions between the United States and Iran.
Donald Trump rejected a proposal connected to reopening the strait and restarting nuclear talks.
Iran said its delegation had no talks planned with the United States.
These events added to pressure on gold and silver prices.
Gold prices in New Delhi fell Rs 2,600 to Rs 1.5 lakh per 10 grams on Monday.
Silver declined Rs 5,000 to Rs 2.32 lakh per kilogram, inclusive of all taxes.
The drop followed a global precious-metals selloff linked to a firm US dollar and rising crude prices.
Brent crude rose 4 per cent to USD 108.53 a barrel amid renewed US-Iran tensions and Strait of Hormuz supply concerns.
Spot gold fell 3.01 per cent to USD 4,156.44 an ounce, while silver dropped 4.6 per cent to USD 61.34 an ounce.
- Who
- Gold and silver traders, with market commentary from Gaurav Garg of Lemonn and Akshat Siddhant of Mudrex; the United States and Iran were involved in the geopolitical developments cited.
- What
- Gold fell Rs 2,600 to Rs 1.5 lakh per 10 grams and silver fell Rs 5,000 to Rs 2.32 lakh per kilogram in New Delhi.
- Where
- New Delhi and overseas markets; the Strait of Hormuz was central to the supply concerns.
- When
- Monday, September 28, 2026, compared with Friday’s closing levels.
- Why
- A firm US dollar, rising crude oil prices, and renewed US-Iran tensions contributed to the precious-metals selloff.
United States position
Iranian position
Strait and nuclear talks
United States position
US President Donald Trump rejected Tehran’s proposal to reopen the Strait of Hormuz within a week and resume nuclear talks in exchange for lifting the naval blockade.
Iranian position
Iran said its delegation to the United Nations General Assembly had no talks planned with the United States, despite Trump saying he expected more negotiations.
Key facts
- Gold price
- Rs 1.5 lakh per 10 grams in New Delhi
- Gold decline
- Rs 2,600 from the preceding session
- Silver price
- Rs 2.32 lakh per kilogram, inclusive of all taxes
- Silver decline
- Rs 5,000 from Friday’s closing level
- Brent crude
- USD 108.53 a barrel after rising 4 per cent
- Spot gold
- USD 4,156.44 per ounce after falling 3.01 per cent
- Spot silver
- USD 61.34 per ounce after falling 4.6 per cent
Sources
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