Archive · 29 Sep 2026
Gold and Silver Plunge as Dollar, Crude Prices Rise
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 put pressure on precious metals.
Oil prices rose by 4 per cent because of concerns about supplies through the Strait of Hormuz.
Those concerns 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.
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 precious-metals selloff followed a firm US dollar and rising crude oil 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 commentary from Gaurav Garg of Lemonn and Akshat Siddhant of Mudrex; the United States and Iran were involved in the cited geopolitical developments.
- 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.
- When
- Monday, September 28, 2026, compared with preceding-session and Friday closing levels.
- Where
- New Delhi and overseas markets; supply concerns centered on the Strait of Hormuz.
- Why
- A firm US dollar, rising crude 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, while saying he expected further negotiations.
Iranian position
Iran said its delegation to the United Nations General Assembly had no talks planned with the United States.
- Gold price
- Rs 1.5 lakh per 10 grams in New Delhi
- Gold decline
- Rs 2,600 from the preceding session
- Gold purity
- 99.9 per cent
- Silver price
- Rs 2.32 lakh per kilogram, inclusive of all taxes
- Silver decline
- Rs 5,000 from Friday’s closing level of Rs 2.37 lakh per kilogram
- Brent crude
- USD 108.53 a barrel after rising 4 per cent
- Global prices
- Spot gold fell 3.01 per cent to USD 4,156.44 per ounce; spot silver fell 4.6 per cent to USD 61.34 per ounce
