Precious Metal Prices Plunge Amid Global Market Concerns - India News Network

AI desk brief

Gold and silver sold off sharply on Sept. 28, with spot gold down more than 2% and MCX prices falling across India as stronger dollar, higher Treasury yields and expectations of a prolonged Fed hold overwhelmed inflation and geopolitical support. Domestic 24-carat gold was quoted around Rs 1,50,992-Rs 1,51,477/10g, while 22-carat gold ranged roughly Rs 1,38,309-Rs 1,38,753/10g; silver was near Rs 2.33 lakh/kg.

Enrich Money CEO R Ponmudi said bullion still has a broader support backdrop from inflation worries and the US-Iran conflict, but near-term price action is dominated by rates and the dollar. He flagged $4,300 as the level gold needs to reclaim to stabilise, with $4,200 and then $4,100 as downside risk zones; in India, a break below Rs 148,000 would open Rs 146,000.